401(k) Contribution & Loan Repayment Submissions Need to Match Payroll Dates

Annually, you provide NRECA with your cooperative’s payroll dates, which are then used to ensure timely submissions of employee contributions, loan repayments and employer matching contributions to the 401(k) Pension Plan.

When submitting contributions and loan repayments through the new 401(k) administration platform, it is important to ensure the date you enter for your file submission matches the payroll date for your co-op that was previously provided to NRECA.

For example: If you are uploading a file submission for payroll that runs on October 8, be sure to choose October 8 as your file submission date. If you enter a date other than October 8, you may receive inaccurate messages regarding the timeliness of your file submission along with potential inaccuracies around plan compliance reporting, too.

You may submit your files beforehand, but no later than five days from the end of your payroll period in order to comply with Department of Labor rules.

To learn more about sending contributions and loan repayments using the new administration platform, be sure to view the “Sending Contributions” page or the “Sending Loan Repayments” page in the BA Guide.