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Before hitting the road, you're accustomed to taking these important steps:
Buckle up
Check your fuel tank (or battery charge)
Scan for warning lights and surrounding hazards
Set your destination
Your retirement planning works the same way.
This checklist will help you tune up your retirement “vehicle,” so you’re prepared for the road ahead.
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When buying insurance policies you often have choices between different types of coverage. Coverage typically starts with a basic plan and then you have options to upgrade your coverage to add additional features for an additional cost. We've tailored a checklist for your Retirement Plan this year using this theme of insurance coverage packages. For every "coverage" package you review & you complete, please fill out the google form and you will be entered in a drawing for gift card drawings. |
(Didn't get a chance to fill out our survey yet - it's still open. Heres' the link: https://a.co/d/dPxD54k)
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Buckle Up (Safeguard your savings)
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Fuel Up (Make sure your retirement has the right fuel to get you to your destination).
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Employees of Reliant have two options for an employer contribution, based on their employee type and fundraising goal model.
In both cases, the funds used for the employer contribution are raised as a part of the employee's goal.
Find the option below that best fits your role and review the steps we recommend to ensure you're getting the best benefit for your situation.
- Career employees are eligible for a 5% employer-match. If you are not contributing 5% of your eligible wages to 403(b) then you are missing out on the opportunity be matched 5% and increase your retirement savings. Review your budget and consider increasing your personal contribution if this applies to you, to ensure you're getting the maximum 5% match benefit.
- Fixed term employees - This class of employees have a special
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When you look at your retirement plan through the lens of driving, it’s not just about having enough fuel in the tank to reach your destination. You also need to check for warning indicators:
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Every journey needs a destination—your retirement is no different.
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One "pro" of a 403(b) plan is that it isn't subject to some compliance rules that 401(k) plans have. What this "pro" means for Reliant is that we can customize our plan for different program teams based on the unique needs of those groups of employees. For example, we're varying eligibility rules and the employer contribution for Fixed Term employees in residency programs vs our more traditional "career" employees. This flexibility will allow those different types of employes to have a retirement plan that is customized for them, rather than being forced into a "one size fits all" plan like our previous 401(k), due to the compliance rules associated with it. Another "pro" is the built-in parsonage withdrawal option (mentioned in Answer 3 above). One "con" of a 403(b) is certain types of investments are restricted from being offered within a 403(b). We researched our current investment options with our retirment plan broker, Michael Clark, and he felt confidant the offerings we currently have and any future investment options that we'd want will still be available under the 403(b)(9). Another con is sometimes 403(b) plans have higher fees but, we have been assured our fees with Principal won't be affected by this change. |
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| title | Will anything change for part-time employees' eligibility? |
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