IRS Form 990 Assistance is Now Available for the 2024 Tax Year
NRECA provides assistance to some tax-exempt cooperatives in the annual preparation of Internal Revenue Service (IRS) Form 990 (Return of Organization Exempt from Income Tax). NRECA’s Actuarial Services team calculates the change in actuarial value of Retirement Security Plan benefits for each individual included on the Form 990 and, if applicable, similar amounts for the nonqualified deferred compensation pension restoration and executive benefit restoration plans.
Co-ops will continue to submit their requests and retrieve their results through the NRECA Employee Benefits website.
Benefits administrators and finance administrators will continue to select the participants who will be included on their co-op’s Form 990 filing; add special instructions, comments or questions; and submit their requests. The Actuarial Services team will fulfill their requests and upload the change in actuarial value for participants to the website where users will retrieve them. However, users must periodically monitor their respective Message Center messages for notifications regarding completed reports. Users may reference the Form 990 Requests Guide for more detailed instructions.
When making requests, users must follow the guidelines in Part VII, Section A of the IRS Form 990 instructions and only select the names of the participants that meet the requirements to be listed on Form 990. Tax year 2024 requirements include:
- All current officers
- Current key employees with more than $150,000 of reportable compensation (limited to the top 20 highest compensated key employees)
- Current five highest compensated employees with more than $100,000 of reportable compensation, other than officers or listed key employees
- Former officers, key employees and five highest compensated employees with more than $100,000 of reportable compensation