Retirement Plan FAQs

401(k)

401(k)

 


When will I be able to gain access to the John Hancock site?

You will receive a personalized enrollment kit at your work email that includes instructions for enrollment and for using myplan.johnhancock.com. After you receive your personalized enrollment kit, you can go to myplan.johnhancock.com to register and enroll.


 

 

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Can I rollover a 401(k) account from a prior employer into my new account?

Yes - You can rollover into the Farm Credit Foundations 401(k) plan any amounts from a prior employers qualified plan and/or any amounts from a “conduit IRA,” i.e. an IRA to which you had previously rolled over a prior 401(k) plan and to which you had not made any additional contributions.


 

 

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How do I rollover a prior 401(k) account?

You can request a “Rollover Into Plan” form by logging into your John Hancock account and going to the Manage>Request Forms menu. These forms can be emailed or sent via U.S. Postal Service. Additionally, you may contact the John Hancock Consolidation Team at 1-800-555-5165. Learn more about rollovers.


 

 

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How much am I able to contribute on a per pay period basis?

You are able to contribute from 1% to 75% of your eligible compensation.


 

 

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When will I be 100% vested in the plan?

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.


 

 

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Am I able to take out a loan from my 401(k) account?

Yes - You may take a loan of up to the lesser of $50,000 or 50% of your vested account balance (reduced by the amount of the highest outstanding loan balance, if any, during the previous 12 months). The minimum amount of a loan is $1,000 up to a maximum of 2 loans. (See the Retirement section for more information).


 

 

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Does my employer match my contributions?

Yes – your employer matches dollar-for-dollar up to 6%. They also contribute an additional 3% whether you contribute or not. (If you participate in a defined benefit plan, there is no 3% employer contribution and the maximum match is 4% dollar-for-dollar on the first 2% you contribute and 50 cents-on-the-dollar for the next 4%).


 

 

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