Tax Advantage Accounts
Life Events FAQs
Defined Benefit Plans
The Farm Credit Foundations 401(k)/Defined Contribution Retirement Plan is generous, competitive and flexible. All regular full-time and regular part-time employees are eligible to participate in the Defined Contribution / 401(k) Plan*.
If you were hired after Jan. 1, 2007, your employer provides you a dollar-for-dollar match of up to 6% of your contributions, plus a fixed 3% contribution of your eligible compensation whether or not you contribute. This employer match and fixed contribution also applies if you were hired prior to Jan. 1, 2007, and do not participate in a defined benefit plan. (Other “grandfathered” employer contributions may apply depending on your employer and if your date of hire is prior to Jan. 1, 2007.)
If you were hired prior to Jan. 1, 2007, and participate in a defined benefit plan, please see the
Defined Benefit Plans section.
Roth 401(k) Option
Rollover Into Plan
Morningstar Retirement Manager
401(k) Loan Option
To enroll, increase or decrease your contribution, or waive participation in the plan, go to MyLifeNow, John Hancock’s website, at
mylife.jhrps.com. You may contribute from 1 – 75% of your eligible compensation on a combined pre-tax, Roth after-tax, or traditional after-tax basis. If accessing MyLifeNow for the first time, you will need to establish a User ID and PIN/Password.
If you do not make an election to participate in the 401(k) plan we will automatically enroll you in the plan at a 6% pre-tax contribution rate that will begin in the first pay period following 45 days after your hire date. Unless you elect otherwise, we will increase your contribution by 1% each year after your anniversary date of hire up to a maximum of 15%.
At any time you can make a one-time election to automatically have your pre-tax contribution rate increased by 1% each year. The increase will occur on or about the anniversary date of your initial election.
Even if you choose not to contribute any of your money, your employer will contribute an amount equal to 3% of your total compensation into your 401(k) account. This is called the fixed employer contribution.
You are vested 100% for the amount you contribute to your 401(k) account. For the employer match and fixed contribution portion of your 401(k) account, you are vested at a rate of 25% each year of employment, and fully vested after four years.
* In addition, temporary employees who work at least 1000 hours in a calendar year will be eligible to participate in the plan beginning Jan. 1 of the next year.
If you missed a previous John Hancock webinar, you can still watch a
recorded version. Once you complete the registration
information, the recorded webinar will begin.
Social Security: Understanding and Planning (Feb. 2020)
Financial Goals Planning for 2020 (Nov. 2019)
Ask Us Anything! A Personal Finance Q & A (Sept. 2019)
Life Insurance 101 – Understanding the Basics (Aug. 2019)
College Planning for Parents (Aug. 2019)
Navigating Financial Independence (Jul. 2019)