Coming Soon: New Online Experience for Retirement Plan Transactions
Beginning November 21, cooperatives will find new features and functionality on the NRECA Employee Benefits website that allow for streamlined ACH (automated clearinghouse) retirement plan transactions. This will apply to Retirement Security (RS) Plan Contributions, 401(k) Pension Plan Loan Repayments, 401(k) Pension Plan Contributions and 401(k) Employer Expenses events online.
As a result, you or your finance administrator will no longer need to complete and submit a paper ACH authorization form to set up or change bank account information for your retirement plan transactions. This information can instead be added or updated directly online on the Employee Benefits website starting November 21.
Employee Benefits website enhancements
As of November 21, under the Salaries & Payments megamenu, the following two new pages will allow you to manage both retirement plan and group transactions (as a result, the Manage Group Insurance ACH Accounts and ACH Payments pages will no longer exist).
- Manage Bank Accounts page: Manage and add multiple bank accounts that can be used for ACH payments to retirement contributions or loans, admin fee invoices and group invoices.
- Manage Payments page: Manage your co-op’s retirement plan and/or group payments via ACH, including tracking payment status, and view your co-op’s previous 12 months of transactions.
Look for more information before November 21 on new page features and steps to navigate the new event.
Key dates
November 1 is the last day you can submit the ACH authorization form to NRECA to update bank account information for 401(k) Plan and RS Plan transactions. Beginning November 2, the ACH authorization form will no longer be available on the Employee Benefits website. Co-ops will be able to add and update bank account information on the Employee Benefits website beginning November 21.
From November 18-20, you will not be able to submit the following transactions as account information is being updated in our systems: RS Plan Contributions, 401(k) Pension Plan Loan Repayments, 401(k) Pension Plan Contributions and 401(k) Employer Expense. You should make payments or contributions before this period or beginning November 21.
Fraud filter ID number
Co-ops that have fraud filters for their online bank accounts are encouraged to add the ID number “2530116145”to their filter. This will allow retirement plan transactions via the new functionality to be processed without being flagged as potentially fraudulent activity.
Questions?
If you have questions, contact the Member Contact Center at 866.673.2299. Representatives are available from 7 am to 7 pm Central time. You can also email the team at contactcenter@nreca.coop.