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Once GuideStone has been notified of your exiting employment with Reliant, you will generally have a 60-day window to select what you would like to do with your 403(b) balance. The GuideStone Client Contact Center 1-800-547-7754 Customer Solutions Center (888-984-8433) 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 GuideStone, Cash it out. If you do not make a selection in that 60-day window, GuideStone will automatically roll your 403(b) account into an IRA account with GuideStoneSee details below. |
When is GuideStone Notified of Terminations?
Because many employees want to contribute to 403(b) up through their last paycheck (which is typically received a month or two (depending on backpay) after their actual termination date), Reliant generally notifies GuideStone of your exit after your final paycheck has been processed and any contributions from that paycheck have been submitted to GuideStone. This generally happens within 5-10 business days after the final paycheck. The 60-day window to decide what to do with your 403(b) funds begins from the date that we notify GuideStone of your termination. This process of waiting to notify GuideStone is designed to help prevent employees from having to take action to rollover funds multiple times, as we're waiting to start that the 60 -day period days after all funds that will be contributed and are in the 403(b) account. If you'd like to have Reliant notify GuideStone of your termination as soon as your termination date arrives (which would mean you want to stop contributing to 403B prior to before your final paycheck), please contact payroll@reliant.org. However, please note that GuideStone can not be notified of the termination prior to the Reliant termination date. We are not able to enter any date on the GuideStone site other than the actual Reliant termination date, and we are not able to enter it as a future date.
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- No tax consequences (the money stays in an approved retirement vehicle, so you won't incur early withdrawal penalties or be issued a 1099)
- Continued investment services from GuideStone
- Some fees may apply
- Certain balance restrictions apply (please contact GuideStone to determine if this option applies to your account - GuideStone Customer Solutions Center 888-984-8433)
GuideStone will roll smaller 403(b) balances into IRAs with their partner, Inspira
- https://inspirafinancial.com/
- See the schedule of fees associated with these accounts:
- annual maintenance fees ranging from $20-$35
- account starting/closing fees $25
- annual paper statemet fee $10
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