Distribute and Acknowledge the July Group and Retirement SMMs
Based on the plans your cooperative offers, during the week of July 2, you may have received one or both of the following notices:
- For the NRECA Group Medical Plan, a summary of material modifications (SMM) describing changes, effective July 1, 2018, to the plan’s formulary lists as well as new limitations on opioid drugs.
- For the NRECA-sponsored Retirement Security (RS) Plan, an SMM describing the plan’s new survivor benefit equivalent and the new definition of final average effective salary for plans that elect base salary.
Give these SMMs to plan participants, qualified beneficiaries and qualified domestic relations order alternate payees by July 30. Also, give a copy to new employees within 90 days of the date they first become covered (or eligible to participate) under the plan. Before choosing an electronic distribution method, review the electronic distribution rules located on the Employee Benefits website.
Finally, acknowledge distribution to create a formal record that you provided the documents by the required dates. Complete the online acknowledgement(s) on the Group Plan Documents page or the Retirement Plan Documents page.
Once you acknowledge distributing it, the RS Plan SMM will be available beginning July 25, 2018 on the Retirement Plan Documents page of the Employee Benefits website. If you require a copy prior to this date, email pension.compliance@nreca.coop noting your co-op’s name, subgroup, and REA number, and we will provide a copy.
If you have questions about distributing your SMMs, call the NRECA Member Contact Center at 866.673.2299 or email contactcenter@nreca.coop.