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Our BIG announcement for this year's 401(k) Month is we're going to be transferring Reliant's 401(k) plan into a special church (or organization with a 501c3 church status) retirement plan within Principal called a 403(b)(9) plan starting on 1/1/2024. This change is probably the most significant change we've made to our Reliant Retirement Plan since we added a Roth contribution.
Throughout September, which we're re-naming "403(b)(9) Month", we're going to outline and explain this new retirement plan's benefits and features one piece at a time.
In the spirit of this year's Lego construction theme, we understand this news may feel like we just dumped a bag of Legos on a table and told you this is your new retirement plan. You likely have a lot of questions starting primarily with "How does this affect my retirement savings options?" We want to assure you your retirement savings will continue to be in good hands!
The 403(b)(9) plan will be extremely similar to our current 401(k) plan, with a few added perks. See the table below for a side-by-side comparison of key features of our new 403(b)(9) plan vs. the existing 401(k) Plan.
The 403(b)(9) is especially designed for church-based 501(c)(3) non-profit groups and churches. It allows Reliant greater flexibility to customize our retirement plan based on the types of employees we have working for Reliant and their retirement planning needs.
Please follow along with us this month as we "construct" this new plan and highlight its features. We will also offer some fun prizes along the way!
This year we're using a martial arts theme, asking people to progress from various belt levels of activities to get to a black belt status in financial planning. To simplify how many staged this will be we have 6 levels:
- White belt
- Yellow belt
- Orange belt
- Green belt
- Blue belt
- Brown belt
- Black belt
Drawing & Prize Info
Fill out this Google Form saying which belt(s) you've completed for this activity and and we'll enter you in the drawing for Crubl cookies - either delivered to you or a a gift card (alternatiove prizes are available based on location and/or allergy restrictions). For every belt you pass you will earn more entries in our drawing.
Blue Belt
Gaining Wisdom and Understanding
The Blue belt symbolizes the karate student is growing a deeper understanding of karate and is beginning to display leadership qualities.
Our challenge for this level is to look through the resources available at Principal.com under Planning Resources. If you haven't already done so, fill out the Retirement Wellness Planner and see how you score. If you land in the red or yellow zones, try tweaking the numbersd within calculator tool to see how your score would change if you increased your 401(k) contributions - even better, make a change and increase your contribution when prompted!
Finished? Congrats, you're a blue belt!
Brown Belt
Maturity
The brown color in karate belts represents the student's skills are mature and close to being mastered.
It's time to make sure you are preparing well for not only your future but the future of your loved ones and dependants. Take some time to review you beneficary on file at Principal.com under Overview>Beneficiary. Make sure it's up to date.
Need a Will or other legal forms for your Estate planning? Visit the Principal Milestones page under the Planning Resources and select > Will and legal document center powered by ARAG®
Finished? Congrats, you're a brown belt!
Black BeltMaster Status
The black belt shows that the person wearing it has mastered all the skills and poses a great ability to enlighten others with his/her knowledge.
Did you learn anything from this 401(k) Month? If so - share what you learned!
A great way to help others in their journey of saving for retirement is to share the lessons you're learning, ask them to hold you accountable in your next steps, and ask how you can help them with their goals!
Finished? Congrats, you're a black belt!
a Lego Christmas ornament book and our $100 Amazon Gift Card grand prize. Prizes will be coordinated with the employee based on their specific location/delivery preferences.
403(b)(9) vs 401(k) Side-by-Side Comparison of key features
Reliant's NEW 403(b)(9) Plan features: | Reliant's existing 401(k) Plan features: |
---|---|
Eligibility:
| Eligibility:
|
Auto-Enrollment:
| Auto-Enrollment:
|
Employer Match/Employer Contributions:
| Employer Match/Employer Contributions:
|
Roth Contributions:
| Roth Contributions:
|
Loans:
| Loans:
|
Investments:
| Investments:
|
Vesting:
| Vesting:
|
Rollovers:
| Rollovers:
|
Withdrawals
| Withdrawals
|
Drawing & Prize Info
Reliant will send out Crubl cookie packages or gift cards (valued at approximately $30) to 4 lucky winners (details will be coordinated with Reliant Central directly with the winner). To enter complete this Google Form saying which belt(s) you've completed for this activity and we'll enter you in the drawing for Crubl cookies
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