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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!

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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:

Eligibility:

  • NEW/CHANGE: Reliant employees will be eligible for the 403(b)(9) plan after 3 months of employment

Eligibility:

  • Reliant employees are currently eligible for the 401(k) plan after 1 year of employment 


Auto-Enrollment:

  • NEW/CHANGE: Reliant will be classifying groups of employees differently for purposes of auto-enrollment.
    • Certain employee groups (the Fixed Term Program Team and potentially some other groups) will no longer be auto-enrolled at $50 a month. These employees will still be eligible to contribute to the 403(b)(9) plan at their own discretion.
    • Most other employees will continue to be auto-enrolled at $50 a month when they become eligible for the 403(b)(9) plan. Employees that are auto-enrolled will still be notified and given instructions for how to edit/change/increase their retirement contribution amount anytime on https://www.principal.com/. 

Auto-Enrollment:

  • All Reliant employees were previously auto-enrolled at $50 a month (prior to 9/1/23 when auto-enrollment was paused pending our transfer to the 403(b)(9) plan). Eligible employees can change their contribution amount anytime on https://www.principal.com/). 

Employer Match/Employer Contributions:

  •  NEW/CHANGE: Reliant will be classifying groups of employees differently for purposes of the employer contribution (paid from the MTD account).
    • Certain employee groups (the Fixed term program team and potentially some other groups) will no longer be matched 5% in employer contributions from the MTD account. They will be eligible for a different type of employer contribution that will be determined by their support goal and employment parameters. (More information to come on this contribution). 
    • Most other employees will continue to receive an automatic employer match for their contributions. This match will still be paid out of the MTD account, up to a maximum of 5% of the employee's eligible wages. (Good news...shortcheck will no longer affect their match amount).
    • Reliant will also have the ability to creatively allow additional employer contributions to be made into employee 403(b)(9) accounts, at the discretion of Reliant's management team. This is a new feature and is something Reliant will continue to explore. No immediate plans are in place for utilizing this feature but we are excited to have this feature in our new plan!


Employer Match/Employer Contributions:

  • All Reliant employees currently receive an automatic employer match for their payroll contributions. The match is paid from the MTD account, up to a maximum of 5% of their eligible wages (shortcheck currently affects the match amount)

Roth Contributions:

  • No change. The 403(b)(9) Plan allows employees to make ROTH contributions from their paychecks into the plan just like the 401(k) plan allowed. (Note: Reliant's employer contributions will remain pre-tax.) 
  • For additonal info on Roth see Traditional vs. Roth Contributions.

Roth Contributions:

  • The 401(k) Plan allows employees to make ROTH contributions from their paychecks into the plan. (Note: Reliant's employer contributions are pre-tax contributions.)
  • For additonal info on Roth see Traditional vs. Roth Contributions.

Loans:

  • No change. The 403(b)(9) Plan will allow loans based on the same guidelines: Loans

Loans:

  • Employees are currently eligible for loans based on the following guidelines: Loans

Investments:

  • No change. Reliant will continue to offer the same funds and investment options that we currently offer with Principal Financial Group. 
  • See Investment Optionsfor more information.

Investments:

  • Reliant currently offers a variety of investment options that employees can elect themselves or they can choose the "autopilot" option of a Principal Lifetime fund that is managed by Principal with a diversified mix of investments that tailors risk and investment choices based on the employees retirement age. See Investment Options for more information.

Vesting:

  • No change. Reliant will continue to offer the same 100% vesting of employer contributions to employees upon eligibility into the 403(b)(9) plan.
  • See Vesting Schedule for more information.

Vesting:

  • All Reliant employees are 100% vested from the point they start contributing to the 401(k) Plan. See Vesting Schedule for more information.

Rollovers: 

  • No change. 
  • Upon becoming eligible for the 403(b)(9) Plan, employees will be eligible to roll-in funds from other retirement plans (as long as their old plan rules allow for the rollover). See Rollover Funds to Reliant's 403(b)(9) Plan from a Previous Retirement Plan for more information.
  • Upon exiting employment with Reliant, an employee will be eligible to roll over the funds from their 403(b)(9) plan into an IRA, into another retirement plan (as long as the new plan rules allow for the rollover), cash out their 403(b)(9) plan (certain penalties and taxes may apply for this option), or keep the funds in the 403(b)(9) plan with Principal Financial Group.

