Deadline Approaching for Requesting 2015 RS Plan Benefit Projections
In August, NRECA notified cooperatives about new timelines for Retirement Security (RS) Plan benefit projections. These timelines will ensure that NRECA is able to provide your co-op’s employees with the benefit projection information necessary to make informed decisions around quasi- and full-retirement.
For individuals considering retirement in 2015, benefits administrators should reach out to employees now and encourage them to request benefit projections if they are considering retiring in 2015. Be sure to perform projections on the Employee Benefits website prior to November 1, 2015. As you submit projection requests online, you will be notified if a manual calculation is required for that particular employee.
Requests for manual calculations with 2015 retirement dates submitted after November 1, 2015 will be fulfilled as quickly as possible but not likely before January 1, 2016. Requests for manual calculations involving only 2016 retirement dates will be held until after those with 2015 calculation dates have been completed.
Resources for your employees
To help you with employee discussions, NRECA has developed two resources:
- a sample email that you can use with retirement-eligible employees,
- a flier, Answers You Need: Weighing Your RS Plan Payment Options, that can help participants evaluate their available options.
RS Plan participants also have access to the Personal Investment & Retirement Consulting (PIRC) team. A PIRC team member can provide personalized guidance to co-op employees and can be reached via email at pirc@nreca.coop or by phone at 866.673.2299, option 5, then 2.
Questions
As always, 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, 7am – 7pm, Central time at 866.673.2299 or via email at contactcenter@nreca.coop.