Coming Soon: SDBAs Transition to Schwab

As announced here on May 17, the 401(k) Pension Plan’s self-directed brokerage account (SDBA) feature will transition to Charles Schwab beginning on September 1, 2023, due to Schwab’s acquisition of TD Ameritrade.

The transition of existing brokerage accounts to Schwab’s platform will occur over Labor Day weekend, from 8:30 pm, Eastern time on Friday, September 1, until 5 am, Eastern time on Tuesday, September 5.

During that period, access to and trading in SDBAs will be unavailable while the transition occurs and while markets are closed due to the holiday weekend. 401(k) Plan participants will have access to their non-SDBA 401(k) investments and can view and manage them as usual. By Tuesday morning, participants’ SDBAs will be fully accessible on the Schwab website, which can be accessed directly or via the NRECA Employee Benefits website under “My SDBA.”

In the meantime, participants who wish to open a new SDBA can do so via the TD Ameritrade application process on the Employee Benefits website through August 14; after that date, any new account openings will be paused until September 5.

401(k) Plan participants with existing SDBAs are receiving outreach from Schwab throughout the summer to explain the transition and any action they need to take.

Benefits administrators who have employees with SDBAs will receive this information separately via email.

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