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Summary of Plan Provisions for Reliant 403(b)(9) Retirement Savings Plan

Entry Requirements
  • A minimum age is not required.

  • The service requirement is 90 days for Class 1, Career Employees. Class 2, Fixed-Term Employees are immediately eligible.

Pay/Compensation
  • Pay is total pay, including elective deferral contributions but excluding fringe benefits for the purpose of elective deferral contributions and matching contributions.
Elective Deferral Contributions
  • Plan members may defer after-tax Roth contributions. Roth elective deferral contributions and pre-tax elective deferral contributions are both counted in the maximum deferral limit. (Traditional vs. Roth Contributions)
  • The automatic elective deferral contribution is $50 for Class 1, Career Employees.

  • Plan members age 50 and older may defer catch-up contributions. Catch-up contributions are in excess of the deferral limit.
  • Deferall Limits: Annual Contribution Limits 403(b)(9) Plan
Elective Deferral Contribution
Changes
  • Stop elective deferral contributions on any date

  • Change elective deferral contributions on any date

  • Changes to Contributions
Employer Contributions
Vesting

For Qualified Employer Contributions

Plan Distributions
Financial Hardship Withdrawals
In-Service Withdrawals
Loans
  • Maximum amount of any loan is the lesser of

    1. 50% of the Member's Vested Account, reduced by any outstanding loan balance

    2. $50,000, reduced by the highest outstanding loan balance during the one-year period ending on the day before the loan is made.

  • Minimum amount of any loan is $1000.

  • Maximum number of outstanding loans is 1.

  • Maximum term of any loan is 5 years.