Answers to your Restatement Questions

If your cooperative offers either the Retirement Security (RS) Plan or the 401(k) Pension Plan, then you’re already preparing for the plan restatements, which are effective July 1. A sample board resolution was released in April, and adoption agreements will be available in early July. More information is available on the restatement page of the Employee Benefits website.  You can also contact your field representative, or the benefits compliance team at pension.compliance@nreca.coop.

Here are some answers to questions that you may have about the restatements.

Q: We haven’t made any changes to our plans. Do we have to perform these restatement tasks?
A: Yes. Every co-op that participates in the NRECA-sponsored 401(k) or RS Plan is required to adopt the restated Plans in 2017.

Q: Where can we find the restated adoption agreements?
A: Restatement adoption agreements will be on the Employee Benefits website in early July. You will receive a message notification when they are available for download.

Q: Where is our current adoption agreement?
A: For a copy of your current document, please review your files. If you are unable to find the most recent agreement, contact the benefits compliance team and we can provide a copy for you.

Q: Our restatement board resolution is signed. Can we send it later, along with the adoption agreements, or must we send it now, by itself?
A: Either way is acceptable. Send the board resolution and adoption agreements together at a later date, or separately as soon as each is ready. Just be sure to return both to NRECA by October 31, 2017.

Q: Do I have to fill out a separate board resolution for each group?
A: No. If a board governs multiple groups, one resolution covers them all. List the groups covered by your board resolution by entering the 5-digit RUS number and 3-digit subgroup identifiers in the designated field on the resolution in this format: 82015-001, 82015-002, 82015-003, 82015-100, 82015-101.

Q: Do we need one board resolution for the 401(k) Plan and another for the RS Plan?
A: No. If your co-op participates in both the 401(k) Plan and the RS Plan, check both boxes to indicate that the board resolution covers both plans for all groups listed. Do this even if one group offers only the RS Plan but not the 401(k) Plan, and another offers only the 401(k) Plan but not the RS Plan.

Q: Can I fax or email the board resolution to NRECA?
A: No. The benefits compliance team requires the fully executed original. Keep a copy for your records.

Q: Since we are signing the board resolution before seeing our restated adoption agreements, what happens if we find a discrepancy when we receive the adoption agreements in early July?
A: If you have questions about your restated adoption agreements or find a discrepancy between your plan provisions and the elections on your restated agreements, contact the benefits compliance team and we will advise you on the next steps.

Q: Who can the board authorize to sign the restated adoption agreements?
A: Any officer of your organization, as designated by the board (and as permitted under any other restrictions outside of those relating to the NRECA plans) can sign on the board’s behalf. Examples include a CEO, CFO, COO, or general manager.

Q: If the restatement board resolution names an authorized signer for the adoption agreements, can that individual also sign adoption agreements for future plan changes?
A: No. The designee named on the restatement board resolution may only sign the restated adoption agreements effective July 1, 2017.

Q: In the past, our general manager was authorized to sign all adoption agreements, and has been doing so since then. Can our general manager also sign the restatement adoption agreements and the board resolution?
A: The general manager, if previously named as the board’s designee to sign adoption agreements, may also sign the restatement agreements. However, the board resolution must be addressed at a board meeting and signed by the appropriate board representative.

Q: What has changed on the adoption agreements?
A: Visit the restatement page of the Employee Benefits website for a list of changes. The restatements do not change your plan provisions. Rather, your current provisions will be presented on the restated agreements.

Q: Our co-op is making a plan change dated August 1, 2017. Can the change be done before my restatement documents, since they aren’t due until October 31?
A: No. Although the restatement documents are due back to NRECA by October 31, 2017, they are effective July 1, 2017 and must be completed in good order before changes effective August 1 or later can be approved.