403(b) General Overview

This entity offers a 403(b) retirement plan option. We will match funds (up to a certain percentage) that employees contribute to the 403(b) plan. The matching incentive is designed to motivate employees to contribute funds to the retirement savings plan. Employees are 100% vested from the point they start contributing to the 403(b) Plan.  

Our 403(b)) Plan offers two types of savings opportunities for our employees: Traditional vs. Roth Contributions. We will auto-enroll employees in the traditional contribution. Employees may opt to change to the Roth or give additional contributions to Roth as well as Traditional. 

Employees who have worked at least 90 days are eligible to begin participating in the plan. Upon becoming eligible to participate, employees will be auto-enrolled in the 403(b) plan at a $50 employee contribution amount (see Enrollment & Eligibility). Upon reaching eligibility, you will receive an email stating the eligibility date has arrived and that the employee has been auto-enrolled on the Principal site. Employees will then need to register on the Principal site in order to access their Principal account. If an employee wishes to make any changes to the contribution amount or type of contribution, the changes will need to be done through their online account with Principal after Reliant has informed them that their eligibility date has arrived. 

To change a contribution see Principal Changes to Contributions. Contribution changes must be submitted to Principal by the 19th to then be effective on the following month's paycheck. Principal informs us of any changes to your payroll deductions.

We also offer an employer match of $1 for every $1 employees contribute to the 403(b) plan, up to a maximum of 5% of their eligible earnings. Upon reaching participant eligibility, we automatically will contribute a $50 employer match from the fund for which employee(s) are responsible into the retirement account. (See Employer Matching Contributions - Class 1, Career Employees for more details.) The match is paid directly from the fund the employee is responsible for and it does affect the employee's support goal. Employees will want to submit a new support goal to reflect any changes to their contributions made on the Principal site. 

Withdrawals can made from the 403(b) Plan Retirement account. (See Withdrawal (Age 59 1/2 or Higher). Withdrawals made prior to age 59½ may incur tax penalties. 

Employees are also eligible to receive a 403(b) loan. (See Loan Guidelines)

For questions or additional information about our 403(b)retirement plan, please contact your liaison or the payroll team.