Once the transition is complete, you should:
Register and Secure Your Account
The week of September 30, 2024, you will have access to your account with the CMRCC Fund. To register and access your new account, visit myplan.johnhancock.com or scan the QR code to download the John Hancock retirement app from your mobile device store and choose "Register Now." You will need to add your personal email address and your mobile phone number for an added level of security.
Review Your Investments
Once your account balance is received, it will temporarily be invested into the JP Morgan Government Money Market Fund. Following reconciliation of plan data, your account balance will automatically be transferred into the default investment fund based on your date of birth. These investment portfolios are intended to satisfy the requirements of a “qualified default investment alternative” (“QDIA”) under the Employee Retirement Income Security Act of 1974 (“ERISA”).
If your date of birth is not on file, your contributions will be invested into the Moderately Conservative Fund. If your date of birth is obtained, both current and future contributions will be transferred to the appropriate investment portfolio based on your age.
The CMRCC Fund offers five default investment portfolios that are diversified based on your age. You will be automatically enrolled for future contributions on the first day your employer contributes to the CMRCC Fund on your behalf. Based on your date of birth, contributions will be invested in the corresponding portfolio and will be automatically rebalanced to the next portfolio every 10 years through the age-based investing program.
Note: While you are not required to direct how your account is invested, you may direct all or a portion of the assets in your account out of the age-based investing program and into another portfolio at any time. There are no restrictions on directing assets out of your default age-based investing program and your account will not be charged additional fees or expenses when and if you do so. Once you elect your own fund(s), you are removed from the age-based investing program and will not be allocated to the next fund based on your age automatically.
The Galliard Stable Return Fund that is currently offered in your plan will be carried over into the CMRCC Defined Contribution Fund but will not be open to any new contributions. The Stable Return Fund will be closed and mapped into the CMRCC Fund investment portfolios after a 12- month period expires. The remaining balance in the Stable Return Fund will be mapped into the portfolio you are invested in at that time based on your date of birth, or your current election if you have selected another portfolio.
Plan Enhancements
Several plan enhancements to the CMRCC Fund that will take effect October 1, 2024. The trustees have carefully evaluated and
combined the best provisions from both plans to create an enhanced and comprehensive offering.
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Ohio Carpenters Annuity Fund- existing provisions
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IKORCC Defined Contribution Plan- existing
provisions
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New CMRCC Fund Enhancement-Effective 10-01-2024
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Normal Retirement
Age
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Age 62 and
termination of employment
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Age 65 and
termination of employment
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Age 62 and
termination of employment
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Early Retirement
Age
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Age 55 or "Rule
of 80" and termination of employment
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Age 50 and
termination of employment
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Age 50 or "Rule
of 80" and termination of employment
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*(" Rule of
80": age at Retirement + years of service = at least 80)
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Termination
Benefit
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12 consecutive
months of not working in plan's trade
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18 consecutive
months without an employer contribution after terminated employment
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12 consecutive
months of not working in plan's trade
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Hardship
Distribution
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None
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IRS safe harbor and limited to profit sharing account, rollover and
prior SW Ohio Annuity - avoid
foreclosure/eviction
- purchase
principal residence
- post-secondary
education tuition
- funeral
expenses for immediate family members
- repair
eligible principal residence causality losses and other losses arising
out of a FEMA-declared disaster
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IRS safe
harbor and limited to profit sharing account, rollover and prior SW Ohio
Annuity - avoid
foreclosure/eviction
- purchase
principal residence
- post-secondary
education tuition
- funeral
expenses for immediate family members
- repair
eligible principal residence causality losses and other losses arising
out of a FEMA-declared disaster
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Forms of Payment
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Lump sum or
quarterly instalment payments not to exceed 10 years
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1. Standard: 50% joint and survivor annuity for married
participants; single life annuity for unmarred participants 2: Optional: 75% joint and survivor annuity (married only); periodic
payments (annual, semi-annual, quarterly, monthly) lump sum or partial lump
sum
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Lump sum or
quarterly instalment payments (limited to participants lifetime /RMD)
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Need to talk?
Call us anytime during the process at 833-38-UNION (833-388-6466). Representatives are available from 8:00 A.M. to 10:00 P.M., Eastern time, on New York Stock Exchange business days.