Annuity Fund

What are the acceptable reasons for taking a loan from my Annuity Fund account?

In certain cases, you can take out a loan from your Annuity Fund account. Reasons to take out a loan include:

  • Buying or fixing a principal residence
  • Medical bills that are not reimbursed by medical insurance
  • Educational expenses (tuition) at an accredited school, including vocational school, at any level
  • Expenses incurred for the legal adoption of a child
  • Funeral expenses incurred because of the death of your Spouse or a dependent child

You are eligible to apply for a loan if you are actively employed by a Contributing Employer, and you have been so employed for at least three years. You may have only one loan outstanding at a time. An outstanding loan balance (active or defaulted) must be paid in full prior to applying for a subsequent loan (except those loans that were defaulted prior to January 1, 1996). The maximum loan amount is the lesser of $50,000 or 50% of your account balance.

For more information, please go to the Annuity Fund section of this site.

Can I take a loan or withdrawal for hardship?

There is no hardship loan provision under the Annuity Fund.

When am I eligible to take a loan?

A participant must be actively employed with a participating employer for at least three years immediately prior to the loan request. Retired participants are not eligible for a loan. For more information, please go to the Annuity Fund section of this site.

How much can I borrow?

The lesser of 50% of your account balance or $50,000. For more information, please go to the Annuity Fund section of this site.

Where can I find Annuity Fund Forms, such as a distribution request, loan application or beneficiary form?

For more information, please visit the website. The site is operated by John Hancock Retirement Plan Services, the Annuity Fund’s administrative service provider.

How can I change how my account is invested?

Log in to or call John Hancock Retirement Plan Services at (833) 388-6466 or 833-38-UNION.

How should I invest my account?

Local 94 and the Affiliated Funds staff cannot offer any investment advice. However, you are encouraged to call JW Thompson for personalized investment advice for your Annuity Fund account. You can get an analysis of your finances plus guidance on how to save and invest for retirement. Contact Retire Rite, administered by JW Thompson, by calling (888) 453-1869, Monday through Friday, 9:00 a.m. – 5:00 p.m. ET, or by e-mail [email protected].

It is my money, why can’t I just withdraw my Annuity Fund account?

This is a retirement fund which is not taxed until withdrawal. As such, the Plan rules and IRS regulations regarding distributions must be followed. It is not a personal savings account.

Why is my defaulted loan appearing on my Annuity Fund statement (and why is it increasing)?

IRS regulations require loans that are deemed to be in default to be tracked and to accumulate interest until distribution. Disclosure rules require this information to be displayed on the statement. This amount is not invested, and it is not deducted from the invested amounts at distribution. A participant may pay back the defaulted loan in full plus interest at any time, and that repaid amount will not be taxable at distribution.

Why is my Annuity Fund account balance less on my statement than it was last quarter?

Individual accounts fluctuate in accordance with the funds that they are invested in. They can lose or gain value. Participants should consider the choices of investment carefully and based on your personal circumstances.

How much is in my Annuity Fund account?

To view your account balance, you must log in to the or call John Hancock Retirement Plan Services at (833)388-6466 or 833-38-UNION.

What is John Hancock Retirement Plan Services?

John Hancock Retirement Plan Services is the Annuity Fund’s administrative service provider.

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.

I am legally separated; can I change my beneficiary?

As long as you are legally married, your spouse is your beneficiary unless he/she signs and notarizes the change of beneficiary form.

I just got divorced – how does this affect my Annuity Fund?

You must notify the Annuity Fund office and supply the office with your complete divorce decree and any supporting documents (stipulation agreements). If your former spouse is entitled to a portion of your Annuity Fund account, a QDRO should be submitted to the Annuity Fund office for review and consideration.

In the event of a divorce, you should review your beneficiary on file with the Annuity, Central Pension and Health and Benefit Funds.

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