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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.

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Contributions

Reliant offers matching your contributions up to 5% of your salary!

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. “Ineligible” earnings such as your ministry expense bonus, taxable reimbursements, and wages earned prior to your 401 (k) plan entry date are not eligible for the 5% employer match.

How will this effect my MTD Goal?

You will have to raise the extra $ money for the employer match, and it will increase your support goal. 

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The advantage of a 401(k) plan vs. versus personal investing /or saving, is the employer match does not get taxed (until you retire and withdraw it). So, the match enables you to save extra money (on top of any money you save through other methods) towards your retirement.

It’s like opting to receive a special bonus every month that goes directly into your retirement savings account and that the government doesn’t tax you on (until retirement). That’s smart!

Investment Options

The 401(k) Plan has over 20 different investment options for you to choose how your money is invested.You  You can also select a Principal Lifetime Fund that will select the investments for you, and will invest your $ money in investment options that have appropriate risk and diversity based on your expected retirement date.

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