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[…]
After the close of business on January 19, 2024, nondiscrimination test results from the 2022 plan year will be archived. If you have not done so already, download your co-op’s 2022 test results to preserve them for your plan files. Nondiscrimination testing[…]
NRECA provides assistance to some tax-exempt cooperatives in the annual preparation of Internal Revenue Service (IRS) Form 990 (Return of Organization Exempt from Income Tax). NRECA’s Actuarial Services team calculates the change in actuarial value of Retirement Security Plan benefits[…]
As part of the Consolidated Appropriations Act of 2023, Congress passed legislation—often referred to as “SECURE 2.0”—with a number of provisions affecting retirement plans. One provision changes how required minimum distributions are calculated, starting in 2024, for plan participants with[…]