Rollovers: 

Withdrawals 

  • No change. 
  • Reliant will still offer regular withdrawals at age 59 1/2 or higher - See Withdrawal (Age 59 1/2 or Higher)
  • Reliant will still offer parsonage withdrawals for commissioned/ordained ministers at age 59 1/2 or higher - See Withdrawal as Parsonage (Age 59 1/2 or Older ) for more information.
  • Note NEW IMPROVEMENT*Parsonage withdrawals will become easier for Reliant and our minister employees due to the 403(b)(9) plan's specific setup that's designed with churches in mind. Under the 403(b)(9) plan, parsonage withdrawals are "built-in" as basic functionality within the plan, vs. the additional steps Reliant currently has had to go through to incorporate this feature into our existing 401(k) plan. 

Withdrawals 

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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.

  • Work through the Intentional Living (VS4) model below 
  • Use this Google Form to track and submit what you've completed - you must be logged into your Reliant.org email address to submit this form

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.

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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"?

  • Think through ways you can obtain those resources.
  • Do you need more education, more time, more ways to save money?

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Structure

As we live intentionally, for the kingdom, and for the gospel, how can international living lead to intentional planning and saving for retirement?

Make time to execute your plan.

Look at your calendar and think through - Is a monthly check-up helpful to stay on track? Or quarterly?

Schedule another 15-30 minute time to look back at this diagram and update it within the next 1-3 months.

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Systems

As we live intentionally, for the kingdom, and for the gospel, how can international living lead to intentional planning and saving for retirement?

Take small steps each day so it becomes a habit.

 What steps do you need to take to create/sharpen your financial saving habits?

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Support

As we live intentionally, for the kingdom, and for the gospel, how can international living lead to intentional planning and saving for retirement?

Take time to evaluate how your plan is going (prior to this exercise).

What key indicators would indicate to you that your are being successful in your planning and saving?

Review those key indicators. 

As you circle back on this model in future check-up times, continue evaluate how your plan is going.

What tweaks are needed to be successful? 

Download the Intentional Living (VS4) Model here:

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Principal Webinars

As an additional resource to educate yourself and plan for retirement, we have coordinated with Principal Financial group to offer a series of short webinars based on various stages of life and saving. 

Please see the list below of seminars and times that are available. 

Reliant will be tracking attendance at these seminars and one lucky participant will receive a gift basket (ok, really it will probably come in a brown box) valued at $50 from one of their favorite food establishments (details will be coordinated with Reliant Central directly with the winner). We encourage all Reliant employees to find a webinar that interest them and spend a little time investing in themselves by enhancing their Retirement Planning knowledge through these webinars.   

Connect to Principal Resources

Wednesday, July 14 3:00 PM ET

Webinar description: Your retirement. Our support. Retirement looks a little different for everyone. That is why we have so many resources for you. Get Started, Navigate, Seek Help, and Learn

WebEx Invite - Reliant Mission - Connect to Principal - 7.14.21.pdf

WebEx Invite - Reliant Mission - Connect to Principal - 7.14.21.docx

Hello Retirement

Thursday, July 15 3:00 PM ET

Webinar description: Provides additional detail on possible retirement needs, Social Security and retirement income for individuals within five years of retirement.

WebEx Invite - Reliant Mission - Hello Retirement - 7.15.21.pdf

WebEx Invite - Reliant Mission - Hello Retirement - 7.15.21.docx

Taking a Financial Selfie

Friday, July 16 2:00 PM ET

Webinar description: 10 ways to help you reach your financial goals. Discusses in retirement planning, maximizing employee benefits, managing spending.

WebEx Invite - Reliant Mission - Taking a Financial Selfie - 7.16.21.pdf

WebEx Invite - Reliant Mission - Taking a Financial Selfie - 7.16.21.docx

Social Security and Medicare

Wednesday, July 21 1:00 PM ET

Webinar description: Helps participants get the most out of their Social Security and Medicare benefits by learning the basics.

WebEx Invite - Reliant Mission - Social Security and Medicare - 7.21.21.pdf

WebEx Invite - Reliant Mission - Social Security and Medicare - 7.21.21.docx

Money 101: Where do I start?

Friday, July 23 11:00 AM ET 

Webinar description: Participants just starting out in their career or working to better understand their finances setting up for success to protect themselves and focusing on their long-term goals. 

WebEx Invite - Reliant Mission - Money 101 - 7.23.21.pdf

WebEx Invite - Reliant Mission - Money 101 - 7.23.21.pdf