NRECA Employee Benefits Weekly

2023 Compliance Annual Reporting Resources Now Available

Posted on Posted in Compliance, Retirement Benefits

The retirement compliance questionnaire and resource guide for 2023 are now available on the W-2 Salary Data & Retirement Compliance Questionnaire page of the Employee Benefits website. Also, the prerecorded 2023 Compliance Annual Reporting webinar is now available for on-demand viewing to help you prepare your data.

A Message Center notification linking to all 2023 compliance reporting resources will be sent by the end of this week to benefits administrators at cooperatives that offer either the 401(k) Pension Plan, the Retirement Security Plan or both. The questionnaire and W-2 salary data are due by February 15, 2024.

Here are some important deadlines and reminders as you prepare your submission:

  • The questionnaire provides demographic and other data about your cooperative and plan participants that is needed for testing. Return pages 1 through 13. Either type responses directly into the questionnaire file or print it and fill out a paper copy. Adobe Reader is required.
  • W-2 salary data is also due on February 15. NRECA’s systems will be ready to receive W-2 data on January 1, 2024.
  • The resource guide includes a timeline, answers to frequently asked questions (FAQs), a preparation checklist and detailed data requirements for your W-2 data.
  • The W-2 Salary Submission file layout provides field descriptions for co-ops that plan to import a file containing their data. Your payroll provider may have already added FICA wages (Box 5 of the employee’s W-2) to your 2023 import file. Although this field is not required until you report 2025 data, NRECA will accept 2023 and 2024 data files either with or without this field.
  • The webinar was recorded by NRECA’s retirement compliance team. Additional FAQs are also posted. Retirement compliance staff explain how to gather and report your questionnaire and W-2 salary data. The recording and slides will be available throughout 2024 so that you can listen at your convenience.

If you have questions as you prepare to send your compliance data, contact the benefits compliance team at 866.673.2299, option 7, or pension.compliance@nreca.coop.

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