Sample Restatement Board Resolution Available April 20
The NRECA-sponsored Retirement Security (RS) and 401(k) Pension Plan restatements are fast approaching. All cooperatives must re-adopt the restated plans, effective July 1, 2017, by passing a board resolution and signing new adoption agreements. All documents are due back to NRECA by October 31, 2017.
On April 20, watch your Message Center for an alert containing the sample board resolution and a link to instructions for its use. If you haven’t already done so, schedule the restatements as an agenda item for the board’s next meeting when they will adopt the restated plans using the sample resolution.
One resolution can cover all NRECA-sponsored RS and 401(k) Plans offered by your co-op. If your co-op has entities governed by separate board groups, each board must pass one resolution for all plans under its governance. Return the signed original to NRECA either in advance of the signed adoption agreements or together with the adoption agreements after their July release. Both the resolution and adoption agreements are due no later than October 31.
Other points to remember
- Plan changes after the restatement require their own adoption agreement, board resolution and (in certain cases) participant notices.
- The next available date for plan changes is August 1, 2017, provided your co-op has returned all restatement documents in good order. See the restatement timeline for details.
- As noted above, your co-op’s new adoption agreements will be released in early July. Specific instructions for their review and return will be provided in June.
Contact your field representative or the benefits compliance team (pension.compliance@nreca.coop or 866.673.2299, option 7) with questions about either the restatements or about making a provision change to your NRECA-sponsored retirement plans in the latter half of 2017.