NRECA Employee Benefits Weekly

Annual Base Salary Collection Begins September 1, 2020

Posted on Posted in All Benefits

This year’s collection period for your cooperative’s annual base salary data, referred to as “November 15 salary data,” runs from September 1 to October 9, 2020.

Use the Employee Benefits website’s November 15 Base Salaries event to report your co-op’s annual base salary data and job position information. NRECA sent an email to primary benefits administrators on August 11 with detailed information on submitting this information.

The data you submit will affect the 2021 billing for your NRECA salary-based group and/or Retirement Security (RS) Plan benefits. Submitting your data on time will help ensure accurate annual enrollment elections, January billing and RS Plan estimates and payments.

What is annual base salary?
Annual base salary is an employee’s hourly rate of pay as of November 15, multiplied by the number of hours that he or she would regularly work in 2021.

Annual base salary is compensation that includes:

  • Employee pre-tax contributions to a 401(k) plan
  • Qualified salary reduction arrangements under Section 125 of the Internal Revenue Code (IRC)
  • Elective amounts not included in gross income by reason of IRC Section 132(f)
  • Pre-tax contributions to Section 457(b) deferred compensation programs (tax-exempt systems only)
  • After-tax contributions, including Roth elective deferrals

First step: Validate job positions
Before submitting salary data, please verify that your employees’ job positions in your co-op’s human resources (HR) system and records align with NRECA’s job positions. You can submit updated job positions through the November 15 Base Salaries event. This helps ensure that your employees receive relevant targeted communications from NRECA and accurate information is provided for the National Compensation System.

To view a list of your co-op’s current job positions, go to cooperative.com, select the drop-down menu next to your name and select My Co-op: Data Tools > Update Individual Data. You can download an employee file that contains job positions of your employees that NRECA has on record. This is the file that you will need to compare to your co-op’s HR job positions records. For a listing of all job positions and their descriptions, download the NRECA job classification list on the Job Classification System page.

Note:

  • If someone else at your co-op oversees compensation, please consult with him or her to verify that your employees are classified accurately and corrections are made in your HR records and systems.
  • If your co-op uses an HRIS system to manage employee data, be sure to update files in this system first.
  • Please take this opportunity to provide a specific job position for employees who currently have an unknown position (i.e., 00-0000) or those who have incomplete job positions (e.g., 21-0000, 21-0100, etc.).

If you have questions, contact the Member Contact Center at 866.673.2299 or contactcenter@nreca.coop.

Scroll to top