Financial Administrators Can Now Process 401(k) Loan Payoffs

Benefits administrators at cooperatives offering 401(k) Pension Plan loans as an option to their employees currently process loan payments and payoffs through the NRECA Employee Benefits website.

In response to member feedback, the website now also allows financial administrators access to review and process loan payoffs on behalf of participants.

Information about the loan repayment and payoff process is available on the loan repayments page of the BA Guide. If your co-op has a financial administrator, please share this information with them.

To assign an employee at your co-op financial administrator access, go to the website’s Employee Administration megamenu and select “custom access.” Once on this page, benefits administrators can view who currently has been assigned financial administrator access and have the ability to add or remove individuals with this access as well. 

If you or your co-op’s financial administrator has any questions or concerns, please contact our Member Contact Center at 866.673.2299. Representatives are available Monday through Friday, 7 am to 7 pm, Central time.