NRECA Employee Benefits Weekly

Make Sure Employees Use New 401(k) Plan Withdrawal Forms

Posted on Posted in Retirement Benefits

Effective March 31, NRECA has updated six 401(k) Pension Plan withdrawal forms to comply with IRS tax withholding guidelines. The new forms will be required for the following transactions:

  • Scheduled and unscheduled intermittent withdrawals
  • Long-term disability withdrawals
  • Hardship withdrawals
  • Voluntary employee contribution withdrawals
  • 401(k) loan requests

When plan participants request an in-service distribution or intermittent withdrawal on the NRECA Employee Benefits website or directly from the Retirement Plan Distribution (RPD) unit in Lincoln, they will automatically receive one of the new forms to complete. If your cooperative keeps 401(k) Plan withdrawal forms on hand, any existing forms should be discarded and replaced with the new versions. You can request these by calling the Member Contact Center, 866.673.2299, option 8 or by generating them through the Employee Benefits website.

Participants who submit an old form will receive a letter notifying them that they should use the new version for any future withdrawal requests.

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