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Annuity Plan2019-03-04T08:29:05-05:00

Annuity Plan

Frequently Asked Questions

Prior to retirement, you may request an elective distribution if you have terminated your employment and no Annuity contributions have been made on your behalf for six consecutive months (three consecutive months effective February 1, 2010 through December 31, 2014).

If you elect a Partial Distribution and you do not return to employment, you may receive a subsequent distribution at any age.

Please be advised that if you subsequently return to employment for which an employer is obligated to make contributions to the Plan on your behalf, then you will not be eligible to elect to receive a subsequent distribution prior to attaining age 60.

You need to contact the ECI Plan Office for Election Forms.

You may change your investment options by accessing the John Hancock Retirement Plan Services website or by calling John Hancock Retirement Plan Services at 1-800-294-3575.

Statements are sent quarterly by John Hancock Retirement Plan Services or you can obtain online at www.mylife.jhrps.comValuations change daily.

No. The Annuity Plan does not have a loan provision.

No. The Annuity Plan does not have a hardship provision.

Yes, the Spousal Consent to Waive Benefits needs to be completed and your spouse’s signature needs to be notarized or witnessed by a Plan Representative unless you are electing a Joint and Survivor Annuity.

There is an automatic 20% federal withholding. Additional tax information is included with the distribution forms.

It is recommended that you apply 3 months in advance. Please be advised that your first check will be processed upon receipt of your final contribution.

A Qualified Domestic Relations Order should be submitted to the Plan office for review. Once determination is made that it meets the Plan’s requirements, a separate account is set up for the alternate payee. The alternate payee would contact the Plan office for distribution forms.

Yes, by making 401k contributions. You may obtain the form from your employer. Increments of 1% to a maximum of 20% may be withheld. Participants at least 50 years of age during the current calendar year may withhold up to 30%. Tax laws limit pre-tax savings to a maximum dollar amount.

The law currently requires payers of pensions, annuities and other tax deferred income to withhold federal income tax on all payments.

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