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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 from 401(k) Month to "Save for your Future "403(b)(9) 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. 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. See the table below for a side-by-side comparison of key features of the new 403(b)(9) plan vs. the existing 401(k) Plan.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 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 highlight 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 key features
Reliant's NEW 403(b)(9) Plan features: | Reliant's existing 401(k) Plan features: |
---|---|
Eligibility:
| Eligibility:
|
Auto-Enrollment:
| Auto-Enrollment:
|
Employer Match/Employer Contributions:
| Employer Match/Employer Contributions:
|
Roth Contributions:
| Roth Contributions:
|
Loans:
| Loans:
|
Investments:
| Investments:
|
Vesting:
| Vesting:
|
Rollovers:
| Rollovers:
|
Withdrawals
| Withdrawals
|