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Summary of Plan Provisions

...

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.

In-Service Withdrawals
Loans

  • Maximum amount of any loan is the lesser of

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

    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.

  • 2020 Federal Actions