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Why the change?
We are so thankful for the overwhleming response to last week's survey. Our employees are either 1) really excited about this change or 2) really excited about a chance to win the Lego Christmas ornament book and $100 Amazon gift card. Whatever the motivation was, we received a lot of good feedback! We're going to take the next few weeks to help unpack some FAQs about this change in more detail.
The most frequent response we received from our survey was that employees were tuned in and listening and either excited or curious to know more. The top 5 questions we received are listed below with answers. We're also going to host a Zoom webinar on the evning evening of September 20th at 7:00PM that will be co-hosted by Reliant's retirement plan broker, Michael Clark and Reliant's Director of Finance teams, Barb Seckler. Michael is alicensed a licensed financial advisor that helps us manage our retrirement plan. He's been serving Reliant for close to 15 years and has been an important counselor to us as we've carefully researched this decision to transfer to the 403(b)(9) plan. Save the date on your calendar and join us (we'll send a Zoom link in next week's email) for a great evening of information and all attendees will receive an additional entry into our prize drawings.
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One "pro" of a 403(b) plan is that it isn't subject to some compliance rules that 401(k) plans have. What this "pro" means for Reliant is that we can customize our plan for different program teams based on the unique needs of those groups of employees. For example, we're varying eligibility rules and the employer contribution for Fixed Term employees in residency programs vs our more traditional "career" employees. This flexibility will allow those different types of employes to have a retirement plan that is customized for them, rather than being forced into a "one size fits all" plan like our previous 401(k), due to the complinace compliance rules associated with it. Another "pro" is the built-in parsonage withdrawal option (mentioned in Answer 3 above). One "con" of a 403(b) that might apply is certain types of investments are restricted from being offered within a 403(b)(9). We researched our current investment options with orur our retirment plan broker, Michael Clark, and he felt confidant the offerings we currently have and any future investment options that we'd want will still be available under the 403(b)(9). Another con is sometimes 403(b) plans have higher fees but, we have been assured our fees with Principal won't be affected by this change. |
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