April and May Restatement Milestones

The July 1 Retirement Security (RS) Plan and 401(k) Pension Plan restatements are approaching. Two important milestones are also close.

First, if your cooperative has requested a plan change effective May 1 (before the restatements), the paperwork to support that change is due by April 1. Plan changes during 2022 are separate from the restatement and require their own adoption agreement, board resolution and (in certain cases) participant notices. All changes through May 1 will be reflected in the restated adoption agreements.

Second, all co-ops that offer the RS Plan or the 401(k) Plan must adopt the restated plan(s) even if they make no plan changes in 2022. Watch for a sample board resolution that your co-op can use for this purpose in this publication in late April. You’ll also receive a Message Center notification with a copy of the sample board resolution and links to supporting instructions and FAQs. Consider board meeting dates between May and September 30 when your co-op’s board of directors can pass the resolution.

Finally, remember that plan changes will be on hold between June 1 and July 1 while plan provisions are mapped to the restated adoption agreements, which will be released to co-ops starting July 1.

See the restatement page of the BA Guide for a full restatement timeline and FAQs. Contact the benefits compliance team with your restatement questions at 866.673.2299, option 7, or pension.compliance@nreca.coop.