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This Our BIG announcement for this year we're using a lego theme,
Drawing & Prize Info
Fill out this Google Form saying which belt(s) you've completed for this activity and we'll enter you in the drawing for Crubl cookies - either delivered to you or a gift card (alternative prizes are available based on location and/or allergy restrictions). For every belt you pass you will earn more entries in our drawing.
White Belt
Sign Up
A white belt is typically given out at the beginning of a person's martial arts journey.
With Reliant's auto-enroll feature, many employees let those monthly payroll amounts go into their 401(k) account and they've
never taken the time to log in at Principal.com and set-up their login and check their account balance etc.
- If you've already taken this step - you can check this box.
- If you've never taken this first step - see Registering at Principal.com and begin your journey today!
Finished? Congrats, you're a white belt!
Yellow Belt
The Basics - Knowing your Account Balance
With the yellow belt, the student is expected to develop fundamental karate skills.
Knowing how much is in your 401(k) account as well as how much you're adding to the account every month are key components to financial planning.
- Log-in to your Principal.com account, the account balance should be listed under Overview
- Select Contributions > Contributions Summary from the menu at the top of the page - This will show you how much you're saving Pre-Tax and Roth from your paychecks. The employer match is not listed in this box but you can see it under the "Contributions by date" box just below. It will be listed as "employer"
Finished? Congrats, you're a yellow belt!
Orange Belt
Practice. Learn. Repeat.
A orange karate belt color is awarded to the student who starts to demonstrate progress in learning
more about their bodies as well as more about the fundimentals of karate.
- Do you understand how Reliant's employer match works? Have you considered why investing with the 401(k) may be more advantageous than investing in an IRA, at least up to the employer match amount? - Read this Solomon page and educate yourself on the 401(k) match - Employer Matching Contributions
Finished? Congrats, you're an orange belt!
Green Belt
Moving up to Intermediate Status
At this point a karate student begins to refine the basic skills they’ve learned. A green belt indicates they have advanced to intermediate status.
Research has shown that people who have a clear picture of what they want their retirement to look like are much more successful in reaching their retirement goals.
Take 10 minutes to journal or think through and pray about these questions:
- When do I want to retire?
- What do I want my retirement to look like?
- What steps do I need to take to create/sharpen my financial saving habits?
Finished? Congrats, you're a green belt!
Blue Belt
Gaining Wisdom and Understanding
The Blue belt symbolizes the karate student is growing a deeper understanding of karate and is beginning to display leadership qualities.
Our challenge for this level is to look through the resources available at Principal.com under Planning Resources. If you haven't already done so, fill out the Retirement Wellness Planner and see how you score. If you land in the red or yellow zones, try tweaking the numbers within calculator tool to see how your score would change if you increased your 401(k) contributions - even better, make a change and increase your contribution when prompted!
Finished? Congrats, you're a blue belt!
Brown Belt
Maturity
The brown color in karate belts represents the student's skills are mature and close to being mastered.
It's time to make sure you are preparing well for not only your future but the future of your loved ones and dependants. Take some time to review you beneficary on file at Principal.com under Overview>Beneficiary. Make sure it's up to date.
Need a Will or other legal forms for your Estate planning? Visit the Principal Milestones page under the Planning Resources and select > Will and legal document center powered by ARAG®
Finished? Congrats, you're a brown belt!
's 401(k) Month is we're going to be transferred Reliant's 401(k) plan into a special church retirement plan called a 403(b)(9) plan starting on 1/1/2024. This change is probably the most significant change we've made to our retirement plan since we added a Roth contribution. Over the next month, which we're re-naming "Save for your Future Month", we're going to outline and explain this new retirement plan's benefits one piece at a time.
In the spirit of this year's Lego construction theme, we understand this news may feel like we just dumped a bag of legos on a table and you may be wondering where to start learning about this change. You likely have a lot of questions starting primarily with "How does this affect my retirement savings options?" We want to assure you your retirement savings is in good hands!
The 403(b)(9) plan will be extremely similar to our current 401(k) plan, with a few added perks. The 403(b)(9) is especially designed for religious-based 501(c)(3) non-profit groups and churches. It allows Reliant greater flexibility to customize our retirement plan's offering based on the types of employees we have working for Reliant and their retirement planning needs.
Please follow along with us this month as we construct this new plan and show you it's features. We will also offer some fun prizes along the way!
Drawing & Prize Info
Fill out this Google Form and we'll enter you in the drawing for a Lego Christmas ornament book and our $100 Amazon Gift Card grand prize. Prizes will be coordinated with the employee based on their specific location/delivery preferences.
403(b)(9) vs 401(k) Side-by-Side Comparison of features
Reliant's NEW 403(b)(9) Plan features:
Eligibility:
- NEW/CHANGE: Reliant employes will be eligible for the 403(b)(9) plan after 3 months of employment
Auto-Enrollment:
- NEW/CHANGE: Reliant will be classifying groups of employees differently for purpsoes of auto-enrollment.
- Certain employee groups (the Fixed term program team and potentially some other groups) will no longer be auto-enrolled at $50 a month. These employees will still be eligible to contribute to the 401(k) plan at their own discretion.
- Most other employees will continue to be auto-enroleld at $50 a month when they become eligible for the 403(b)(9)Plan. Any employee that is auto-enrolled will still be notified and given instructions for how to change that amount anytime on https://www.principal.com/.
Employer Match/Employer Contributions:
- NEW/CHANGE: Reliant will be classifying groups of employees differently for purposes of the employer contribution (paid from the MTD account).
- Certain employee groups (the Fixed term program team and potentially some other groups) will no longer be matched 5% in employer contributions from their MTD account. They will be eligible for a different type of employer contribution that will be determined by their support goal and paramters of employment with their church.
- Most other employees will continue to automatically receive an employer match for their contributions, that will still be paid out of the MTD account, up to a maximum of 5% of their eligible wages (shortcheck will no longer affect their match amount)
Reliant's existing 401(k) Plan features:
Eligibility:
- Reliant employees are currently eligible for the 401(k) plan after 1 year of employment
Auto-Enrollment:
- All Reliant employees (prior to 9/1/23 when auto-enrollment was paused pending our transfer to the 403(b)(9) plan) were auto-enrolled after reaching eligibility at $50 a month (and eligible to change that amount anytime on https://www.principal.com/)
Employer Match/Employer Contributions:
- All Reliant employees automatically receive an employer match for their contributions, that is paid for from the MTD account, up to a maximum of 5% of their eligible wages (shortcheck currently affects the match amount)
Master Status
The black belt shows that the person wearing it has mastered all the skills and poses a great ability to enlighten others with his/her knowledge.
Did you learn anything from this 401(k) Month? If so - share what you learned!
A great way to help others in their journey of saving for retirement is to share the lessons you're learning, ask them to hold you accountable in your next steps, and ask how you can help them with their goals!
Finished? Congrats, you're a black belt!
