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What to Know. Our 401(k) default investment is changing it's name to the Principal LifeTime Hybrid Funds, effective January 1, 2017. Also effective January 1, 2017, all 401(k) participants that were auto-enrolled at $50 a month and who have not made any changes to their auto-enrollment will see their monthly 401(k) contribution increased by $10. This $10 increase will occur every January and will remain in effect until either 1) the employee logs on to principal.com and makes a change to their 401(k) election in some way or 2) the maximum step-up amount of $150 is reached. For additional details, read the full text below... |
Once a year the IRS requires that we remind our staff of all the great features provided to you in Reliant's 401(k) plan. Every year we provide you with the Safe Harbor Employee Notice. This notice highlights the benefits and details of Reliant’s 401(k) Plan. In 2017 we will have 2 important changes to our
The 401(k) Retirement Plan .
section of Solomon contains links to resources and helpful articles to help you prepare for retirement. However, if you would prefer to receive a paper copy of our Summary Plan Description - please email us as benefits@reliant.org and we can mail you a copy at any time.
The Reliant 401(k)
Investment Committee encourages allInvestment Committee encourages all 401(k)
participants to log-participants to log in to
theirtheir Principal
retirementretirement savings accounts and make changes based on their preferences and retirement goals
at a minimum onon an annual basis
. However, we recognize that some employees prefer the auto-enrollment and default investment options administered by Reliant. To ensure these auto-enrolled 401(k) participants are actively saving for retirement and keeping their saving up with inflation,
Reliant has instituted this $10 annual increase. 401(k) participants always have the option to login to Principal.com to change their elections at any time.at a minimum.
Resources
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In many cases the $10 annual auto-increase is less than an employees' eligible 5% employer match. Additionally, employees that choose to maintain the auto-enrollment without increasing their contribution are cautioned that this level of saving is likely insufficient for an employee's retirement needs. To learn more about how you can increase your 401(k) contribution and take full advantage of the 5% employer match benefit see Employer Matching Contributions. The Principal website also has many tools (such as the Retirement Wellness Planner which can be found under the "Retirement Planning" subsection) for determining how much an employee should be saving to stay on track with their retirement needs and goals. |
As always, the Reliant Finance dept is available year-round to assist you with any 401(k) questions - email us at 401k@reliant.org or call 407-671-9700 ext 130
Resources
- Annual Safe Harbor Notice to Employees
- Reliant QDIA IOS (for funds formerly known as Principal Trust Target Funds. The Default Investment's name changed to Principal LifeTime Hybrid funds effective 1/1/2017)
- Important Participant Notice Regarding Qualified Default Investment Alternative and Automatic Contribution Arrangement
- Default Investment Name Change.pdf