Deferred Compensation Plan AccountsTransactions and Maintenance
The forms you need to enroll participants, submit salary deferrals, update account settings, and request redemptions can be downloaded from this web page. If you need help, call 1-800-258-3030 any weekday between 8:30 a.m. and 5:00 p.m. ET and speak with a Homestead Funds client service associate.
To add one or more new plan participants, complete a Deferred Compensation Plan Enrollment Form. Be sure to choose the form that reflects whether your cooperative has elected or declined NRECA’s administrative services. If your cooperative does not currently have any deferred compensation plan accounts, then the first enrollment form will need to be accompanied by a Authorized Employer Representative Form.
To submit salary deferrals to participant accounts, complete the Group Purchase Form for Deferred Compensation Plan Accounts (Microsoft® Office Excel format) and submit this form with your contribution amount. Instructions for sending salary deferrals by check, wire or ACH transfer are provided on the form. We encourage employers to download this form and save it to your desktop to avoid having to rekey data each time you make a contribution.
To make a withdrawal from a participant account, complete a Deferred Compensation Plan Redemption Form. Be sure to choose the form that reflects whether your cooperative has elected or declined NRECA’s administrative services.
Redemption proceeds are paid by check and sent to the employer. The employer will need to distribute these amounts to the participant and is responsible for issuing any tax forms reporting these payments.
To update account settings, complete a Deferred Compensation Plan Maintenance Form. This form can be used to update settings such as cooperative address, duplicate statement mailings, phone exchange options and bank information.
To update persons authorized to sign forms and written requests, complete an Authorized Employer Representative Form. Every cooperative that has at least one deferred compensation account with Homestead Funds must have one of these on file.
