2024 Compliance Annual Reporting Resources Now Available

The retirement compliance questionnaire and resource guide for 2024 are now available on the W-2 Salary Data & Retirement Compliance Questionnaire page of the Employee Benefits website. Also, the prerecorded 2024 Compliance Annual Reporting webinar is available for on-demand viewing to help you prepare your data.

A Message Center notification with links to the 2024 compliance reporting resources will be sent by the end of the week of December 9 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 14, 2025.

Here are some important reminders as you prepare your submission:

The questionnaire collects demographic and other data about your cooperative and employees 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.
NRECA’s systems will be ready to receive 2024 W-2 data on January 1, 2025. If your co-op plans to import a W-2 data file, see the File Formats for Contributions and Salary Information for field descriptions. Your payroll provider may provide the W-2 data file. FICA wages (Box 5 of the employee’s W-2) continue to be optional for your 2024 import file but will be mandatory starting with 2025 data files.
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 recorded webinar, hosted by NRECA’s retirement compliance team, is now online. Additional FAQs are also available. In the webinar, retirement compliance staff explain how to gather and report your questionnaire and W-2 salary data.

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.