Deadline Approaching for Requesting RS Plan Year-end Benefit Estimates
In September, NRECA notified cooperatives about the timing for Retirement Security (RS) Plan benefit estimates (projections). This timing is necessary to ensure that NRECA can provide your retirement-eligible employee(s) with the information they need concerning retirement and quasi-retirement in 2018 or 2019.
For employees deciding whether to retire or quasi-retire in 2018 or 2019
Requests involving 2018 and 2019 calculation dates should be run by benefits administrators on the Employee Benefits website as early as possible, but no later than November 2, 2018. If the benefit estimate tool indicates that a special (manual) calculation is necessary, requests for 2018 and 2019 estimates should be submitted using the “Special Request” link no later than November 2, 2018.
In some cases, the co-op will need to provide additional compensation information to complete the estimate requests. All special requests for manual calculations submitted by November 2 will be delivered to the person requesting them as they are completed, either on or before December 28, 2018.
Except for participants with a birthday in January or February 2019, manual calculation requests for both 2018 and 2019 will be limited to two calculations. Estimate requests for 2018 and 2019 will have priority over other future retirement or quasi-retirement estimates beyond 2019.
Resources for your employees
To help you with employee discussions, NRECA has developed two resources:
- A sample email template that you can use with retirement-eligible employees;
- A flier, Answers You Need: Weighing Your RS Plan Payment Options, which can help participants evaluate their RS Plan benefit options.
RS Plan participants also have access to the Personal Investment & Retirement Consulting (PIRC) team. A PIRC team member can provide personalized education to co-op employees and can be reached via email at pirc@nreca.coop or by phone at 866.673.2299, option 6.
Questions
Please contact your field representative for specific questions or concerns. Representatives in NRECA’s Member Contact Center are available Monday through Friday, 7 am – 7 pm, Central time at 866.673.2299 or via email at contactcenter@nreca.coop.