Reliant offers matching contributions up to 5% of employee eligible earnings. “Ineligible” earnings such as a ministry expense bonus, taxable reimbursements, and wages earned prior to the 403(b)(9) plan entry date are not eligible for the 5% employer match.

Do I get to take the match with me if I leave employment with Reliant?
Yes, participants in the 403(b)(9) Plan are immediately 100% "vested," which means the employer match contributions are fully transferable (into another retirement account with your new employer or an IRA), should you exit employment with Reliant.

How will my 403(b)(9) contributions effect my paycheck and my support goal?
Employer match contributions are charged directly to the MTD account that you are responsible for with Reliant. You will have to raise the extra money for the employer match, and it will increase your support goal. Employee contributions come out of your paycheck each month.

How do I update my 403(b)(9) match in my support goal on Toolbox?

When updating your support goal on Toolbox, enter the amount you would like to contribute from your paycheck into the goal on Toolbox in the "How much are you contributing to Retirement?" section. The goal will automatically match the amount entered up to 5% of your accepted salary as an employer match amount. So at most, the match will be 5%, but it can be less, depending on what amount you add in the goal for your contribution amount. You can always choose to withhold more than 5% from your paycheck, but we will only match up to 5% out of the account for which you are responsible. This matching amount will be added to your support goal. The employee contribution is not included in the support goal amount, it is deducted from the paycheck. Changing the 403(b)(9) amount increases/decreases the support goal so that the account for which you are responsible will be ready to match the amount.

Reminder: Changing the contribution amount on the support goal does not actually change how much Reliant withholds from your paycheck. Since the 403(b)(9) is managed by Principal, go to the Principal site to update any changes to your 403(b)(9) contributions. Principal then sends a report each month to Reliant to note any changes for your next paycheck.  Remember that Reliant auto-enrolls you at $50 a month to start, after which you can make changes to that amount. (See Changes to Contributions).  

What is the advantage of a 403(b)(9) vs. personal saving in an IRA?
The advantage of a 403(b)(9) plan versus personal investing or saving

A 401(k) plan is a retirement saving plan offered by employers for their employees. Many 401(k) plans have a matching incentive where an employer will match funds that their employees contribute to the 401(k) plan. The matching incentive is designed to motivate employees to contribute funds to the retirement savings plan.

Reliant provides an employer sponsored contribution plan called a 401(k) plan. This plan is similar to an individual retirement account (IRA) except that only employers may establish a 401(k) plan for employees through their payroll.

Reliant's 401(k) Plan offers two types of savings opportunities for our employees - a traditional 401(k) and a Roth 401(k). The Traditional 401(k) Plan allows employees to save money for retirement while deferring federal, state, and in some cases local taxes on the amount invested. The Roth 401(k) Plan does not offer tax savings at the point contributions are made to the retirement plan, but, the employee's Roth contributions as well as the interest and dividends earned while invested in the plan are not subject to federal and/or state income taxation at the point of withdrawal (at retirement - age 59½ or above).

If withdrawals are made to either of these 401(k) Plan Retirement accounts prior to age 59½ the employee may incur tax penalties. Employees who have worked for Reliant at least 1 year may be eligible to begin participating in the 401(k) plan (previous internships and employment with Reliant may apply toward eligibility). Upon becoming eligible to participate, employees will receive an enrollment packet from the Reliant Finance Department. For questions or additional information about Reliant's 401(k) Plan please contact the Finance Department.

Contributions

Reliant offers matching your contributions up to 5% of your salary. “Ineligible” earnings such as your ministry expense bonus, taxable reimbursements, and wages earned prior to your 401(k) plan entry date are not eligible for the 5% employer match.

How will this effect my MTD Goal?

You will have to raise the extra money for the employer match, and it will increase your support goal. 

Why would you want to participate and raise the extra funds?

The advantage of a 401(k) plan versus personal investing or saving, is the employer match does not get taxed (until you retire and withdraw it). So, the match enables you to save extra money (on top of any money you save through other methods) towards your retirement.

It’s like opting to receive a special bonus every month that goes directly into your retirement savings account and that the government doesn’t tax you on (until retirement). That’s smart!

Investment Options

The 401(k) Plan has over 20 different investment options for you to choose how your money is invested. You can also select a Principal Trust Target Date Fund that will select the investments for you, and will invest your money in investment options that have appropriate risk and diversity based on your expected retirement date.

Plus, 403(b)(9) Plans can often negotiate lower fees for the investments offered in their plans vs. the employees buying the same investments personally in their IRAs.  403(b)(9) Plans have the buying power of a larger group, so they're able to negotiate lower fees for the investments because they're buying in "bulk." It's kind of like shopping at a "big box" store.