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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!
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Now is a great time to do a check-up on how you're doing with intentional planning and saving for retirement. What are you waiting for? Use this Intentional Living model and get signed up for some great prizes while you're moving towards the "tomorrow" of your dreams! The list below are things you can do to start the process and begin earning points towards our prize drawings. Completing each thing enters you into a drawing to win various prizes. This contest closes 7/28/21 11:59 PM Eastern time. Winners will be announced via email on July 30th!
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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.Drawing & Prize Info
Fill out the this Google Form saying you've completed this activity and 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.
*Download the Intentional Living Model PDF visual chart.
Ask yourself this question as you work through the different components of the VS4 model below:
As we live intentionally, for the kingdom, and for the gospel, how can intentional living lead to intentional planning and saving for retirement?
Vision
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.
Structure
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.
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:
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Employer Match/Employer Contributions:
| Employer Match/Employer Contributions:
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Roth Contributions:
| Roth Contributions:
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Loans:
| Loans:
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Investments:
| Investments:
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Vesting:
| Vesting:
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Rollovers:
| Rollovers:
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Withdrawals
| Withdrawals
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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
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?
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.
Drawing & 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.
Here are the webinars and times. Information on joining the webinar can be found in the included PDF and Word docs for you to save to your calendar.
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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 |
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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 |
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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 |
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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 |
title | Money 101: Where do I start? - Friday, July 23 at 11:00 AM ET |
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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