Wednesday, February 15 is the due date to send your cooperative’s 2023 retirement compliance questionnaire and W-2 salary data. NRECA’s benefits compliance team uses this data to perform annual required nondiscrimination testing on the 401(k) Pension Plan. As you prepare[…]
As announced on December 20, retirement plan nondiscrimination test results from the 2022 plan year will be archived on January 19, 2024 (5 p.m. Eastern time). Retrieve your cooperative’s 2022 test results before that time, and retain them in your[…]
The Retirement Security (RS) Plan—for financial reporting purposes only—is considered a multi-employer plan. Participating cooperatives generally need to follow Accounting Standards Update (ASU) 2011-09 when preparing their annual financial statements. The NRECA fact sheet that details ASU 2011-09 financial disclosure requirements has[…]
The deadline to submit your cooperative’s 2023 compliance questionnaire and W-2 data is February 15, 2024. Your information is used to perform nondiscrimination testing for the 401(k) Pension Plan and the Retirement Security Plan, as required by the Internal Revenue[…]
Do you have part-time employees who worked at least 500 (but fewer than 1,000) hours since 2021? If so, remember to check their eligibility under the new long-term, part-time rules. They may be eligible to participate in the 401(k) Pension[…]