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Reliant employees are eligible for the 401(k) plan after one year of service. Employees will be auto-enrolled in the 401(k) plan at the quarterly enrollment date following their one-year eligibility date. Reliant does offer an employer match. Reliant matches up to 5% of your eligible wages (salary and bonuses) in a contribution that comes from the MTD account (if you contribute at least that much through payroll deductions). The source of the employer match is from funds raised to the MTD account that funds your ministry (so you have to raise the match). Reliant allows you to choose whether funds contributed from your paycheck are “Pre-Tax” or Roth. The match contribution will always be Pre-tax. There is a conversion process if you want your employer match converted to Roth funds. You can find more information at 401(k) Retirement Plan.
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Reliant encourages all international employees to seek tax counsel regarding IRS ruling 70-491 when determining if the Roth option is something they should utilize for their retirement savings. There may be tax implications of selecting Roth for your retirement funds while filing under the Foreign Earned Income Exclusion to consider and discuss with your tax counsel. |
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Reliant can not make recommendations about tax decisions, so it is the worker's responsibility to seek that input from a financial advisor or tax specialist. Below is a tax specialist that other international workers with Reliant have consulted:
Krystal Rose | Village Tax Services Clergy & Overseas Tax Specialist phone: 407-385-0267 email: info@missionarytax.com website: www.missionarytax.com
As of January 1, 2023, Reliant is offering a $100 subsidy for filing taxes with either of these services. Therefore you will pay $100 less than the cost of the filing and the service will bill Reliant directly for the $100. Just mention to these services that you are with Reliant. The goal of this subsidy and process is to help connect you with a personal accountant that you can take your unique, overseas-related questions to and receive personalized answers. If you already are working with a personal accounting service, we will also provide the subsidy for accounting services. Send your receipt to international@reliant.org and we will transfer $100 into your MTD account. This does not include online, impersonal services such as Turbotax, H&R Block, etc. Tax preparation fees can be recovered as an Expense Recovery Bonus - see Reimbursement and Expense Recovery Bonus Standard for more information. |
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