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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: |
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Eligibility:
| Eligibility:
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Auto-Enrollment:
| Auto-Enrollment:
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Employer Match/Employer Contributions:
| Employer Match/Employer Contributions:
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Roth Contributions:
| Roth Contributions:
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Loans:
| Loans:
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Investments:
| Investments:
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Vesting:
| Vesting:
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Rollovers:
| Rollovers:
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Withdrawals
| Withdrawals
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