Verify 401(k) Contribution Pay Dates at Year-end

Before submitting 401(k) Pension Plan contributions for payrolls in late 2019 and early 2020, remember to compare the pay date shown in NRECA’s system to the one in your payroll system. Usually the dates will match, but if they don’t, adjust the pay date in NRECA’s system to match the pay date in your payroll system. Remember that your system’s pay date and pay period end date may be different. 

Here are two examples:

1. If your paychecks were dated December 31, 2019, then the pay date in NRECA’s system should reflect December 31, 2019, regardless of your pay period end date for that check.
2. If your pay period end date was December 31, 2019 but the paychecks are dated January 3, 2020, look at the pay date shown in NRECA’s system. If it shows a different date, change the pay date to January 3, 2020 before you submit the contributions. Contributions from paychecks dated on or after January 1, 2020 are for 2020.

If you have questions about this topic, call the benefits compliance team at 866.673.2299, option 7 or email us at pension.compliance@nreca.coop.