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Page History
| Standard Name: | Retirement |
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| Scope: | All Staff |
| Revision Date: | June 1, 2016 |
| Last Review Date: | June 7, 2023 |
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General policy: Reliant provides an employer sponsored contribution plan called a 401(k) plan. This plan is similar to an individual retirement account (IRA) except that only employers may establish a 401(k) plan for employees through their payroll. Reliant's 401(k) Plan offers two types of savings opportunities for our employees - a traditional 401(k) and a Roth 401(k). The Traditional 401(k) Plan allows employees to save money for retirement while deferring federal, state, and in some cases local taxes on the amount invested. The Roth 401(k) Plan does not offer tax savings at the point contributions are made to the retirement plan, but, the employee's Roth contributions as well as the interest and dividends earned while invested in the plan are not subject to federal and/or state income taxation at the point of withdrawal (at retirement - age 59½ or above). If withdrawals are made to either of these 401(k) Plan Retirement accounts prior to age 59½ the employee may incur tax penalties. Employees must have worked for Reliant 1 year to be eligible to participate in the 401(k) plan. Upon becoming eligible to participate, employees will be auto enrolled in the plan and will receive notification and enrollment materials from the Reliant Finance Department.
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| For questions or additional information about Reliant's 401(k) |
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| plan, please see our Retirement section. |
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