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What is a 401k?
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Reliant provides an employer sponsored contribution plan called a 401(k) plan. This plan is similar to an individual retirement account (IRA) except that only employers may establish a 401(k) plan for employees through their payroll.
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Contributions
Reliant offers matching your contributions up to 5% of your salary. “Ineligible” earnings such as your ministry expense bonus, taxable reimbursements, and wages earned prior to your 401(k) plan entry date are not eligible for the 5% employer match.
How will this effect my MTD Goal?
You will have to raise the extra money for the employer match, and it will increase your support goal.
Why would you want to participate and raise the extra funds?
The advantage of a 401(k) plan versus personal investing or saving, is the employer match does not get taxed (until you retire and withdraw it). So, the match enables you to save extra money (on top of any money you save through other methods) towards your retirement.
It’s like opting to receive a special bonus every month that goes directly into your retirement savings account and that the government doesn’t tax you on (until retirement). That’s smart!
Investment Options
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