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Our BIG announcement for this year's 401(k) Month is we're going to be transferring Reliant's 401(k) plan into a special church (or organization with a 501c3 church status) retirement plan within Principal called a 403(b)(9) plan starting on 1/1/2024. This change is probably the most significant change we've made to our Reliant Retirement Plan since we added a Roth contribution.
Throughout September, which we're re-naming "403(b)(9) Month", we're going to outline and explain this new retirement plan's benefits and features one piece at a time.
In the spirit of this year's Lego construction theme, we understand this news may feel like we just dumped a bag of Legos on a table and told you this is your new retirement plan. You likely have a lot of questions starting primarily with "How does this affect my retirement savings options?" We want to assure you your retirement savings will continue to be in good hands!
The 403(b)(9) plan will be extremely similar to our current 401(k) plan, with a few added perks. See the table below for a side-by-side comparison of key features of our new 403(b)(9) plan vs. the existing 401(k) Plan.
The 403(b)(9) is especially designed for church-based 501(c)(3) non-profit groups and churches. It allows Reliant greater flexibility to customize our retirement plan based on the types of employees we have working for Reliant and their retirement planning needs.
Please follow along with us this month as we "construct" this new plan and highlight its features. We will also offer some fun prizes along the way!
Drawing & Prize Info
Fill out this Google Form and we'll enter you in the drawing for a Lego Christmas ornament book and our $100 Amazon Gift Card grand prize. Prizes will be coordinated with the employee based on their specific location/delivery preferences.
403(b)(9) vs 401(k) Side-by-Side Comparison of key features
Reliant's NEW 403(b)(9) Plan features: | Reliant's existing 401(k) Plan features: |
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Eligibility:
| Eligibility:
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Auto-Enrollment:
| Auto-Enrollment:
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Employer Match/Employer Contributions:
| Employer Match/Employer Contributions:
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Roth Contributions:
| Roth Contributions:
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Loans:
| Loans:
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Investments:
| Investments:
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Vesting:
| Vesting:
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Rollovers:
| Rollovers:
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Withdrawals
| Withdrawals
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Mid-year (July) is a great time to do a check-up on how you're doing with saving for retirement. What are you doing well? What adjustments can you make? Use this Retirement Checklist and get signed up for some great prizes while boosting your retirement account! What are you waiting for? Jump in to begin earning points towards our drawings.
This contest closes 7/30/20 11:59 PM Eastern time. Winners will be announced via email and Staffnet on July 31st! |
Check In
Complete all four steps for one entry in the drawing to win a box of energy bars shipped to your door. (Two lucky winners will be selected.)
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Is your address up to date? Select the My Profile button from the top corner of your screen to view and change your address. |
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Is your beneficiary information up to date? Have you recently gotten married or had a baby? On the Overview Tab, under Beneficiary, review who you have listed as your beneficiary. Make changes as needed. |
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Review your contribution dollar amount. On the Contributions tab, under Manage Contributions, if you're able, consider updating/increasing your contribution rate. |
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Review your balance. On the main Overview page of your 401(k) account. Note: The rate of return will show a loss for the year 2020, due to market fluctuations. We'll talk about how to view that balance and loss in light of the market's past performance in the next step. |
Stay on the Path
Complete the four steps below for one entry in the drawing to win a S'well Stainless Steel Water Bottle (or equivalent alternative of your choice) to be shipped to your door. (Two lucky winners will be selected.)
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How close are your monthly contributions to Reliant's 5% match? Reliant will match dollar-for-dollar up to 5% of your monthly salary (including parsonage). Here is a quick example: John Smith has an annual salary of $45,000 as a campus minister. He makes $3,750 per month, so his 5% match each month would be $187.50. Calculate your 5% match and compare that 5% amount to what you're contributing to 401(k). If you're contributing under 5%, consider increasing your contribution to maximize your match. |
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How on track are you for retirement? On the Planning Resources tab, under Retirement Wellness Planner enter your current information to calculate your Retirement Wellness Score. If this score is in the Red or Yellow, take a little time to prayerfully and thoughtfully consider what steps you may be able to take over the next few months/years to increase that score. Principal's Retirement Wellness Planner is a great resource to assist you in this planning. |
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Have more than one retirement account or IRA? Check out how to rollover funds into your Principal account on the Rollovers tab. |
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Pick one (or more) of the Topics below to read about or watch a short video by our 401(K) broker Michael Clark.
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Learn from the best - ask a Professional "Guide"
Review the steps below for one entry in the drawing to win the grand prize America the Beautiful National Parks and Federal Recreational Lands Pass (1 Domestic Reliant employee winner will be selected.)
*International Missionaries - In lieu of the America the Beautiful National Parks and Federal Recreational Lands Pass Reliant will provide an alternate Grand Prize and will reimburse one lucky International missionary up to $50 towards the purchase of an annual/seasonal/or other frequency pass to a national park (or equivalent outdoors area) in your country of service, for you to enjoy.
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Need some information on retirement and financial planning for the future? Check out one of the informational articles under the Planning Resources - Education Hub section. |
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Need someone to talk things through? Consider setting up a 20-minute Zoom call with Michael Clark, our Retirement Plan Advisor with Keiron. Email Michael's assistant Katrina.hopkins@raymondjames.com to set-up a time. Consultations are free and included with our 401(k) plan - watch this short video for more information of what to expect. |
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