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Note
title60 Days to Rollover

Once Principal Financial Group has been notified of your exiting employment with Reliant, you will generally have a 60 day window to select what you would like Principal to do with your 401(k) balance. 

The Principal Client Contact Center 1-800-547-7754 can advise you of your options.  They are available Monday-Friday from 7:00am Eastern time to 9:00pm Eastern time. 

You have 3 Options: Roll it Over, Stay with Principal, Cash it out.   

If you do not make a selection in that 60 day window Principal will do one of 2 things:

  • If the balance in the 401K account is greater than $5,000 - Principal will automatically roll your 401K account into an IRA account with Principal 
  • If the balance in the 401K account is less than $5,000 - Principal will generally cut you a distribution check for the balance in the account, minus a reserve of taxes,.
    In this scenario you will receive a 1099 from Principal at the end of the year and will have to report the distribution on your taxes.  This option comes with a tax penalty for early withdrawal of retirement funds, so you do NOT have to cash this check.  *see below for details.

 When is Principal

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notified of Terminations?

Because many missionaries want to contribute to 401(k) up through their last paycheck, Reliant generally notifies Principal of your exit after your final paycheck has been processed and any contributions from that paycheck have been submitted to Principal.  This generally happens within 5-10 business days after the final pay date.  The 60 day window to decide what to do with your 401(k) funds begins from that date that we notify Principal of your Termination.  This process of waiting to notify Principal is designed to help prevent employees from having to take action to rollover funds multiple times, as we're waiting to start that 60 day period after all funds that will be contributed and are in the 401(k) account. If you'd like to have Reliant notify Principal of your Termination sooner  - please contact Barb Seckler at 407-671-9700 ext 108.  

What Percent Vested will I be when I

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Exit?

When you exit employment with Reliant, your 401(k) will be 100% vested, which means you get to keep all of the money you invested, plus 100% of the employer match. 

Here are

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Options for you to consider:

Warning
titleParsonage Option for Withdrawals
  • If you want to take advantage of the option to withdraw retirement funds as Parsonage in the future - please read Withdrawal as Parsonage (Age 59 1/2 or Older )and follow the steps on that page to ensure you will be eligible for that benefit in the future. 

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