Just Launched: An Improved Process for Retirement Plan Transactions

Cooperatives now have access to new features and functionality on the NRECA Employee Benefits website when completing ACH (automated clearing house) transactions for retirement plans.

As a result, your cooperative no longer needs to complete a paper ACH authorization form to set up or change bank account information for your retirement plan transactions. Instead, this information can now be added or updated directly on the Employee Benefits website.

Employee Benefits website enhancements
You’ll begin a transaction as you normally would on one of these Employee Benefits website pages: Retirement Plan Contributions, 401(k) Pension Plan Loan Repayments, 401(k) Pension Plan Contributions and 401(k) Employer Expenses. However, you’ll now be able to manage both retirement plan and group transactions together on the following pages:

• Manage Bank Accounts page (formerly the Manage Group Insurance ACH Accounts page): In place of completing an ACH authorization form, you can manage and add multiple bank accounts that can be used for ACH payments for retirement contributions or loans, admin fee invoices and group invoices.
• Manage Payments page (formerly the ACH Payments page): Manage your co-op’s retirement plan and/or group payments via ACH and view your co-op’s previous transactions. You can track payment status and make adjustments, as necessary.
  

In some instances, there may be a delay in the processing times of your requests on the Manage Payments page. You may need to select the “Refresh” button at the top of the page more than once before the page updates.

To learn about key features and steps on navigating these pages, use the “Guide to ACH Transactions for Retirement Plans” available online at BA Guide > Salaries & Payments > ACH Payments & Alternate Payment Methods.

Fraud filter ID number
Co-ops that have fraud filters for their online bank accounts should add the ID number “2530116145” to their filter. This will allow ACH transactions to be processed without being flagged as potential fraud. 

Verify your co-op’s information online
We encourage you to take two small steps to ensure your information is in good order with the enhanced process in place:

• Check that your bank account and payment information is accurate. If you find any inaccurate information, please update it. If you need help, contact the NRECA Accounts Receivable department at accountsreceivable@nreca.org. Please note that if you submitted a payment by check, there may be a delay on the Manage Payments page in showing that your payment has been processed.
• On the Manage Bank Accounts page, your co-op is encouraged to choose a name for each bank account to aid in your recordkeeping. If you have not named a bank account, the default name of “account name” will be used, but you have an option to select the “edit account nickname” function and create any name you desire.

Reminder about retirement plan transactions
Payments for a 401(k) Plan true-up or an individual past service adjustment must be paid by check and cannot be paid via ACH or special payroll. Also, partial payments are not accepted for 401(k)-related submissions.

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.