Distribute 2022 Summary Annual Reports by December 15
December 15 is the deadline to distribute the 2022 Group Benefits Program and 401(k) Pension Plan summary annual reports (SARs) to plan participants and beneficiaries. Download and distribute a copy right away if you haven’t already done so. SARs are available on the Summary Annual Report page of the Employee Benefits website.
The SAR is a narrative summary of Form 5500, which is the annual financial report that must be filed with the Internal Revenue Service and the Department of Labor. Under the Employee Retirement Income Security Act (ERISA), plan participants and beneficiaries must receive the SAR no later than December 15 when NRECA has filed Form 5500 by October 15.
Give the Group Benefits Program SAR to:
- Active and disabled employees (including those employees on a leave of absence)
- Retirees
- Retained attorneys
- Directors
- COBRA beneficiaries, and
- Children (custodial parents or guardians in the case of minor children) covered under qualified medical child support orders who are participating in or who have a benefit under the NRECA Group Benefits Program
Give the 401(k) Plan SAR to active and disabled employees (including those employees on a leave of absence) who are participating in or have a benefit in the 401(k) Plan. NRECA mails the 401(k) Plan SAR directly to terminated employees and retirees with account balances, alternate payees, and beneficiaries of deceased and terminated vested participants.
Follow the online distribution instructions. Remember that different electronic distribution rules apply to the group benefit plans and the retirement plans.
Finally, acknowledge distribution by December 31, 2023. Use the 2022 SAR distribution acknowledgement form. This creates a permanent record that you distributed the document as required. Email or fax the completed form to the benefits compliance team and keep the original in your plan files.
If you have questions about the SAR, contact the benefits compliance team at 866.673.2299, option 7, or email pension.compliance@nreca.coop.