Restatement Hold Period Now Underway

The NRECA-sponsored Retirement Security (RS) and 401(k) Pension Plan restatements, effective July 1, are fast approaching. A sample restatement board resolution was released on April 20. As the hold period for plan changes begins, here are some key reminders and upcoming deadlines to help you stay on top of your restatement-related tasks.

• No provision changes will be dated June 1 or July 1 and at this time, no changes will be approved for effective dates before July 1. If your cooperative has already requested and submitted complete paperwork for a May 1 change, it will be processed and reflected in your restatement adoption agreements.
• Even if your co-op makes no plan provision changes, you must adopt the restated plans by passing a board resolution and signing restated adoption agreements effective July 1, 2017.
• The next available date for plan changes is August 1, 2017, provided your co-op has returned all restatement documents in good order.
• Changes effective August 1 or later will modify your co-op’s restated adoption agreements and will be approved only after NRECA receives—in good order—your co-op’s restatement board resolution and adoption agreements.

Plan these action items over the next few months:

• Schedule the restatements as an agenda item for your co-op’s next board meeting when they will adopt the plans using the sample resolution.
• Download your co-op’s restated adoption agreement(s) in early July 2017.
• Review, sign, and return the original adoption agreement(s) and the board resolution (with your co-op’s seal) to NRECA by October 31, 2017. Remember that no future plan changes may be executed until your co-op adopts the restated plans.

Detailed restatement information, including instructions, FAQs, and a list of changes made, is available on the Employee Benefits website. Contact your field representative, or the benefits compliance team (866.673.2299, option 7 or pension.compliance@nreca.coop) with questions about the restatements or about making a provision change to your NRECA-sponsored retirement plans in the latter half of 2017.