Retirement

Saving for the future when you’ve got other priorities now can be hard. We provide a Retirement Savings Plan through John Hancock to make it easier.

How does it work?

A Retirement Savings Plan allows you to save pre-tax dollars for your retirement. With a Retirement Savings Plan, you also have options for Roth savings. To find out more call 800.294.3575.

Feature Summary
Eligibility You must be 18 years of age and complete 6 months of service to be eligible. The plan excludes non-resident Aliens and citizens of Puerto Rico.
Entering the Plan Participants who are entering the plan for the first time are eligible to start contributing the first of the quarter following or coinciding with 6 months of service.
Contribute You choose how much you want to contribute to your Retirement Savings Plan.*
Grow You choose how to invest the dollars in your Retirement Savings Plan from a range of investments provided by John Hancock.
Tax advantages Your contributions are not taxed and your Retirement Savings Plan earnings are not taxed. All dollars in your Retirement Savings Plan grow tax-deferred until you make a withdrawal, when ordinary tax rates apply, but there is a penalty fee if you make a withdrawal before age 59½.
Changes to contribution/investments Changes are allowed at any time. Participants can start and stop their deferral, change the deferral amount, or change investment options at any time during the plan year.
Eligibility
Summary You must be 18 years of age and complete 6 months of service to be eligible. The plan excludes non-resident Aliens and citizens of Puerto Rico.
Entering the Plan
Summary Participants who are entering the plan for the first time are eligible to start contributing the first of the quarter following or coinciding with 6 months of service.
Contribute
Summary You choose how much you want to contribute to your Retirement Savings Plan.*
Grow
Summary You choose how to invest the dollars in your Retirement Savings Plan from a range of investments provided by John Hancock.
Tax advantages
Summary Your contributions are not taxed and your Retirement Savings Plan earnings are not taxed. All dollars in your Retirement Savings Plan grow tax-deferred until you make a withdrawal, when ordinary tax rates apply, but there is a penalty fee if you make a withdrawal before age 59½.
Changes to contribution/investments
Summary Changes are allowed at any time. Participants can start and stop their deferral, change the deferral amount, or change investment options at any time during the plan year.

* The contributions you pay into your Retirement Savings Plan cannot exceed the plan contributions limit (minimum 1% and maximum 100% of eligible compensation) or the annual IRS maximum: in 2021, the limit is $19,500. Catch-up contributions for people over 50 can also be made. The annual maximum is based on a calendar year. These numbers are subject to change annually.

For more information around how it works, you can watch the the John Hancock video.

I need assistance making decisions about my Retirement Savings Plan – who can I speak to?

John Hancock provides a range of tools and assistance to help you make decisions about how much to contribute, how to invest, and more. A guide to the Retirement Savings Plan, including the tools and assistance available, can be found in the downloads section.

How do I enroll into and manage my Retirement Savings Plan?

Visit myplan.johnhancock.com, download the ‘mylifenow’ app or call 800.294.3575.