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Our BIG announcement for this year'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:

Reliant's existing 401(k) Plan features:

Eligibility:

  • NEW/CHANGE: Reliant employes will be eligible for the 403(b)(9) plan after 3 months of employment

Eligibility:

  • Reliant employees are currently eligible for the 401(k) plan after 1 year 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
    • Employee that
is
    • are auto-enrolled will still be
notified 

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 by editing their contribution amount 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
  • currently receive an automatic 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)