RS Plan Summary of Material Modifications Available July 2

If your co-op offers the NRECA-sponsored Retirement Security (RS) Plan, during the week of July 2, you will receive a Message Center alert directing you to a summary of material modifications (SMM) for your plan. This SMM describes two amendments to the RS Plan that are described in today’s Priority Alert.

Deliver the SMM to current plan participants and acknowledge distribution by July 30, 2018.

Also, give the SMM to new plan participants along with your RS Plan summary plan description (SPD). The SMM must accompany your SPD until your co-op receives a new SPD with an effective date on or after January 1, 2019. Note that a new SPD is issued either when you change your plan elections or when the plan is restated, whichever occurs first.

SMM Contents
This SMM reflects the new survivor benefit equivalent, which is incorporated as part of the standard death benefit described in today’s Priority Alert. The new survivor benefit equivalent is effective for benefits paid on or after January 1, 2018 for certain surviving beneficiaries at co-ops that have the standard death benefit. This SMM also reflects a new definition of Final Average Effective Salary for plans that have elected base salary. Effective July 1, 2017 the definition of final average effective for base salary plans was changed in order to align it with the existing definition for full salary plans.

Distribution Instructions
Department of Labor regulations allow employers to give out SMMs electronically (usually via email) only to employees who can access the documents through computers that are an integral part of their work duties. Participants who do not meet these criteria (for example, linemen and meter readers) must receive paper copies. You’ll find detailed information about how to distribute SMMs, both on paper and electronically, who must receive them, and other frequently asked questions about distributing ERISA-required notices, on the Employee Benefits website.

Questions
If you have questions about downloading and distributing this SMM, call the Member Contact Center at 866.673.2299 or contactcenter@nreca.coop.

For all other questions about this SMM, call the benefits compliance team at 866.673.2299, option 7, or at group.compliance@nreca.coop.