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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!

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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! 

Drawing & Prize Info

Fill out this Google Form and we'll enter you in the drawing for 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:

  • NEW/CHANGE: Reliant employees will be eligible for the 403(b)(9) plan after 3 months of employment

Eligibility:

  • Reliant employees are currently eligible for the 401(k) plan after 1 year of employment 


Auto-Enrollment:

  • NEW/CHANGE: Reliant will be classifying groups of employees differently for purposes of auto-enrollment.
    • Certain employee groups (the Fixed Term Program Team and potentially some other groups) will no longer be auto-enrolled at $50 a month. These employees will still be eligible to contribute to the 403(b)(9) plan at their own discretion.
    • Most other employees will continue to be auto-enrolled at $50 a month when they become eligible for the 403(b)(9) plan. Employees that are auto-enrolled will still be notified and given instructions for how to edit/change/increase their retirement contribution amount anytime on https://www.principal.com/. 

Auto-Enrollment:

  • All Reliant employees were previously auto-enrolled at $50 a month (prior to 9/1/23 when auto-enrollment was paused pending our transfer to the 403(b)(9) plan). Eligible employees can change their contribution amount anytime on https://www.principal.com/). 

Employer Match/Employer Contributions:

  •  NEW/CHANGE: Reliant will be classifying groups of employees differently for purposes of the employer contribution (paid from the MTD account).
    • Certain employee groups (the Fixed term program team and potentially some other groups) will no longer be matched 5% in employer contributions from the MTD account. They will be eligible for a different type of employer contribution that will be determined by their support goal and employment parameters. (More information to come on this contribution). 
    • Most other employees will continue to receive an automatic employer match for their contributions. This match will still be paid out of the MTD account, up to a maximum of 5% of the employee's eligible wages. (Good news...shortcheck will no longer affect their match amount).
    • Reliant will also have the ability to creatively allow additional employer contributions to be made into employee 403(b)(9) accounts, at the discretion of Reliant's management team. This is a new feature and is something Reliant will continue to explore. No immediate plans are in place for utilizing this feature but we are excited to have this feature in our new plan!


Employer Match/Employer Contributions:

  • All Reliant employees currently receive an automatic employer match for their payroll contributions. The match is paid from the MTD account, up to a maximum of 5% of their eligible wages (shortcheck currently affects the match amount)

Roth Contributions:

  • No change. The 403(b)(9) Plan allows employees to make ROTH contributions from their paychecks into the plan just like the 401(k) plan allowed. (Note: Reliant's employer contributions will remain pre-tax.) 
  • For additonal info on Roth see Traditional vs. Roth Contributions.

Roth Contributions:

  • The 401(k) Plan allows employees to make ROTH contributions from their paychecks into the plan. (Note: Reliant's employer contributions are pre-tax contributions.)
  • For additonal info on Roth see Traditional vs. Roth Contributions.

Loans:

  • No change. The 403(b)(9) Plan will allow loans based on the same guidelines: Loans

Loans:

  • Employees are currently eligible for loans based on the following guidelines: Loans

Investments:

  • No change. Reliant will continue to offer the same funds and investment options that we currently offer with Principal Financial Group. 
  • See Investment Optionsfor more information.

Investments:

  • Reliant currently offers a variety of investment options that employees can elect themselves or they can choose the "autopilot" option of a Principal Lifetime fund that is managed by Principal with a diversified mix of investments that tailors risk and investment choices based on the employees retirement age. See Investment Options for more information.

Vesting:

  • No change. Reliant will continue to offer the same 100% vesting of employer contributions to employees upon eligibility into the 403(b)(9) plan.
  • See Vesting Schedule for more information.

Vesting:

  • All Reliant employees are 100% vested from the point they start contributing to the 401(k) Plan. See Vesting Schedule for more information.

Rollovers: 

  • No change. 
  • Upon becoming eligible for the 403(b)(9) Plan, employees will be eligible to roll-in funds from other retirement plans (as long as their old plan rules allow for the rollover). See Rollover Funds to Reliant's 403(b)(9) Plan from a Previous Retirement Plan for more information.
  • Upon exiting employment with Reliant, an employee will be eligible to roll over the funds from their 403(b)(9) plan into an IRA, into another retirement plan (as long as the new plan rules allow for the rollover), cash out their 403(b)(9) plan (certain penalties and taxes may apply for this option), or keep the funds in the 403(b)(9) plan with Principal Financial Group.

