Distribute Retirement Plan SMMs Notices by July 28, 2014
Two summary of material modifications (SMM) disclosure notices are available to explain retirement plan changes to your employees.
If you haven’t done so already, download and distribute the Retirement Security (RS) Plan SMM and the 401(k) Pension Plan SMM.
Two changes made in 2013 are explained by these disclosures. The changes affect all co-ops that participate in the RS Plan and the 401(k) Plan.
| Plan | Change | Effective Date |
| RS Plan and 401(k) Plan | Individual Cost-of-Living Adjustment (iCOLA) distribution feature that participants can choose along with their available annuity options | December 1, 2013 |
| 401(k) Plan only | 2050 Target Date Portfolio fund investment option | November 1, 2013 |
Follow these steps:
- Download the SMMs. Add your co-op’s name, RUS number, and EIN.
- Review the electronic distribution guidelines in the BA Assistant section of the Employee Benefits website before distributing the SMMs electronically. Only certain employees can get ERISA-required disclosures electronically. All others—for example, linemen and meter readers—must receive paper copies.
- Distribute the SPDs, and instruct participants to keep the SMM with their copy of the summary plan description (SPD). The SMM is an official addendum to the SPD.
- Fill out the distribution acknowledgement form. Instructions are included with the form.
- Give newly eligible participants a copy of the SMM along with the associated SPD. The changes described in the SMM will be incorporated into your plan’s SPD the next time it is revised.
- Fax the acknowledgement to the benefits compliance team at 703.904.6409 or email it to pension.compliance@nreca.coop by August 1, 2014.
Questions
If you have questions about the SMMs or about the distribution process, contact the NRECA benefits compliance team at 1.866.673.2299, option 7, or pension.compliance@nreca.coop.