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Once GuideStone receives a fully executed loan application application from an employee, the funds will be electronically transferred to the employee's bank account. Please note: this process may take in excess of 10 business days before the deposit is received by the employee. Reliant has no ability to rush this process for an employee. Loans are managed by GuideStone and subject to their processing timelines. |
403(b
Reliant allows 401(K) Plan participants to request 401(K) Loans and Hardship Withdrawals. See the Summary of Plan Provisions for more details on the loan process.
Loans
401(K) loans are a way to borrow money from your 401403(kb) retirement account. Reliant will deduct loan payments from your paychecks to "repay" the loan amount to your 401(K), along with interest and applicable fees for the loan.
To request a Loan log on to your account at principal MyGuideStone. com - Select Loans and Withdrawals - Request a Loan. Loans can be paid out in the form of a check or a direct deposit.
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If you want to request a 401(k) loan to be paid to you via direct deposit, please allow a minimum of 3-5 business days for processing. Also, you cannot make changes to your Personal profile within 30 days or requesting a loan to be paid out via direct deposit. If you change ANY personal information such as your password, email, etc,. you will not be able to receive a loan via direct deposit. You will have to wait for a check to be mailed out. |
Hardship Withdrawals
401(k) Hardship Withdrawals can only be requested under specific financial hardship situations. A Hardship Withdrawal is considered taxable income and will be reported to the IRS. You will not be able to put the money back in the account once you withdraw it. Principal will deduct additional tax penalties from the withdrawal amount for penalties that you will owe to the IRS for withdrawing the funds before retirement age.
To request a Hardship Withdrawal log on to your account at principal.com - Select Loans and Withdrawals - Request a Withdrawal. Withdrawals can be paid out in the form of a check or a direct deposit. Please allow a minimum of 5-10 business days for processing, as this type of withdrawal is more complicated and involves additional layer of approval.
>Loan.
Loans and loan repayment plans are managed directly between GuideStone and the employee.
Reliant does not offer payroll deduction options for loan payments.
Loan Guidelines:
Maximum amount of any loan is the lesser of: a) 50% of the Member's Vested Account, reduced by any outstanding loan balance, or b) $50000, 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 3.
Maximum term of any loan is 5 years.
- Loans will be paid out via direct deposit
See the Summary of Plan Provisions for more details.
Confidential Consultation
If you have questions about a Loan, please contact Barb Seckler, at 407-270-1318 or barb.seckler@reliant.org for If you have questions about a hardship withdrawal please contact Barb Seckler, Finance Manager at 407-671-9700 ext 108 for a confidential discussion of your options.
