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Skip Navigation LinksHome ยป Supplemental FAQ  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. How do I designate a beneficiary for the Supplemental Retirement Plan?
Answer 1: You should complete a Designation of Beneficiary Form as soon as you become a participant in the Supplemental Retirement Plan. Click here to download a form. IT IS YOUR RESPONSIBILITY TO KEEP YOUR DESIGNATION OF BENEFICIARY Form UP TO DATE. You may update your Beneficiary Form at any time. It is strongly recommended that you update your Designation of Beneficiary Form when you: marry, divorce, become widowed, have a child, or experience another major life event. Please note that your beneficiary designation does not become effective until the date that the Designation of Beneficiary Form is received by the Fund Office.

2. What happens to my Supplemental Retirement Plan Account Balance if I die without a Designation of Beneficiary card on file?

Answer 2:  Benefits (if any) are paid in the following order of preference:
(1)   your surviving spouse, or if none, then to
(2)   your surviving biological or legally adopted children (in equal shares), or if none, then to
(3)   your surviving parents (in equal shares), or if none, then to
(4)   your estate
 

3. When I retire and begin receiving my defined benefit pension from the Construction Pension Fund or the Millmen Pension Fund, or other similar industry defined benefit pension fund, am I required to withdraw my Supplemental Retirement Account Balance?

Answer 3:  Even if you are retired and receiving your defined benefit pension benefit, you are not required to begin payments from the Supplemental Retirement Plan until 60 days after the end of the year in which you reach age 70-1/2.

4. Can I withdraw my Supplemental Retirement Account Balance before I retire or terminate employment?

Answer 4:  Yes, in limited circumstances.
Click here for the Benefit Info - Withdrawals section. 
 

5. Do I have to pay an application fee to the Fund Office for any type of withdrawal from my Supplemental Retirement Plan Account?

Answer 5:  The Fund Office does not charge any type of a fee when you apply for or receive a Supplemental Retirement Plan distribution.

However, you should be aware that there may be tax consequences when you receive a distribution.

Click here to review the Special Tax Notice pertaining to distributions. 

6. How often can I take a Hardship Distribution from my Supplemental Retirement Plan Account?

Answer 6:  You may take a Hardship Distribution from the Plan twice within a rolling 12 month period. (Foreclosure and tuition hardships may be made more than twice in a rolling 12 months, provided certain conditions are met – contact the Retirement Benefits Department for additional information).

7. How often can I take an In-Service Distribution from my Supplemental Retirement Account?

Answer 7:  You may take an In-Service Distribution from the Plan once within a rolling 12 month period.

8. Are there limits on the amounts that can be withdrawn for a Hardship Distribution?

Answer 8:  You may withdraw only the amount necessary to satisfy the immediate hardship need. The minimum amount of a Hardship Distribution is $1,000 or your total Supplemental Retirement account balance, whichever is less.

9. If I withdraw my entire account balance, will my account be closed?

Answer 9:  Yes, your account will be closed. However, your account will automatically be re-opened when you return to work (or continue to work) for a contributing employer and again start to earn hours of service in the Supplemental Retirement Plan.

10. If I take a withdrawal, can I later repay the amounts that I received to the Supplemental Retirement Fund?

Answer 10:  No. There is not a repayment provision under the Plan.

11. How long does it take the Retirement Benefits Department to approve an application for a withdrawal from the Supplemental Retirement Plan?

Answer 11:  In general, it takes the Retirement Benefits Department 7-10 business days to process an application for distribution. After the application is approved by the Retirement Benefits Department, it is then sent to John Hancock for processing of your distribution. In general, it takes John Hancock an additional 2 business days to process and mail out the check to you.
Note that processing may take longer during periods when a high volume of applications for distribution are received by the Retirement Benefits Department.

12. How will I know if my application for a withdrawal from the Supplemental Retirement Plan is denied?

Answer 12:  If you application is denied, you will receive a denial letter which will explain the reason for the denial and inform you of your appeal rights.

13. When applying for a Hardship Distribution what type of documentation is required?

Answer 13:  Click here to view a listing of the supporting documentation required when applying for a hardship distribution. Please note that other current supporting documentation may be required in addition to the items listed below. Also, it is important to understand that, as it pertains to Hardship distribution documentation, the term current means that the supporting documentation was prepared within 30 days of the date of the Financial Hardship distribution application.
 

 

 

 

 

 
 

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