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Summary of Plan Provisions

...

for Reliant 403(b)(9) Retirement Savings Plan

Entry Requirements
:

  • A minimum age is not required.

  • Service requirement is

1 year.Quarterly entry date

  • 90 days.

Pay/Compensation
:
Pay is total pay, including elective deferral contributions but excluding fringe benefits for the purpose of elective deferral contributions and matching contributions.
Elective Deferral Contributions
:

  • Plan members age 50 and older may defer catch-up contributions. Catch-up contributions are in excess of the deferral limit.

  • Plan members may defer after-tax Roth contributions.  Roth elective deferral contributions and pre-tax elective deferral contributions are both counted in the maximum deferral limit.

  • The automatic elective deferral contribution is $50.

Elective Deferral Contribution
Changes
:

  • Stop elective deferral contributions on any date

  • Change elective deferral contributions on any date

Matching Contributions
:
Safe Harbor - Qualified Matching Contributions - Match 100% up to 5% of pay.
Other Employer/Company
Contributions
:

You may make the following employer contributions:

  • Additional Contributions

Vesting
:

For Qualified Matching Contributions

  • 100% vested immediately

For All Other Employer Contributions

1 year, 30%; 2 years, 60%; 3 years or more, 100%

Plan Distributions
:

  • Retirement

  • Death

  • Termination of employment

Financial Hardship Withdrawals
:

  • All or part of vested account (not earnings on elective deferral contributions and not

qualifed

  • qualified matching contributions) for immediate and severe financial need

.Elective deferral contributions will be suspended for six months following the date of the withdrawal

  • .

In-Service Withdrawals
:
Loans
:

  • Maximum amount of any loan is the lesser of

: a)

    1. 50% of the Member's Vested Account, reduced by any outstanding loan balance

, or b) $50000

    2. $50,000, reduced by the highest outstanding loan balance during the one-year period ending on the day before the loan is made.

  • Minimum amount of any loan is $1000.

  • Maximum number of outstanding

loans is 1.Maximum number of

  • loans

approved in any 12-month period