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Summary of Plan Provisions

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for Reliant 403(b)(9) Retirement Savings Plan

Entry Requirements

  • A minimum age is not required.

  • Service requirement is

1 year.Quarterly entry date

  • 90 days.

Pay/CompensationPay is total pay, including elective deferral contributions but excluding fringe benefits for the purpose of elective deferral contributions and matching contributions.
Elective Deferral Contributions

  • Plan members age 50 and older may defer catch-up contributions. Catch-up contributions are in excess of the deferral limit.

  • Plan members may defer after-tax Roth contributions.  Roth elective deferral contributions and pre-tax elective deferral contributions are both counted in the maximum deferral limit.

  • The automatic elective deferral contribution is $50.

Elective Deferral Contribution
Changes

  • Stop elective deferral contributions on any date

  • Change elective deferral contributions on any date

Matching ContributionsSafe Harbor - Qualified Matching Contributions - Match 100% up to 5% of pay.
Other Employer/Company
Contributions

You may make the following employer contributions:

  • Additional Contributions

Vesting

For Qualified Matching Contributions

  • 100% vested immediately

Plan Distributions

  • Retirement

  • Death

  • Termination of employment

Financial Hardship Withdrawals

  • All or part of vested account (not earnings on elective deferral contributions and not qualified matching contributions) for immediate and severe financial need

.Elective deferral contributions will be suspended for six months following the date of the withdrawal

  • .

In-Service Withdrawals
Loans

  • Maximum amount of any loan is the lesser of

: a)

    1. 50% of the Member's Vested Account, reduced by any outstanding loan balance

, or b) $50000

    2. $50,000, reduced by the highest outstanding loan balance during the one-year period ending on the day before the loan is made.

  • Minimum amount of any loan is $1000.

  • Maximum number of outstanding loans is 1.

  • Maximum term of any loan is 5 years.

 

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