Documents for May 1 Retirement Plan Changes due March 31
The July 1 NRECA-sponsored Retirement Security (RS) Plan and 401(k) Pension Plan restatements are fast approaching, per the five-year schedule previously outlined by the IRS.
If you currently have in process a retirement plan change effective May 1 (before the restatements), your cooperative’s fully executed board resolution and adoption agreement to support the change are due on March 31. Meeting this deadline means your change will be processed before the restatement hold period and will be reflected in the restated adoption agreements.
Remember that:
- Plan changes during 2017 are separate from the restatement and require their own adoption agreement, board resolution and (in certain cases) participant notices.
- In late April, watch for a sample board resolution for your use in adopting the restated RS and 401(k) Plans. All co-ops must adopt the restated plans.
- Begin to consider and choose a date before September 30 when your co-op’s board of directors can adopt the restated plans.
- No changes will be dated June 1 or July 1 while the restatements are mapped to the new adoption agreements.
A full timeline, including detailed restatement information and FAQs is available now on the Employee Benefits website.
Contact your field representative or the benefits compliance team with questions about either the restatements or about making a provision change to your NRECA-sponsored retirement plans.