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Once Principal Financial Group has been notified of your exiting employment with Reliant, you will generally have a 60-day window to select what you would like Principal to do with your 401(k403(b)(9) balance. The Principal Client Contact Center 1-800-547-7754 can advise you of your options. They are available Monday-Friday from 7 A.M. Eastern time to 9 P.M. Eastern time. You have three 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 two things:
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When is Principal Notified of Terminations?
Because many missionaries employees want to contribute to 401(k403(b)(9) up through their last paycheck , Reliant (which is typically received a month or two (depending on backpay) after their actual termination date), Reliant generally notifies Principal of your exit after your final paycheck has been processed and any contributions from that paycheck have been submitted to Principal. 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 401(k403(b)(9) funds begins from the date that we notify Principal of your termination. This process of waiting to notify Principal 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 60-day period after all funds that will be contributed and are in the 401(k403(b)(9) account. If you'd like to have Reliant have Reliant notify Principal of your termination sooneryour termination as soon as your termination date arrives (which would mean you want to stop contributing to 403B prior to your final paycheck), please contact benefits@reliantpayroll@reliant.org. However, please note that Principal can not be notified of the termination prior to the Reliant termination date. We are not able to enter any date on the Principal 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 Exit?
When you exit employment with Reliant, your 401(k403(b)(9) 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)(9) Balance Options for you to Consider:
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- 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(k403(b)(9)
- 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 account, you still have that option. Call the Principal Client Contact Center at 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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