Sample Restatement Board Resolution Now Available – NRECA Employee Benefits Weekly

The Retirement Security (RS) Plan and 401(k) Pension Plan restatements are fast approaching. All cooperatives must re-adopt the restated plans, effective July 1, 2022, by passing a board resolution and signing new adoption agreements. Restatement board resolutions and adoption agreements are due back to the benefits compliance team by October 31, 2022.

Watch your Employee Benefits website’s Message Center for today’s notification with a link to the BA Guide Retirement Plan Restatements Page. There, you can download the sample restatement board resolution and read the FAQs and instructions. Then, if you haven’t already done so, schedule the restatements as a board meeting agenda item at a meeting to be held before September 30.

One resolution can cover all RS and 401(k) Plans that your co-op offers. 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 resolution to the benefits compliance team either before or with the signed adoption agreements (which will be released in July). 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.
There will be a plan provision change hold period from June 1 to July 1. The next available date for plan changes is August 1, 2022, 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 with questions about making a provision change to your plans in the latter half of 2022. Contact the benefits compliance team at pension.compliance@nreca.coop or 866.673.2299, option 7 with questions about the restatements.