Savings Fund

Annuity & Savings

Through negotiations with the Eastern Atlantic States Regional Council of Carpenters, your employer has agreed to contribute on your behalf to the Greater Pennsylvania Carpenters’ Annuity and Savings Fund. These contributions are held in an individual Account on your behalf, and you direct how your Account is invested. Your Account is payable upon your retirement, death, disability or termination of employment. In addition, in-service withdrawals are available for certain prior year contributions and in the event of your financial hardship.

How The Savings Fund Works

The Annuity Fund was set up to provide a source of retirement income for eligible employees. Your account is funded by employer contributions. Your Contributing Employer makes contributions to your account in accordance with the terms of its agreement with the Eastern Atlantic States Regional Council of Carpenters. You are immediately and fully vested in your account.

Investment Elections

At any time, you may change your investment election for future contributions and/or transfer the funds already invested in the Investment Funds (including the default Investment Fund).


All investment elections, changes and transfers are made by calling the John Hancock Participant Service Center at 1-833-388-6466 or online at the John Hancock Retirement website.


Up-to-date information on the Investment Funds can be obtained by calling the John Hancock Participant Service Center at 1-833-388-6466 or by online at John Hancock Retirement website.


Risk and Responsibility

Because investment returns are dependent on the performance of the stock and bond markets, you are responsible for your investment decisions.

Certain investments carry more risk, which can mean a greater financial reward but also a larger loss. Researching and watching your investments closely can help keep your money safe. If you have any questions, call the John Hancock Participant Service Center at 1-833-388-6466

Receiving Benefits

You are eligible for benefits from your account if you meet any of the following criteria.


  • You retire and leave unemployment at or after the age of 59 and a half


  • You become totally disabled and are eligible to receive disability pension


  • You terminate or withdrawal from the Union



  • You elect the annual withdrawal option

Participating in the Savings Fund

Eligibility

If you are a member of Eastern Atlantic States Regional Council of Carpenters, you are eligible to participate in the Fund. You become eligible to participate on your first day of work for which an employer is required to contribute to the Fund.

Enrolling

Once you become eligible to participate in the Fund, an Individual Account will be set up in your name. Your account holds all required contributions made on your behalf by Contributing Employers.

Frequently Asked Questions

  • What qualifies for an economic hardship withdrawal?

    Each of the following qualifies for an economic hardship withdrawal from the annuity and savings fund. Each requires the proper documentation to be included with the withdrawal application.


    • Unreimbursed medical expenses or expenses necessary to obtain medical care.
    • Tuition, fees and room and board for post-secondary education.
    • Purchase of principal residence (maximum of once every 24 months)
    • Eviction from principal residence or foreclosure on principal residence mortgage (maximum of once every 12 months)
    • Burial and/or funeral expenses

  • How long does it take to receive a check after a withdrawal application has been approved by the trustees?

    You will receive a check from John Hancock within seven to ten business days.

  • What is the John Hancock Retirement Services website?

    John Hancock Retirement Services website is https://myplan.johnhancock.com/.

  • What is the John Hancock Retirement Services Participant Center Customer Service phone number?

    Call 1-833-388-6466. Representatives are available between the hours of 8:00 AM and 10:00PM, Eastern Standard Time Monday through Friday.

  • When are the annual options statements released?

    If you qualify to receive an option, the option form will be included with the 3rd quarter statement.  The 3rd quarter statement is released by John Hancock on the 10th business day of October.  The options form is due back to the Carpenters Combined Funds by the date stated on the option form.  The option checks are released on the 1st business day of December.

  • When are the Form 1099-R released?

    John Hancock Retirement Services releases the 1099-R forms typically by the 15th business day of January.  John Hancock Retirement Services is required to release the Form 1099-R no later than January 31st.