401(k) Retirement Savings Plan
Our 401(k) Retirement Savings Plan helps you save for retirement. The plan offers tax savings NOW through pre-tax contributions and/or tax savings AFTER you retire through a Roth after-tax option. Additionally, this plan offers an In-Plan Roth conversion/rollover feature.
All regular employees age 21 and over are eligible to join the plan with an entry date as the first day of the month following 3 consecutive months of service.
Visit the John Hancock website at myplan.johnhancock.com to manage your account, investments and contributions.
Advantive offers a variety of quality investment options. You’ll also have access to special services such as automatic account rebalancing and personal investment assistance from a licensed investment counselor.
Save Now, Enjoy Later
What Are Your Plans?
Many of us can’t plan past the weekend, never mind thinking about a retirement nest egg. Our 401(k) retirement plan will help you set a retirement savings goal and stick to it.
The important thing is to start now and set aside what you can, even if you think it’s too small an amount.
With the company match and compound interest, that “small amount” can grow over time. You’ll be a retirement saver before you know it.
401(k) Contributions
Maximum annual contribution limit:
Up to $23,500 per year. If you’re age 50 or older, save an additional $7,500 per year. IRS limits are evaluated annually and may change.
Advantive matching contributions:
100% of the first 4%.
Important differences of a Roth 401(k)
- You pay taxes when you contribute, at your current tax rate.
- Account interest and dividends are not taxed if you meet certain criteria.
- Like a traditional 401(k), you can withdraw money without penalties when you reach age 59, but you must have held the account for at least 5 years.
- You are not forced to take distributions at age 70. You can keep the money in your Roth account as long as you want.