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BENEFITS SPRING 2023 NRECA EMPLOYEE BENEFITS
In This Issue SPRING 2023 For questions about NRECA bene昀椀ts or topics in this issue, contact your 昀椀eld representative or the Member Contact Center at 866.673.2299 or contactcenter@nreca.coop, unless otherwise noted in the articles. MANAGING EDITOR: Scott Mathias CONTRIBUTING WRITERS: John Nullmeyer, Nate Odgaard and Chris Schwartzrock Bene昀椀ts Bulletin is a newsletter published as an NRECA member service for bene昀椀ts administrators. In the case of a discrepancy, the plan documents govern. To subscribe to Bene昀椀ts Bulletin, call or email Scott Mathias at 703.907.6094 or scott.mathias@nreca.coop. ©2003–2023 NRECA. All rights reserved. PHOTO CREDITS: COVER © ISTOCK/M-IMAGEPHOTOGRAPHY. PAGE 3 © NRECA. PAGE 6 © ISTOCK/DRAZEN ZIGIC. PAGE 8 © ISTOCK/NAZARKRU. PAGE 9 © ISTOCK/VISUAL GENERATION. PAGE 10 ICONS © ISTOCK/CNYTHZL. PAGE 12 © ISTOCK/RUDZHAN NAGIEV. PAGES 14–15 ICONS © ALEX BELOMLINSKY. 2 BENEFITS BULLETIN SPRING 2023
BY PETER BAXTER Plan Perspective s you have previously heard from me and others, the Consolidated Appropriations Act of 2023 (CAA 2023) Ais an extensive piece of recently enacted legislation that has many potential impacts for electric cooperatives, as well as NRECA and the employee bene昀椀t plans it sponsors. Quite a few of the provisions in the CAA 2023 a昀昀ect our retirement bene昀椀t plans. Most of those retirement plan-related provisions, collectively referred to as the SECURE 2.0 provisions, are designed to enhance the ability of individuals to save for their future. We’re continuing to thoroughly evaluate the potential impacts of those SECURE 2.0 provisions along with the rest of the relevant CAA 2023 provisions to determine which are applicable to the NRECA-sponsored employee bene昀椀t plans and, where options exist, are in the best interest of our members. To help shape our next steps and priorities, we’ve been soliciting member feedback as well as seeking further guidance from federal agencies to clarify and direct implementation. In addition to the SECURE 2.0 provisions, which I covered extensively in my last column, another aspect of the CAA 2023 of speci昀椀c interest to our members is the temporary extension of the fee waiver for telemedicine services. While I also mentioned this waiver brie昀氀y in that column, I would like to provide a bit more detail and highlight the value of telemedicine service provided by Teladoc Health. The CAA 2023 allows high- deductible health plans that are compatible with a health savings continued on page 13 BENEFITS BULLETIN SPRING 2023 3
GROUP BENEFITS Encourage Mind & Body Well-being This Quarter n BY NATE ODGAARD his quarter, use the following resources at your INFOGRAPHICS Tcooperative and work them into your own well-being program to support mind and body well-being. Visit the BA Guide’s FutureMe page, where you can print these infographics (pictured) to share with your employees: l 3 Ways to Shift Your Mindset to Lose Weight l Men’s Nutrition Tips to Prevent Illness l Women’s Changing Nutrition Needs “RESILIENCE” WEBINAR Mark your calendar for this May 17 webinar. It will explore ways your employees can become more resilient through a positive outlook and choices. Register on the FutureMe page in the BA Guide. FutureMe PROGRAM RESOURCES These FutureMe resources are available to help NRECA Medical Plan participants: l 4 BENEFITS BULLETIN SPRING 2023
Teladoc Health Fees Temporarily Waived n BY NATE ODGAARD OTHER NRECA PROGRAMS he Consolidated Appropriations Act of 2023 allows Thigh-deductible health plans that are compatible with l Teladoc Health: This service a health savings account to cover telehealth visits on provides timely, expert care by a pre-deductible basis through 2024. As a result, NRECA is phone or video for medical or temporarily waiving Teladoc mental health needs. Fees are being waved temporarily (details Health consultation fees and at right). cost share—for both medical l and mental health sessions— through December 31, 2024. The waiver applies to NRECA Medical Plan participants covered under all plan types. This waiver is retroactive to January 1, 2023. Participants who made payments for a Teladoc Health consultation between January 1 and March 1, 2023, should have been reimbursed. Cooperative Bene昀椀t Administrators, Inc. (CBA) adjusted their claims to re昀氀ect a $0 patient responsibility and sent an updated explanation of bene昀椀ts statement to each participant noting the claim has been reprocessed. Note: Participants who sought reimbursement for a Teladoc Health consultation through a tax-advantaged account should return reimbursed fees to the account to avoid tax implications. If you or your participants have questions, contact the Member Contact Center at 866.673.2299 or contactcenter@nreca.coop. Representatives are available Monday through Friday, 7 am to 7 pm Central time. BB
