Summary of Plan Provisions for Reliant 403(b)(9) Retirement Savings Plan
Entry Requirements |
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Pay/Compensation |
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Elective Deferral Contributions |
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Elective Deferral Contribution Changes |
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Employer Contributions | |
Vesting | For Qualified Employer Contributions
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Plan Distributions |
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Financial Hardship Withdrawals |
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In-Service Withdrawals | |
Loans |
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4 Comments
Mike Swann
Barb Seckler, what "All Other Employer Contributions" would we ever have, that wouldn't be fully vested right away? Do you know any examples of that?
Vesting:
For Qualified Matching Contributions
100% vested immediately
For All Other Employer Contributions
1 year, 30%; 2 years, 60%; 3 years or more, 100%
Barb Seckler
Mike Swann It's a random thing that happened once and we're trying to actually get that changed to immediately vested. About (5?) years ago principal basically gave participants in the plan a little extra stock in principal. We didn't pay anything for it. It's not really an employer contribution but that's how it was labeled. It had a different vesting schedule. For example, I think I got like $17. But, when I rebalanced (something that most people do about once a year) it was sold and invested in the types of investments I normally carry. So, not many people would even have this anymore. Make sense?
Barb Seckler
Mike Swann It's possible we could do an end of year gift if we wanted and if we did that, we'd really want to make sure we get that provision changed because it would likely have that vesting schedule too. But, like I mentioned, we actually are working with principal to remove that. And we only do the monthly qualified matching anyways so everyone is always 100% vested with that.
Mike Swann
Thanks Barb Seckler, that makes sense