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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:
|
Employer Match/Employer Contributions:
| Employer Match/Employer Contributions:
|
Roth Contributions:
| Roth Contributions:
|
Loans:
| Loans:
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Investments:
| Investments:
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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"?
- 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.
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?
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 of seminars and times that are available, listed below. Information on joining the webinar is linked in PDF and word doc format for you to save to your calendar.
Prize Info:
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