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401(k) General Overview

A 401(k) plan is a retirement saving plan offered by employers for their employees. Many 401(k) plans have a matching incentive where an employer will match funds that their employees contribute to the 401(k) plan. The matching incentive is designed to motivate employees to contribute funds to the retirement savings plan.

Reliant provides a 401(k) plan that is managed by Principal Financial Group. 

Reliant's 401(k) Plan offers two types of savings opportunities for our employees: Traditional 401(k) and Roth 401(k).

Employees who have worked for Reliant at least 1 year are eligible to begin participating in the 401(k) plan. Upon becoming eligible to participate, employees will be auto-enrolled in the 401(k) plan at a $50 contribution amount (see Enrollment & Eligibility).

Withdrawals made from the 401(k) Plan Retirement account prior to age 59½ may incur tax penalties. Reliant offers an employer match of $1 for every $1 employees contribute to the 401(k) plan, up to a maximum of 5% of their eligible earnings. The match is paid directly from the MTD account the employee is responsible for with Reliant. See Employer Matching Contributions for more details.   

To change your Contribution see Changes to Contributions. Contribution changes must be submitted to Principal by the 19th to be effective on the following month's paycheck.  

For questions or additional information about Reliant's 401(k) Plan please contact the Employment Services Department at benefits@reliant.org. 

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