Participating in the Annuity Fund
Eligibility
If you are a member of Local 94 and work for an employer who contributes to the Local 94 Annuity Fund, you are eligible to participate in the Plan. You become eligible to participate on your first day of work for which an employer is required to contribute to the Plan.
You are not eligible to participate in the Plan if you are an independent contractor, paid through a third-party leasing company or other third-party agency, or if you are classified by a Contributing Employer as a leased employee, even if you are working for a Contributing Employer.
Enrolling in the Fund
Once you become eligible to participate in the Plan, an Individual Account will be set up in your name. Your account holds all required contributions made on your behalf by Contributing Employers, as well as any eligible funds rolled over from previous accounts.
FAQs
How do I name a beneficiary?
If you are married, your spouse is automatically your beneficiary. With your spouse’s consent, you may change your beneficiary. You can and should name a secondary and tertiary (third) beneficiary in the event your primary beneficiary predeceases you. Complete a form if naming anyone other than your legal spouse. Your spouse must also sign the form and it must be notarized.
If you are single, you should name a beneficiary by completing a form and submitting it to John Hancock Retirement Plan Services. If you are single and do not name a beneficiary(ies), your estate will receive your account in the event of your death.