Verified Mobile Phone Number Collection Beginning This Month
NRECA will now prompt all users of cooperative.com and the Employee Benefits website to confirm or update their mobile phone numbers. Benefit plan participants will be asked to consent to the use of this phone number for benefits communications and transactions and verify the number via text message. This verification process is common in the financial industry to provide additional security and is considered a best practice for secure online access.
Going forward, only participants can enter or update their own mobile phone numbers on cooperative.com and the Employee Benefits website. Benefits administrators can no longer enter these numbers on behalf of their employees.
Two-factor authentication coming in September
Beginning in late September, to complete certain 401(k) Pension Plan transactions online (e.g., balance transfers and withdrawals), 401(k) Plan participants will be prompted to use this verified mobile number as part of two-factor authentication. Participants who do not have or are not willing to provide a verified mobile phone number will be unable to execute 401(k) account transactions through the NRECA Employee Benefits website. They may call the NRECA Retirement Benefits Voice Line at 866.673.2299 (option 5, then 1) to order a personal identification number (PIN) sent to them by mail at their address of record. This temporary PIN will allow them to complete these transactions and set up a permanent PIN through the voice line.
Resources to help your employees
NRECA will be reminding plan participants in various channels to check, update and verify their mobile phone information online. You can use this sample message in your co-op’s communication channels to help spread the word and encourage employees to take this easy but important step. If you or your co-op’s employees have any questions – please reach out to the Member Contact Center at 866.673.2299. Representatives are available Monday through Friday from 7 a.m. to 7 p.m., Central time.