Restatement Hold Period Now Underway

The Retirement Security (RS) and 401(k) Pension Plans are being restated effective July 1. In preparation for the release of restated adoption agreements, the hold period for plan changes to both plans is now underway. No provision changes will be dated June 1 or July 1.

Here are some key reminders and upcoming deadlines to help you stay on top of your restatement-related tasks for the next several months.

• Even if your cooperative makes no plan provision changes during 2022, you must adopt the restated plans by passing a board resolution and signing restated adoption agreements effective July 1, 2022.
• Restated adoption agreement(s) will be available for download in early July 2022.
• A sample restatement board resolution was released on April 20. Schedule the restatements as an agenda item for your co-op’s next board meeting so that your board can adopt the plans using the sample resolution.
• Review, sign, and return the original adoption agreement(s) and the board resolution (with your co-op’s seal) to NRECA by October 31, 2022.
• Plan provision changes effective August 1, 2022 or later will modify your co-op’s restated adoption agreements. These will be approved once NRECA receives—in good order—your co-op’s restatement board resolution and adoption agreements.

Detailed restatement information, including instructions and FAQs, is available on the Employee Benefits website. Contact your field representative about making a provision change to your RS Plan or 401(k) Plan during the latter half of 2022. Contact benefits compliance at 866.673.2299, option 7 or pension.compliance@nreca.coop with questions about the restatements.