Rollovers: 

Withdrawals 

  • No change. 
  • Reliant will still offer regular withdrawals at age 59 1/2 or higher - See Withdrawal (Age 59 1/2 or Higher)
  • Reliant will still offer parsonage withdrawals for commissioned/ordained ministers at age 59 1/2 or higher - See Withdrawal as Parsonage (Age 59 1/2 or Older ) for more information.
  • Note NEW IMPROVEMENT*Parsonage withdrawals will become easier for Reliant and our minister employees due to the 403(b)(9) plan's specific setup that's designed with churches in mind. Under the 403(b)(9) plan, parsonage withdrawals are "built-in" as basic functionality within the plan, vs. the additional steps Reliant currently has had to go through to incorporate this feature into our existing 401(k) plan. 

Withdrawals 

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Mid-year (July) is a great time to do a check-up on how you're doing with saving for retirement. What are you doing well? What adjustments can you make? Use this Retirement Checklist and get signed up for some great prizes while boosting your retirement account! What are you waiting for? Jump in to begin earning points for our drawings.

  • Log in to your Account on Principal.com
  • Work through the Retirement Checklist below
  • Use this Google Form to track and submit what you've completed. You must be logged into your Reliant.org email address to submit this form.

This contest closes 7/30/20 11:59 PM Eastern time. Winners will be announced on Staffnet and email on July 31st!

Check In

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Complete all four steps for one entry in the drawing to win a box of energy bars shipped to your door. (Two lucky winners will be selected.)

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Is your address up to date? 

Select the My Profile button from the top corner of your screen to view and change your address.

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Is your beneficiary information up to date? Have you recently got married or had a baby? 

On the Overview Tab, under Beneficiary, review who you have listed as your beneficiary. Make changes as needed.

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Review your contribution dollar amount. 

On the Contributions tab, under Manage Contributions, If you're able, consider updating/increasing your contribution rate.

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Review your balance.

On the main Overview page of your 401(k) account.

Note: The rate of return will show a loss for the year 2020, due to market fluctuations. We'll talk about how to view that balance and loss in light of the market's past performance in the next step. 

Stay on the Path 

use image from main page 401(k) Month - July 2020

Complete the four steps below for one entry in the drawing to win a S'well Stainless Steel Water Bottle (or equivalent alternative of your choice) to be shipped to your door. (Two lucky winners will be selected.)

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How close are your monthly contributions to Reliant's 5% match? 

Reliant will match dollar-for-dollar up to 5% of your monthly salary (including parsonage). Here is a quick example: John Smith has an annual salary of $45,000 as a campus minister. He makes $3,750 per month, so his 5% match each month would be $187.50. Calculate your 5% match and compare that 5% amount to what you're contributing to 401(k). If you're contributing under 5%, consider increasing your contribution to maximize your match.

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How on track are you for retirement? 

On the Planning Resources tab, under Retirement Wellness Planner enter your current information to calculate your Retirement Wellness Score. If this score is in the Red or Yellow, take a little time to prayerfully and thoughtfully consider what steps you may be able to take over the next few months/years to increase that score. Principal's Retirement Wellness Planner is a great resource to assist you in this planning. 

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Have more than one retirement account or IRA? 

Check out how to rollover funds into your Principal account on the Rollovers tab.

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Pick one (or more) of the Topics below to read about or watch a short video by our 401(K) broker Michael Clark.  

Learn from the best - ask a Professional "Guide"

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Review the steps below for one entry in the drawing to win the grand prize America the Beautiful National Parks and Federal Recreational Lands Pass (1 Domestic Reliant employee winner will be selected.)

*International Missionaries - In lieu of the America the Beautiful National Parks and Federal Recreational Lands Pass Reliant will provide an alternate Grand Prize winner and will reimburse one lucky International missionary up to $50 towards the purchase of an annual/seasonal/or other frequency pass to a national park (or equivalent outdoors area) in your country of service, for you to enjoy.

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Need some information on retirement and financial planning for the future? 

Check out one of the informational articles under the Planning Resources - Education Hub section.

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Need someone to talk things through? 

Consider setting up a 20-minute Zoom call with Michael Clark, our Retirement Plan Advisor with Keiron. Email Michael's assistant Katrina.hopkins@raymondjames.com to set-up a time. Consultations are free and included with our 401(k) plan - read here for more information of what to expect.

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