RETIREMENT BENEFITS Recent PIRC Webinar Explores the Costs of Caring for Loved Ones n BY JUDY MITCHELL omatter the circumstances, taking on the care and 昀椀nancial support of aging parents or other relatives requires more than a quick look ahead. The Personal Investment & N Retirement Consulting (PIRC) team addressed this topic in a recent webinar, “Will the Unexpected Costs of Caring for a Loved One A昀昀ect Your Retirement Savings?” The webinar reviews the challenges This webinar was broadcast in March of maneuvering through the course as a “lunch and learn” session for FIND of care for someone else, possibly employees to view together. It was OUT MORE at your expense. It highlights also recorded and posted on the PIRC Webinars important statistics and 昀椀gures, Employee Bene昀椀ts website so you cooperative.com > My Bene昀椀ts > including health care and long-term and your employees can download My Retirement > Personal Investment & care costs. It also addresses the and view the webinar at your Retirement Consulting > Latest Webinars need to protect your own 昀椀nancial convenience. BB security. 6 BENEFITS BULLETIN
COURSES & CONFERENCES Sign Up Now for the 2023 Interact Conference n BY JOHN NULLMEYER egistration is open As always, we’re providing opportunities for networking and Rfor the 2023 Interact Conference—check your calendars, choose your location and get registered today! FIND OUT MORE Join cooperative bene昀椀ts and HR 2023 Interact Conference-Omaha professionals from around the Location & Interact Online country in either Omaha (July 18-19) cooperative.com > Conferences & or Tampa (August 8-9). No matter Education > Conferences & Meetings > which city you choose—you’ll hear 2023 Interact Conference > about new topics and receive timely July 17-19, 2023 | Omaha, NE updates, thanks to our can’t-miss 2023 Interact Conference-Tampa lineup of dynamic keynote speakers. Location You’ll also get to customize your cooperative.com > Conferences & learning experience with a wide Education > Conferences & Meetings > range of bene昀椀ts and HR breakout 2023 Interact Conference > sessions. August 7-9, 2023 | Tampa, FL BENEFITS BULLETIN SPRING 2023 7
NEW & CLICKABLE BA GUIDE BENEFITS BULLETIN SPRING 2023 8
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Get your compliance news and information here. We hope you 昀椀nd this section useful, as we work together to ensure that co-op bene昀椀t plans remain in compliance with federal law and plan terms. Keep in mind that NRECA cannot provide legal or tax advice to co-ops. The information pr esented here is our interpretation of the law and regulations. Co-ops should seek the advice of their legal counsel and tax advisor. COMPLIANCE CONNECTION Why Distribution Acknowledgments Are Important n BY CHRIS SCHWARTZROCK FIND OUT MORE BENEFITS BULLETIN SPRING 2023 9
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COMPLIANCE CONNECTION SECURE 2.0 SPOTLIGHT: Upcoming Changes to Long-term, Part-time Eligibility Rules Prepare now to o昀昀er 401(k) Pension Plan participation in 2024 and thereafter. in E n BY CHRIS SCHWARTZROCK n 2019, the SECURE Act (SECURE 1.0) set up an alternate Ipath to 401(k) Pension Plan participation for part-time employees. Starting with hours worked in 2021, an employee who works 500 or more hours for three consecutive years (and is age 21, if the plan requires), becomes eligible to make elective deferrals in 2024. In 2021, cooperatives and NRECA in 2025, shortened the service began preparing to comply with requirement from three consecutive this new rule. That year, co-ops years to two. Co-ops should needed to ensure that they were continue to track hours so that they tracking hours of service for all can be ready to o昀昀er participation employees—including 昀氀exible when required in 2024, and then sta昀昀 categories such as part-time, in 2025 and beyond under the temporary, seasonal and leased—if shortened rule. NRECA is awaiting they were not already doing so. guidance from the applicable Then, in 2022, SECURE 2.0 was agencies on how to administer enacted. It did not eliminate the the new rule. We will pass that alternate eligibility method for information along to co-ops as part-time employees, but starting soon as it becomes available. 10 BENEFITS BULLETIN SPRING 2023
full-time employees when they WHAT DOES THIS MEAN FOR meet the months-of-service YOUR CO-OP? requirement. l You should already be tracking The three consecutive year hours so that you know when a requirement set up by SECURE 1.0 part-time employee has worked applies to 2024 plan entries. In 1,000 hours and becomes 2025, the service requirement eligible to participate in the is reduced to two consecutive 401(k) Plan. years. This means that a part-time employee who works 500 or more l For part-time employees, you but fewer than 1,000 hours in: must check for eligibility under both the 1,000-hour method l 2021, 2022 and 2023 becomes and the long-term, part-time eligible in 2024 under methods. As you do, keep in SECURE 1.0 mind the e昀昀ective dates of 2024 and 2025 as well as the l 2023 and 2024 becomes eligible years of service that must be in 2025 under SECURE 2.0 disregarded. Further regulatory guidance is needed so that co-ops and NRECA l can apply the new rule by the applicable e昀昀ective date(s). By tracking hours, co-ops can be ready to o昀昀er participation in 2024 to the 昀椀rst group of eligible employees. Watch these pages and NRECA Employee Bene昀椀ts Weekly in the coming months for details about how to implement SECURE 2.0 changes. In the meantime, remember the following points: l Review your 401(k) Plan’s eligibility requirements and excluded classes, found in Sections 1.B and 3 of your adoption agreement. If your plan has a months-of-service requirement, continue to enroll BENEFITS BULLETIN SPRING 2023 11
