Retirement Plans Restatement Information Now Online

To provide you with information and instructions on the upcoming 2022 retirement plan restatement process, we have updated the Retirement Plan Restatements page of the BA Guide with all the information to make this process more transparent and straightforward. The NRECA Retirement Security (RS) Plan and 401(k) Pension Plan follow a five-year restatement schedule outlined by the IRS, which means that the plans will be restated on July 1, 2022.

During a restatement, plan documents, adoption agreements, and summary plan descriptions (SPDs) are updated to include all amendments since the last restatement (July 1, 2017). In 2022, your cooperative must review, approve and re-adopt the RS Plan and 401(k) Plan provisions.

Watch future editions of NRECA Employee Benefits Weekly for alerts and instructions about the restatement process as it approaches. We’ll remind you ahead of time here, on the Employee Benefits website, and in Benefits Bulletin as each deadline or task approaches.

In the meantime, consider whether your co-op intends to make changes to your retirement plan provision(s) during 2022.

If NO:

During the spring and summer of 2022, you’ll download and review your co-op’s restated plan adoption agreements, have your board adopt the restated plans, and then return the original, signed adoption agreements and the sealed board resolution to NRECA. The 2022 compliance calendar, to be published in December 2021, will include reminders for each of these upcoming tasks.

If YES:

Your co-op will still need to perform the restatement tasks listed above. In addition, begin working with NRECA staff in the next few months to plan and implement your 2022 plan change(s). Plan changes are separate from the restatement and require their own adoption agreement, board resolution and (in certain cases) participant notices.

Visit the restatement page in the BA Guide on the Employee Benefits website to view the full details, including a timeline and a list of co-op responsibilities. Contact your field representative if you have questions about the restatements that are not covered on the BA Guide, or if you need to discuss a provision change to your NRECA retirement plans.