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Money Purchase Frequently Asked Questions

 

How can I check my account balance?

Effective August 4, 2015 John Hancock Retirement Plan Services will be replacing Wells Fargo as the Money Purchase Plan's recordkeeper.

  • http://www.mylife.jhrps.com                                                                         

The link above will guide you to accessing your account through the John Hancock Retirement Plan Services.

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I need some of the money in my account - how do I withdraw it? 

A "withdrawal" from your money purchase account is a distribution.  Please review Initiating a Distribution to see if you meet one of conditions for making a distribution.  If you are eligible for a distribution, call the Pension Department at the Administrative Office and request a distribution form. 

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How often can I withdraw my voluntary contributions from my account?

You may withdraw all or part of your voluntary contributions twice each calendar year, as long as your distribution is $200 or more.  Please keep in mind that you cannot withdraw voluntary contributions only, a portion of the withdrawal will be associated earnings.  The earnings are subject to 20% federal income tax withholding and are also subject to a 10% penalty.

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How do I change my allocation between investment options?

Effective August 4, 2015 John Hancock Retirement Plan Services will be replacing Wells Fargo as the Money Purchase Plan's recordkeeper.

  • http://www.mylife.jhrps.com                                                                         

The link above will guide you to accessing your account through the John Hancock Retirement Plan Services.

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May I borrow or take a loan against my Money Purchase account?

No, the Plan does not permit loans; however, you may withdraw all or part of your account under certain circumstances.  Please review Initiating a Distribution to see if you meet one of conditions for making a distribution. 

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Must the Plan withhold taxes from my distribution?

For withdrawals of voluntary contributions, those earnings associated with the voluntary contributions, if any, must be a portion of the amount withdrawn. The associated earnings are considered taxable and are subject to 20% federal income tax withholding.

Please note that the taxable amount of any lump sum distribution may also be subject to an additional 10% income tax unless the distribution is for one of the following reasons:

  • Your death or disability
  • Your retirement on or after age 55
  • To pay for unreimbursed medical expenses which are deductible from gross income for federal income tax purposes 

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