Annuity Plan

Important Update Regarding Deadline to Take Actions Related to Your Plan Benefits

Some deadlines related to your Plan benefits may be affected by new guidance from the Department of Labor.  Beginning on March 1, 2020, you became eligible for up to a one year extension for the following deadlines:

  • Period to file an appeal of a claim denial.

Until recently, it was not clear that this extension period would be limited to a maximum of one year.  Therefore, if you were previously told that a deadline would be delayed during the “outbreak period” of COVID-19 it is important to understand your extension is limited to one year from when the extension applicable to you started.  Additionally, consistent with guidance from the Department of Labor, once the COVID-19 national emergency is declared over, your extension will end 60 days later regardless of if it has not been one year since you first became eligible for the extension.

For example:

If you were eligible to take one of the above actions on March 1, 2020, the deadlines noted above were extended until February 28, 2021.  The deadlines are now running again and you now have a limited number of days to take action.

If you became eligible to take one of the above actions on January 1, 2021, the deadlines noted above are extended until the earlier of (1) the end of the COVID-19 national emergency plus 60 days or (2) December 31, 2021.

We will post additional information when the national emergency is declared over.  Please regularly check back here for additional information.  If you have any questions regarding these extensions and how they apply to your situation, please contact the Plan Office.

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 www.mylife.jhrps.com 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.

Contact the ECI Plan office the month you are going to retire.

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. Effective March 1, 2020, you have the option of deferring up to a maximum of 75% from your paycheck. Tax laws limit pre-tax savings to a maximum dollar amount which is subject to change annually.

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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