Restatement Project Update and Next Steps

The July 1 restatement effective date is fast approaching. To adopt the restated plans, your cooperative’s board must pass a standalone resolution for restatement purposes and execute updated plan adoption agreements for each Retirement Security (RS) Plan and 401(k) Pension Plan you offer. To help your co-op stay on track, here are the upcoming tasks and milestones that you need to know about.

If you haven’t already, add the restatements to the agenda for your board’s next meeting. If your co-op offers the RS Plan, the 401(k) Plan, or both, then your board must adopt the restated plans effective July 1, 2022. The benefits compliance team recommends that you schedule this task by September 30. Download the sample board resolution for this purpose. Just one resolution covers both the RS and 401(k) Plans for all subgroups governed by your board. List the REA numbers for each covered entity at the top of the board resolution as is shown on the sample.

During the first week of July, watch for restated adoption agreements. You will receive a Message Center notification on the day of release. The new adoption agreements will reflect your co-op’s plan provisions as of May 1, 2022.  Review, sign, and return all agreements to NRECA’s benefits compliance team by October 31.

If you are thinking about changing your retirement plan provisions later in 2022, contact your field representative, who will oversee the process.

For full restatement instructions, answers to common questions, and a timeline, visit the restatement page of the Employee Benefits website. A list of adoption agreement changes for both the RS Plan and 401(k) Plan will be available on the restatement page on the date of release.

If you have questions about the restatements or about your co-op’s plan provisions or specific plan documents, contact the retirement compliance team at 866.673.2299, option 7, or pension.compliance@nreca.coop