The 401(k) Administration Transition Has Gone Live!

If your co-op offers the 401(k) Pension Plan, you’re likely aware that the 401(k) administration transition was successfully completed over Labor Day weekend. This project represents the plan’s strategic relationship with Voya Financial to provide the back-end technology to further enhance the administration of the plan, while NRECA remains the plan sponsor and continues to provide customer service to co-ops and their 401(k) Plan participants.  

The results of this initiative equip co-ops and their plan participants with enhanced online resources and increased self-service capabilities, while leveraging Voya’s scale to mitigate cost pressures and continued technological innovation.  

Some co-ops will have questions or could potentially encounter issues in the weeks ahead while navigating the new processes, and NRECA staff are available and committed to helping as needed. Please be sure to refer to 401(k) Plan pages in the BA Guide, which reflect the new processes, as well as the recorded training sessions that will remain available in the coming weeks on the BA transition resources page.  

To help make sure your co-op’s 401(k) Plan participants are aware of the new online features and resources available to them, you can use this template message or the flier and digital ad on the BA transition resources page. As a reminder, in line with industry security standards, participants wishing to make banking changes or initiate a withdrawal from their account will now need to have a verified mobile phone number on file with NRECA. Co-ops can use this flier to help participants update their online information.  

Please reach out to the Member Contact Center at 866.673.2299 or contactcenter@nreca.coop with any questions or concerns.