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An email regarding the switch was sent by the Fixed Term team (Reliant Mission <leanne.strickland@reliant.org> via mailchimpapp.net) on 1/8/2024 to all Fixed Term-ers and their supervisors.

As of February 2024 we are have moved from a 401k to a 403b9 retirement account structure. There are 2 big implications of this change that you should be aware of which invite immediate action from all Fixed Term Reliant employees:

1. Eligibility for this plan starts immediately. So, even if you have not been enrolled in 401k previously and/or have not been employed with Reliant for a year, you are eligible to enroll and contribute effective immediately to the new 403b9 retirement account.
2. With the move to 403b9, we are no longer matching our Fixed Term employee's contribution. Instead, the employer contribution amount may be elected by you, independent of your decision to (or not to) contribute the employee contribution portion from your paycheck. If you enroll, Reliant will contribute, from the account you are responsible for, an employer contribution amount (amount elected by you) equaling up to 7% of your monthly gross salary to your 403b9 Retirement fund each month. 

So, what do you need to know?

• If you were enrolled in Reliant 401k...
  • ...and you don't wish to make any changes, you don't need to do anything. Your monthly withholdings from your paycheck will continue now as 403b9, and Reliant will continue to contribute the monthly amount we have been each month.
  • ...and want to change your personal employee withholdings from your paycheck, visit the principal website and make the changes desired. 
  • ...and want to change the amount that Reliant is contributing each month from the account you are responsible for, complete this form to calculate your max employer contribution and let us know what you'd like that monthly amount to be. 
• If you are not currently enrolled and wish to enroll in 403b9, to begin contributions now, you must complete the following:
  • Complete this form to calculate your max employer contribution, and let us know what you'd like that monthly amount to be.
  • If you'd like to contribute to your 403b9 out of your paycheck for the employee contribution, please visit the principal website and create an account. Instructions for this can be found on this Solomon page.
  • We will edit your goal to reflect any changes you have made to the employer contribution. Please be aware, the line in the goal will continue to read "401k" for this current term. 
• If you are not currently enrolled in Reliant's retirement plan and do not wish to enroll, you do not need to do anything. 
  • However, please review your goal and ensure that it does not have any 401k employer match listed. If it does, please email us so we can update your goal.
  • If you decide to enroll at a later date, please email us, and we'll let you know how to do that. 

To fill out the form, you’ll need to be logged into your Reliant email account. Enrollment in 403b9 is available and ongoing. You'll need to sign up by the 15^th of a month for contributions to take effect the following month. 

As always, if you have any questions or need information on your financial situation, please reach out, and we'll get you to someone who can help.

Leanne Strickland
Program Liaison