RS Plan 2014 Annual Funding Notice Mailing to Plan Participants
NRECA will be mailing the required Retirement Security (RS) Plan 2014 Annual Funding Notice to participants and beneficiaries this week. The Pension Protection Act of 2006 requires NRECA to mail an annual funding notice to participants in and beneficiaries of the RS Plan by April 30. Encourage recipients to review the notice, but no other action is required of them.
This year’s notice is different in two ways:
- Starting in 2014, the RS Plan follows funding rules set out under the Cooperative and Small Employer Charity Pension Flexibility Act (CSEC). The notice includes wording and liability and asset information related to the new CSEC funding rules. (To read more about CSEC funding rules and their significance for electric cooperatives, go here.)
- The notice also reflects modifications required as the result of recent government guidance on the wording of certain sections.
Provide notice and memo to labor union representatives
If you’re a benefits administrator for a co-op that offers the RS Plan to employees represented by a labor organization, you must provide a copy of the annual funding notice to the organization’s representatives. To help you do this, a cover memo for labor organization representatives, explaining the funding notice, is provided here. Print and send it to them. Save a copy of the disclosure you sent to the union for your records.
You can also view and print the notice and the following documents:
- Memo for benefits administrators
- FAQ sheet for benefits administrators
- Sample notice to labor organization
- Memo for participants
- FAQ sheet for participants
- 2014 RS Plan Annual Funding Notice
If you or your employees have questions about the notice, contact the Member Contact Center at 866.673.2299 or contactcenter@nreca.coop.