New Process for Mailing Suspension of Benefits Notices

NRECA has revised its process for informing participants how working after their normal retirement date could affect their Retirement Security (RS) Plan benefits.

Previously, each cooperative was responsible for mailing a copy of the legally required suspension of benefits notice to participants who are approaching their normal retirement date. NRECA will now mail the notice directly to participants, notifying benefits administrators by email the names of the participants to whom the notice has been mailed.

The suspension of benefits notice has been revised to more clearly explain the rules that apply to a participant’s benefit and the effect of those rules on specific forms of benefit such as an annuity or a single cash payment. It directs participants to consult their summary plan description and to contact their benefits administrator for help in obtaining estimates of their benefit at both normal retirement and alternative retirement dates. The notice also reminds participants that NRECA’s Personal Investment & Retirement Consulting (PIRC) team is available to help them sort through their options.