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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any, must be a portion of the amount withdrawn.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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