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Before hitting the road, you're accustomed to taking these important steps:
Buckle up
Check your fuel tank (or battery charge)
Scan for warning lights and surrounding hazards
Set your destination
Your retirement planning works the same way.
This checklist will help you tune up your retirement “vehicle,” so you’re prepared for the road ahead.
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When buying insurance policies you often have choices between different types of coverage. Coverage typically starts with a basic plan and then you have options to upgrade your coverage to add additional features for an additional cost. We've tailored this "Mayhem" Protection Checklist" for your retirement planning based on this year's 403B month theme of insurance coverage packages. For every "coverage" package you review & complete below you can fill out the google form (link) and you will be entered in a drawing for various gift card prizes. The more types of coverages you complete below the more chances you have to win. |
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| title | Basic Coverage |
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Buckle Up (Safeguard your savings)
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Fuel Up (Make sure your retirement has the right fuel to get you to your destination).
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In both cases, the funds used for the employer contribution are raised as a part of the employee's goal. The employer contribution is 100% "vested" at the point the employee is eligible for ther 403(b) Plan. "Vested" means that those contributions are yours to keep even after you exit employment with Reliant.
Find the option below that best fits your role and review the steps we recommend to ensure you are getting the best benefit for your situation.
- Career employees are eligible for a 5% employer-match. If you are not contributing 5% of your eligible wages to 403(b) then you are missing out on the opportunity be matched 5% and increase your retirement savings. Review your budget and consider increasing your elected paycheck contribution, to ensure you're getting the maximum 5% match benefit. Note: the employer match is calculated and deducted from the MTD account automatically every month, if you are in this career employee category.
- Fixed term employees (please confirm this classification status with your program team): These employees have a special option to elect an employer contribution that is deducted monthly from the MTD account and deposited into the retirement account with Principal. There is no obligation for the employee to contribute from their paychecks to be eligible for this benefit, however we encourage employees to also consider contributing from their paychecks into 403(B) if they are able to do so. The employer contribution is determined by your program team leadership and will be incorporated into your fundraising goal. Note: The definition of this group of employees is slightly different from that of regular employment classifications with Reliant therefore please seek confirmation from your program team to know if you fall into this classification.
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Employer retirement plans offer some coverages that a personal IRA don't have - most importantly an Employer Contribution!
Understanding the employer contribution benefit available to you is crucial to be able to ensure you're getting the Standard benefits all Reliant employees have access to.
Employees of Reliant have two options for an employer contribution, based on their employee type and fundraising goal model.
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Premium coverage is for someone who is not only trying to protect themselves from major losses.
Premium coverage users value their investment, understand its worth, and are willing to "pay more now" to gain more benefit in the future.
When viewing your retirement plan from this perspective, you will want to think about best practices for saving, to ensure your nest egg is substantial enough for your expected future financial needs.
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When you look at your retirement plan through the lens of driving, it’s not just about having enough fuel in the tank to reach your destination. You also need to check for warning indicators:
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Platinum coverage is typically packed full of extra perks and benefits.
In the insurance world and in other areas such as customer loyalty programs, Platinum "status" tends to include people who are extremely committed to a product.
Platinum level users know the product inside and out. They believe in the product! They invest considerable time and resources to get the most benefit from the product.
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Every journey needs a destination—your retirement is no different.
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