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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:
|
Auto-Enrollment:
| Auto-Enrollment:
|
Employer Match/Employer Contributions:
| Employer Match/Employer Contributions:
|
Roth Contributions:
| Roth Contributions:
|
Loans:
| Loans:
|
Investments:
| Investments:
|
Vesting:
| Vesting:
|
Rollovers:
| Rollovers:
|
Withdrawals
| Withdrawals
|
Tip | ||
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| ||
Now is a great time to do a check-up on how you're doing with intentional planning for and saving for retirement. What are you doing well? What adjustments can you make? Use this Intentional Living model and get signed up for some great prizes while you're moving towards the "tomorrow" of your dreams! Want some tips from the pros - go the extra mile and listen to a principal webinar. What are you waiting for? Here's how you can start the process and begin earning points towards our prize drawings.
This contest closes 7/28/21 11:59 PM Eastern time. Winners will be announced via email on July 30th! |
Intentional Living
Take 15-20 minutes (or more if you feel inspired) to think through the VS4 model (Vision, Strategy, Structure, Systems, Support).
Write down some ideas in each section of ways you can intentionally move from your "Today" side of the model to your desired "Tomorrow" in each of the areas of the model.
Fill out the Google Form saying you've completed this activity and we'll enter you in the drawing to have your next International Living "tune-up" time reimbursed on Reliant - send us your coffee or lunch bill and we'll reimburse it, up to $20.
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Vision
As we live intentionally, for the kingdom, and for the gospel, how can international living lead to intentional planning and saving for retirement?
Paint a Picture of who you want to be.
Use words, images, or even pull out a canvas and use some real paint!
This step is all about having a dream for what you want retirement to look like and visualizing what that future looks like.
Strategy
As we live intentionally, for the kingdom, and for the gospel, how can international living lead to intentional planning and saving for retirement?
Create a plan that is aimed at your desired "Tomorrow"
Jot down some steps or actions you'll need to take.
What resources are you lacking to reach your "Tomorrow"?