COMPLIANCE CONNECTION Important Compliance Dates Upcoming deadlines and task reminders Group Bene昀椀ts Deadlines April 30 12 BENEFITS BULLETIN SPRING 2023
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Plan Perspective continued from page 3 needs of adolescents, we further January 1, 2023. There has been expanded the scope of Teladoc signi昀椀cant co-op and participant mental health care consultations engagement since the FutureMe to covered dependents ages 13 to program’s inception. Through 17. As of January 1, 2023, NRECA February, nearly 3,000 participants Medical Plan participants can have visited the FutureMe portal schedule Teladoc mental health and 2,500 have already completed consultations by phone and video the FutureMe survey, a good place sessions to help dependents to begin one’s well-being journey. in this age group with school Participants are also taking stress, family challenges, bullying, advantage of FutureMe coaching, depression and other mental health which connects them with WebMD challenges they may be dealing health coaches to help them meet with. their well-being goals. Participants Between the extended fee waiver are participating in all the coaching and the expanded mental health programs including: services, we hope even more NRECA Medical Plan participants l overcome any reluctance they may have to try these valuable and e昀昀ective Teladoc services when they and their families need them. Your employees participating in the NRECA Medical Plan can 昀椀nd more information on these services on the Employee Bene昀椀ts website by going to cooperative.com > My Bene昀椀ts > My Insurance > Teladoc. There are also resources online to help you promote and educate your participants on Teladoc services. Go to cooperative.com > My Bene昀椀ts > BA Guide > Medical & Prescription Drug > Teladoc. NRECA Medical Plan participants can also 昀椀nd useful resources to help them with mental health challenges and many other well- being issues through FutureMe, our enhanced holistic well-being program that was launched on BENEFITS BULLETIN SPRING 2023 13
Tiered prescription drug bene昀椀t options allow co-ops to choose coverage levels with generic drugs costing the least. High- deductible health plans have a preventive drug option. CVS Caremark™ is our prescription bene昀椀t manager. Contact them at 888.796.7322 or visit caremark.com. The hearing aid bene昀椀t, which provides a $10,000 lifetime maximum for wearable hearing aids and maintenance is a standard feature of all medical plans. NONQUALIFIED DEFERRED COMPENSATION—Directors fees and highly compensated employee salaries, bonuses and other compensation can be deferred and invested with certain tax bene昀椀ts. Co-ops are the plan administrators for these plans. RETIREMENT SECURITY (RS) PLAN— NRECA manages this de昀椀ned bene昀椀t pension at a very reasonable cost compared to the market. Co-ops can build a plan that balances bene昀椀t goals and plan cost by setting the terms for employee participation and bene昀椀t level. VISION—Vision plans cover eligible eye exams, lenses and frames. Some plans have provider networks and o昀昀er discounts on laser vision correction, while others allow participants to see any provider. PROGRAMS BLOOD GLUCOSE MONITOR PROGRAM—Free blood glucose monitors are o昀昀ered to medical plan participants diagnosed with pre-diabetic Bene昀椀t Plans, Programs and Services Guide conditions or diabetes. CENTERS OF EXCELLENCE—This program
CONFERENCES—NRECA hosts Interact annually at two locations across the country for bene昀椀ts administrators and HR professionals. An annual Basic Bene昀椀ts Training Course trains new bene昀椀ts administrators and refreshes current ones on how to administer NRECA bene昀椀ts. There are no core conference registration fees. EMPLOYEE BENEFITS WEBSITE— Using this secure website, bene昀椀ts administrators can process annual enrollments and employee bene昀椀ts changes due to life or employment events, submit retirement and salary information, request projections, view and model insurance plans, see invoices and payments and 昀椀nd forms and other resources to manage NRECA bene昀椀ts. Participants also can 昀椀nd resources to help them get the most from their bene昀椀ts, including medical claims information and checking prescription drug prices. The FUTUREME PORTAL is an interactive, online well-being portal with easy-to-use tools powered by WebMD. Retirement plan participants can view statements, manage their 401(k) Plan investments and view other account information and educational materials. They can also use PLANNING CALCULATORS to calculate savings for retirement, college and more. cooperative.com > My Bene昀椀ts FIELD STAFF—Your 昀椀eld representative and/or regional director is your local consultant on NRECA’s bene昀椀t plans. He or she can help you implement and keep up to date on employee bene昀椀ts programs. MEMBER CONTACT CENTER—If you have a question or need to speak with someone at NRECA, contact the Member Contact Center. It’s open Monday through Friday from 7 am to 7 pm CT. 866.673.22 i1 .52 11 .-(þÿ-)>>BDC /T18-
