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Summary of Plan Provisions

...

for Reliant 403(b)(9) Retirement Savings Plan

Entry Requirements

  • A minimum age is not required.

  • Service requirement is

1 year

  • 90 days.

  • Quarterly entry date

    • Pay/CompensationPay is total pay, including elective deferral contributions but excluding fringe benefits for the purpose of elective deferral contributions and matching contributions.
    Elective Deferral Contributions

    • Plan members age 50 and older may defer catch-up contributions. Catch-up contributions are in excess of the deferral limit.

    • Plan members may defer after-tax Roth contributions.  Roth elective deferral contributions and pre-tax elective deferral contributions are both counted in the maximum deferral limit.

    • The automatic elective deferral contribution is $50.

    Elective Deferral Contribution
    Changes

    • Stop elective deferral contributions on any date

    • Change elective deferral contributions on any date

    Matching ContributionsSafe Harbor - Qualified Matching Contributions - Match 100% up to 5% of pay.
    Other Employer/Company
    Contributions

    You may make the following employer contributions:

    • Additional Contributions

    Vesting

    For Qualified Matching Contributions

    • 100% vested immediately

    Plan Distributions

    • Retirement

    • Death

    • Termination of employment

    Financial Hardship Withdrawals

    • All or part of vested account (not earnings on elective deferral contributions and not qualified matching contributions) for immediate and severe financial need.

  • Elective deferral contributions will be suspended for six months following the date of the withdrawal.

    • In-Service Withdrawals
    Loans

    • Maximum amount of any loan is the lesser of

    : a)

      1. 50% of the Member's Vested Account, reduced by any

    outstanding loan balance, or b) $50000, reduced by the highest

      1. outstanding loan balance

    during the
    one-year period ending on the day before the loan is made.

  • Minimum amount of any loan is $1000.

  • Maximum number of outstanding loans is 1.

  • Maximum term of any loan is 5 years.

    • Entry Requirements:

    • A minimum age is not required.

    • Service requirement is 1 year.

    • Quarterly entry date

    Pay/Compensation:

    Pay is total pay, including elective deferral contributions but excluding fringe benefits for the purpose of elective deferral contributions and matching contributions.

  • Plan members may defer after-tax Roth contributions.  Roth elective deferral contributions and pre-tax elective deferral contributions are both counted in the maximum deferral limit.

    • The automatic elective deferral contribution is

    Elective Deferral Contributions:

  • Plan members age 50 and older may defer catch-up contributions. Catch-up contributions are in excess of the deferral limit.

      1. $50

    .

    Elective Deferral Contribution Changes:

    • Stop elective deferral contributions on any date

    • Change elective deferral contributions on any date

    Matching Contributions:

    • Safe Harbor - Qualified Matching Contributions - Match 100% up to 5% of pay.

    Other Employer/Company Contributions:

    You may make the following employer contributions:

    • Additional Contributions

    Vesting:

    For Qualified Matching Contributions

    • 100% vested immediately

    Plan Distributions:

    • Retirement

    • Death

    • Termination of employment

    Financial Hardship Withdrawals:

    • All or part of vested account (not earnings on elective deferral contributions and not qualifed matching contributions) for immediate and severe financial need.

    • Elective deferral contributions will be suspended for six months following the date of the withdrawal.

    In-Service Withdrawals:

    • Age 59 1/2 Withdrawal

    • 5 yr Active Member Withdrawal

    Loans:

    Maximum amount of any loan is the lesser of: a) 50% of the Member's Vested Account, reduced by any outstanding loan balance, or b) $50000,

      1. ,000, reduced by the highest outstanding loan balance during the one-year period ending on the day before the loan is made.

    • Minimum amount of any loan is $1000.

    • Maximum number of outstanding loans is 1.

    • Maximum term of any loan is 5 years.

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