Distribute Your Retirement Plan Summary of Material Modification (SMM) Notices by July 28, 2014
Two summary of material modifications disclosure notices are available to explain retirement plan changes to your employees.
In case you haven’t yet done so, download and distribute the Retirement Security (RS) Plan SMM and the 401(k) Pension Plan (401(k) Plan) SMM right away.
Two changes made in 2013 are explained by these summaries of material modifications (SMMs). These changes affect all co-ops that participate in the RS Plan and the 401(k) Plan.
|
Plan |
Change |
Effective Date |
| RS Planand401(k) Plan | Individual Cost-of-Living Adjustment (iCOLA) distribution feature that participants can choose along with their available annuity options |
December 1, 2013 |
| 401(k) Plan only | 2050 Target Date Portfolio fund investment option | November 1, 2013 |
After you deliver the SMMs to plan participants, complete the acknowledgement form and return it to benefits compliance via fax or email by August 1, 2014.
Other Reminders
- Since the SMM is an official addendum to your co-op’s summary plan description (SPD), instruct participants to keep it with the SPD.
- Give newly eligible participants a copy of the SMM along with the associated SPD. The changes described in the SMM will be incorporated into your plan’s SPD the next time it is revised.
- Review the electronic distribution guidelines posted in the BA Assistant section of Cooperative.com before distributing the SMMs electronically. Only certain employees who can “effectively access” the SMM through computers that are an “integral part” of their work duties can get ERISA-required disclosures electronically. Other employees—for example, linemen and meter readers—must receive paper copies.
If you have questions about the SMMs or about the distribution process, contact the NRECA benefits compliance team at 1.866.673.2299, option 7, or pension.compliance@nreca.coop.