Get Prepared for 125 and HRA Plans in 2021
Will your cooperative offer the 125 Plan or a health reimbursement arrangement (HRA) plan in 2021? If so, remember that the deadline for sending completed plan documents to Cooperative Benefit Administrators (CBA) is Friday, September 25. This will ensure your plans are ready for open enrollment in November.
Sample documents and other materials you’ll need can be found on the NRECA Employee Benefits website, in the BA Guide, under Tax-Advantaged Accounts:
- 125 Plan documents
- HRA documents (includes retiree HRA plans)
- Information on plan features, including the debit card
Not sure what you need to send in—or keep on file at your co-op? Whether you’re adopting a new plan, keeping the same plan(s) or making changes to your existing plan(s), the fliers Making Changes to Your 125 Plan and Making Changes to Your HRA Plan will tell you exactly what’s required.
An important reminder: If your co-op sponsors a 125 Plan, whether you are making changes to your plan or not, you must submit a payroll calendar each year for each subgroup administered. Pay dates in the payroll calendar must all be in the 2021 calendar year.
We did some summer cleaning!
You may notice that 125 Plan and HRA resources are organized a little differently in the BA Guide than they were last year. Because there are so many forms, guides and sample documents for co-ops to use, we’ve reorganized them a bit to make it easier to find what you need.
Open enrollment: November 1–30
The period for enrolling your employees in tax-advantaged plans will run from November 1–30. You’ll receive more information on the open enrollment process in the coming weeks, via email. For questions about adopting plans, plan changes, or open enrollment, contact CBA at 866.673.2299 and choose option 1, then 4, or email cba.fsa.hra@nreca.coop.