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Once Principal Financial Group GuideStone has been notified of your exiting employment with Reliant, you will generally have a a 60-day window to select what you would like Principal to do with your 401403(kb) balance. The Principal Client Contact Center 1-800-547-7754 GuideStone Customer Solutions Center (888-984-8433) 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:
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three options: See details below. |
When is GuideStone Notified of Terminations?
Because many missionaries employees want to contribute to 401403(kb) up through their last paycheck , Reliant generally notifies Principal (which is typically received a month or two (depending on backpay) after their actual termination date), Reliant generally notifies GuideStone of your exit after your final paycheck has been processed and any contributions from that paycheck have been submitted to PrincipalGuideStone. This This generally happens within 5-10 business days after the final pay datepaycheck. The 60-day window to decide what to do with your 401403(kb) funds begins from that the date that we notify Principal GuideStone of your Terminationtermination. This process of waiting to notify Principal GuideStone is designed to help prevent employees from having to take action to rollover to rollover funds multiple times, as we're waiting to start that the 60 day period days after all funds that will be contributed and are in the 401403(kb) account. If you'd like to have Reliant have Reliant notify Principal of your Termination sooner - please contact Barb Seckler at 407-671-9700 ext 108. GuideStone of your termination as soon as your termination date arrives (which would mean you want to stop contributing to 403B before your final paycheck), please contact payroll@reliant.org. However, please note that GuideStone can not be notified of the termination prior to the Reliant termination date. We are not able to enter any date on the GuideStone site other than the actual Reliant termination date, and we are not able to enter it as a future date.
What Percent Vested will I be when I
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Exit?
When you exit employment with Reliant, your 401403(kb) will be 100% vested, which means you get to keep all of the money you invested, plus 100% of the employer match.
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403(b) Balance Options for you to Consider:
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- A Direct Rollover into another Retirement Account has no tax consequences.
- Rollovers can be processed online through the "Distributions" tab of your account or by calling Principal's Client Contact Center 1-800-547-7754. Principal can mail rollover forms to you (email or fax may also be an option)GuideStone Customer Solutions Center (888-984-8433).
- All your money stays in one place, so it's easier to track as well as to know how much you have set aside for retirement.
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Keep funds invested with
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GuideStone (
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balance restrictions apply)
- No tax consequences (the money stays in an approved retirement vehicle, so you won't incur early withdrawal penalties or be issued a 1099)Options to add money (up to annual IRA limits)
- Continued service from Principal Financial Groupinvestment services from GuideStone
- Some fees may apply
Cash Out
- You will pay a tax penalty for early withdrawal if you are not at least age 59 1/2
- Retirement savings for the future are forfeited when you cash out the 401(k)
- If Principal cuts you a check to cash out because the account balance was below the $5,000 limit - you do NOT have to cash the check. If you want to roll the funds into another retirement acount you still have that option. Call the Principal Client Contact Center 1-800-547-7754 . You can destroy the check and they can process a rollover for you. But, act fast! You don't want the end of the year to hit and for your taxes to get complicated.
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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 can also review the "Distributions" tab of your online account at Principal.com. The Distributions tab will be available as soon as Reliant notifies Principal of your termination. |
- Certain balance restrictions apply (please contact GuideStone to determine if this option applies to your account - GuideStone Customer Solutions Center 888-984-8433)
GuideStone will roll smaller 403(b) balances into IRAs with their partner, Inspira
- https://inspirafinancial.com/
- See the schedule of fees associated with these accounts:
- annual maintenance fees ranging from $20-$35
- account starting/closing fees $25
- annual paper statemet fee $10
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The GuideStone Customer Solutions Center (888-984-8433) can advise you of your options. |
