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titleBasic Coverage

Every year it's helpful to take time to log in to your 403(b) account with Principal and review these thingsessential Basic features and aspectsof your retirement account. 

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titleStandard Coverage

Employer retirement plans offer some coverages that a personal IRA don't have - most importantly an Employer Contribution!

Understanding the employer contribution benefit available to you is crucial to be able to ensure you're getting the Standard benefits all Reliant employees have access to.


Employees of Reliant have two options for an employer contribution, based on their employee type and fundraising goal model. 

In both cases, the funds used for the employer contribution are raised as a part of the employee's goal. The employer contribution is 100% "vested" at the point the employee is eligible for ther 403(b) Plan.  "Vested" means that those contributions are yours to keep even after you exit employment with Reliant. 

Find the option below that best fits your role and review the steps we recommend to ensure you're getting the best benefit for your situation.

  •  Career employees are eligible for a 5% employer-match.  If you are not contributing 5% of your eligible wages to 403(b) then you are missing out on the opportunity be matched 5% and increase your retirement savings. Review your budget and consider increasing your personal contribution if this applies to youelected paycheck contribution, to ensure you're getting the maximum 5% match benefit. . Note: the employer match is calculated and deducted from the MTD account automatically every month, if you are in this career employee category.
  •  Fixed term employees - This class of employees have a special 
  •  have a special option to elect an employer contribution that is deducted monthly from the MTD account and deposited into the retirement account with Principal.  There is no obligation for the employee to contribute from their paychecks to be eligible for this benefit, however we encourage employees to also consider contributing from their paychecks into 403(B) if they are able to do so.  The employer contribution is determined by your program team leadership and will be incorporated into your fundraising goal.  Note: To ensure you are Fixed term for 403(b) classification purposes, please confirm your  classification status with your program team.  The definition of this class is slightly different from that of regular employment classifications with Reliant.


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titlePremium Coverage
UI Expand
titleWhat are the pros and cons of a 403(b)(9)?

Premium coverage is for someone that's not only trying to protect themselves from major losses.

Premium coverage users value their investment, understand its worth, and are willing to "pay more now" to gain more benefit in the future.  

When viewing your retirement plan from this perspective, you'll want to think about best practices for saving, to ensure your nest egg is substantial enough for your expected future financial needs.

  •  The Principal website has a tool to help you assess your Retirement Wellness Score.  This tool can be found under the "Planning Resources" tab. If you've never done this assessment we encourage you to fill it out and get your initial Retirement Wellness Score. if you've already done the assessment, review your score and look at the "My Progress" tab for tips.  Consider making some adjustments to improve your score. 
  •  The Planning Resources on Principal has a section "Principal Milestones" - spend 5-15 minutes exploring these options, including some of the Enrich educational resources. Enrich has some good tools to help lower the stress you may feel about money.

One "pro" of a 403(b) plan is that it isn't subject to some compliance rules that 401(k) plans have. What this "pro" means for Reliant is that we can customize our plan for different program teams based on the unique needs of those groups of employees. For example, we're varying eligibility rules and the employer contribution for Fixed Term employees in residency programs vs our more traditional "career" employees. This flexibility will allow those different types of employes to have a retirement plan that is customized for them, rather than being forced into a "one size fits all" plan like our previous 401(k), due to the compliance rules associated with it. Another "pro" is the built-in parsonage withdrawal option (mentioned in Answer 3 above). One "con" of a 403(b) is certain types of investments are restricted from being offered within a 403(b).  We researched our current investment options with our retirment plan broker, Michael Clark, and he felt confidant the offerings we currently have and any future investment options that we'd want will still be available under the 403(b)(9). Another con is sometimes 403(b) plans have higher fees but, we have been assured our fees with Principal won't be affected by this change.    


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titleWill anything change for part-time employees' eligibility?

No, there is no change to part-time employees' eligibility. Part-time employees will be eligible for the 403(b)(9) plan the same as they are for the 401(k) plan. 

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