Add the Restatements to the Agenda for Your Board’s Next Meeting

The July 1 restatement effective date is fast approaching.

Here is a list of current and upcoming restatement tasks to help your cooperative stay on track to meet the October 31, 2017 due date.

• If you haven’t already, now is a great time to add the restatements to the agenda for your board’s next meeting. If your co-op offers the NRECA-sponsored Retirement Security (RS) Plan, 401(k) Pension Plan or both, then your board must adopt the restated plans effective July 1, 2017.
• Download the sample board resolution for use in adopting the restated plans. 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.
• Watch for restated adoption agreements late next week. You will receive a Message Center notification when they are ready for download. The adoption agreements will reflect your co-op’s current provisions, including changes through May 1, 2017. They must be reviewed, signed, and returned to NRECA.
• If you are thinking about changing your retirement plan provisions later in 2017, contact your field representative. He or she will coordinate the process with NRECA, including analysis of the testing impact of the change (if needed).

Full instructions, answers to common questions and a timeline are on the restatement page of the Employee Benefits website.

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