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Anchorage, AK 99503

 
 Home  FAQs

Retirement Savings Plan Frequently Asked Questions

 

How can I check my account balance?

Please call 833-388-6466 or 833-38-UNION or click on the link below for more information.

The direct phone line is serviced by the dedicated Participant Service Representatives at John Hancock.

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

A "withdrawal" from your 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 After-tax contributions from my account?

You may withdraw all or part of your voluntary After-tax 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 Plan's recordkeeper.

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 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contributions, those earnings associated with the voluntary contributions, if any, must be a portion of the amount withdrawn.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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