Enhancements to the Retirement Security Plan Platform

The Retirement Security (RS) Plan administration and recordkeeping platform has recently undergone some enhancements, and as a result you may notice some changes as you interact with key components of the system through NRECA’s Employee Benefits website or output such as plan invoices or distribution option kits. The following provides you with an overview of some of the key updates and enhancements.

Simpler plan names
Plan names (e.g., RNR01A, RNR01B, RNR01C, etc.) that appear on the NRECA Employee Benefits website and – for cooperatives with multiple plans – on invoices will now be simpler (e.g., A, B, C, etc.). This will allow you and your co-op to more easily track details associated with each plan. Note: Certain Indiana Statewide plans will see a letter other than A, B, C, so as to not conflict with a letter associated with an existing plan.

Updated look and feel
System generated documents such as plan proposals, special early retirement plans and disbursement worksheets will have a cleaner and more updated look and feel, but will retain the same content.

More scenarios for online projections
Providing benefit projections for your employees through Retirement Security Online Projections (RSOP) will now be easier and faster as the system can accommodate more special circumstances online, rather than through manual calculations. Benefits administrators (BAs) can now request and complete an online projection for a participant’s quasi-retirement and post-quasi-retirement scenarios. BAs can also request projections with different separation and “benefit begin” dates (if an employee is considering leaving before normal retirement date and wishes to defer payment in order to reduce the early retirement reduction factors). If you have an employee with benefits under two different retirement dates, you can now request partial-quasi projections to allow participants to see quasi-retirement benefits as well as benefit projections after the quasi-retirement event.

Spousal dates of birth required for annuity projections and distribution forms
RS Plan annuities will begin to take into account the date of birth of the participant and spouse/survivor (this is used for determining joint and spouse annuities). Benefit projections that are run with commencement dates of December 2, 2017, or later will incorporate the spouse’s date of birth if it is on file in NRECA’s system of record. If the spouse’s date of birth is not on file, it is assumed to be the same as the participant’s for purposes of running a benefit projection. The spouse’s date of birth will be required to process distribution option forms.

Rollover forms now include state tax information
Pension rollover forms will now be generated with cover sheets and custom information based on your co-op’s plan and individual participant details. State tax information (if applicable) will also be included on these forms.

Updated distribution options kits
Plan participants who separate service from the co-op will receive a distribution options kit that reflects a more personalized experience. The new kit provides participants with additional distribution information (e.g., the value of each benefit option relative to the normal form of benefit) to better understand their options. Participants will also benefit from educational examples and resources throughout the kit to aid them in the decision-making process. This information will be packaged in a folder detailing the kit’s contents. The request and distribution form completion process will remain the same.

Streamlined recordkeeping for age 62/30-year plans
If your co-op offers an age 62/30-year plan, you will no longer see two plans in the system. Each age 62/30-year plan will allow for both types of participants within the same plan, those who can quasi-retire at 30 years of benefit service, and those who may not quasi-retire until age 62 and older. Going forward, you will enroll employees eligible to participate in your age 62/30-year plan, and the system will determine the appropriate quasi-retirement age. RS Plan invoices will indicate for each employee whether or not they can quasi-retire at 30 years of service (30 Quasi Yes) or not (30 Quasi No).

Need help? Call us
If you have any questions, please contact NRECA’s Member Contact Center at 866.673.2299. Representatives are available Monday through Friday, 7 am to 7 pm, Central time. Alternatively you can reach the team via email at contactcenter@nreca.coop.