Find Answers to Frequently Asked Questions about Defined Contribution
What is the Annuity Plan?
The Annuity Plan is a Defined Contribution Pension Plan with benefits paid in by your employer and invested with John Hancock.
How can I change my address?
Please contact the Trust Office for a change of address form by calling 503-657-9740 or 866-697-5750.
How can I change how my account is invested?
Contact John Hancock at 800-294-3575 or go online to,www.mylife.jhrps.com to update your account.
When are my Annuity contributions vested?
You are vested for all contributions made on your behalf to the Annuity Plan in which you complete 200 or more hours of service, and for any hours of service for the year in which you retire, become disabled, or die.
Does the Annuity Plan have loan provisions?
No, there are no loan provisions.
Does the Annuity have hardship provisions?
No, there are no hardship provisions.
I contacted John Hancock to withdraw my funds and they said they need a Termination Date. How do I get that?
You cannot supply them with this information. All retirements and terminations must go through the Trust Office. Please contact the Trust office for more information regarding your eligibility to withdraw funds.
When can I retire?
You are eligible to retire when you reach age 65 and have worked fewer than 40 hours during the month before your retirement. You can retire as early as age 52. To retire early you must completely withdraw from Operating Engineers work and/or work that would be covered by the Local 701 Operating Engineers plan and/or from employment with an employer that used to contribute on your behalf to the plan.
When I retire, how is my Annuity paid?
At retirement, you will have several options as to how your money will be paid. In general, if you are married your benefit will automatically be paid as a 50% Spouse Option unless you elect otherwise. If you are not married, your benefit will automatically be paid as a Life Annuity unless you elect otherwise.You may withdraw the money in a lump sum, purchase an annuity, take payments (monthly, quarterly, semiannually or annually) over a 10-15 year period, take a partial payment, or roll the money into an IRA. Because of tax consequences, it is recommended that you consult your financial advisor or tax person before selecting your Annuity distribution method.
Does the Annuity Plan allow for distributions other than at retirement?
Yes under these conditions:
If, regardless of your age, you earn less than 200 hours of service in each of 3 consecutive calendar years;
- You are not working in the Operating Engineer industry or in a position that would be covered by the Local 701 Operating Engineers;
- You are no longer working for the company you were employed with while you were covered under the Local 701 Operating Engineers even if the company is no longer contributing to the plan.
If I die before my Annuity is paid who will receive my death benefits?
If you are married your spouse is your beneficiary. If you are not married you may contact the Trust Office to receive a Beneficiary Election form and you may elect whomever you wish as the beneficiary. If you fail to designate a beneficiary, or if your designated beneficiary dies before you do, the Plan provides that your beneficiary will automatically be your surviving spouse, or, if none, your children or, if none to your surviving parents or if none your siblings or if none to your estate.
Why does my account show an $11 administration fee?
Beginning in January of 2015, the Board of Trustees voted to have members with current balances in the Defined Contribution to begin being charged eleven dollars every quarter to cover the costs that are associated with administering the plan.