Enhancing Security for Participant Banking Information

Protecting the benefits information, personal and financial data entrusted to us by our member cooperatives is a top priority for NRECA. Many financial institutions, including NRECA, are at risk for fraudulent behaviors.

To safeguard against fraud, NRECA has implemented an extra validation step to the process involved in changing banking information for retirement plan participants. This new step will help ensure changes to a participant’s banking account or direct deposit information used for annuity or benefit plan payments are valid and authorized.

If a change in banking information is requested, a member of NRECA’s Retirement Plan Distribution team will reach out to the impacted participant via phone using the number on file with NRECA to confirm the request. If the NRECA staff member is unable to reach the participant, or if there is no phone number on file, a letter will be sent to the participant’s address on file asking the participant to call NRECA and verify the pending change. The change will not be implemented until it can be verified with the participant.

Once the verification is complete, a confirmation letter will be sent to the participant’s home address on file with NRECA for their files.

If you or your participants have any questions about this new process, please reach out to NRECA’s Retirement Plan Distributions team at 866.673.2299, option 5. Representatives from this team are available Monday through Friday, 7 am to 5 pm, Central time.