Final Reminder: Requests for Year-end RS Plan Benefit Estimates
The deadline is fast approaching for benefits administrators who wish to run Retirement Security (RS) Plan estimates for 2022 or, for participants who want to compare results for more than one retirement date for 2023 using assumed rates.
Benefits administrators should run the estimates on the Employee Benefits website no later than Friday, October 28, 2022, to determine if the estimate requires additional or manual calculations. If an estimate will require additional or manual calculations, the request must be submitted no later than October 28. If you anticipate that a participant’s request will fall into this category, please keep this deadline in mind. All special requests for manual calculations submitted by October 28 will be delivered to the person requesting them as they are completed, on or before December 27, 2022.
You may also include special handling instructions, such as holding the estimate until 2023 rates are released in mid-December, in the comment section of the special request.
These benefit estimates help your employees make educated decisions about their financial future and when they should retire. Once the decision has been made on when they wish to retire, you should order RS Plan distribution option forms with the intended separation date for completion by the employee.
Resources for your employees
To help you with employee discussions, NRECA has developed two resources:
- A sample email template that you can use with retirement-eligible employees;
- A flier, Answers You Need: Weighing Your RS Plan Payment Options, which can help participants evaluate their RS Plan benefit options.
Questions?
We are here to help you. Please contact your field representative for specific questions or concerns. Representatives in NRECA’s Member Contact Center are available Monday through Friday, 7 am – 7 pm, Central time at 866.673.2299 or via email at contactcenter@nreca.coop.