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What to Know. Our 401(k) default investment, is changing it's name to the Principal Lifetime Hybrid Funds, effective January 1, 2017. Also effective January 1, 2017, Reliant will now step-up all all 401(k) participants that were auto-enrolled at $50 a month and who have not made any changes to their auto-enrollment. Each year these auto-enrolled participants will enrollment will see their monthly 401(k) contribution increased by $10. This $10 increase will occur every January and will remain in effect until either 1) the employee logs on to principal.com and makes a change to their 401(k) election in some way or 2) the maximum step-up amount of $150 is reached. |
Once a year the IRS requires that we remind our staff of all the great features provided to you in Reliant's 401(k) plan. In Every year we provide you with the Safe Harbor employee notice. This notice highlights the benefits and details of Reliant’s 401(k) Plan.
In 2017 we will have 2 important changes to our 401(k) Plan.
- Our 401(k) default investment, the Principal Trust Target Funds, will be known as the Principal Lifetime Hybrid Funds, effective January 1, 2017.
- Reliant will now step-up all All 401(k) participants that were auto-enrolled at $50 a month and who have not made any changes to their auto-enrollment. Each year these auto-enrolled participants will enrollment will see their monthly 401(k) contribution increased by $10 beginning with their January 13, 2017 paystub. This $10 increase will occur every January and will remain in effect until either 1) the employee logs on to principal.com and makes a change to their 401(k) election in some way or 2) the maximum step-up amount of $150 is reached. Ideally the Reliant 401(k) Investment Committee would love to see love for all 401(k) Participants logging participants to log into their account snad reveiwing and making retriement savings accounts and make changes based on their preferences and retirement goals at leats least on an annual basesbasis. However, we recognize that some people have chosen to stick with the default investment options and amount they were auto-enrolled with by RelaintReliant. To ensure these auto-enrolled 401(k) participants are actively saving for retirement and taking steps to keepo and keeping their saving up with inflation, we have institiued instituted this $10 annual increase. 401(k) participants always have the option to login to Principal.com to change this elecetion elections at any time. The
Important Disclaimer: In many cases the $10 annual auto-increase in many cases is still less than many employeeemployees' s 5% eligible 5% employer match. To learn more about how you can increase your 401(k) contribution and take full advantage of the 5% employer match benefit see Employer Matching Contributions
As Every year we provide you with the Safe Harbor employee notice. This notice highlights the benefits and details of Reliant’s 401(k) Plan. As always, the Reliant Finance dept is available year-round to assist you with any 401(k) questions - email us at 401k@reliant.org or call 407-671-9700 ext 130.
