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Thinking about retiring?

A guide to your union-sponsored retirement plan options

If you’re approaching a new stage in your career—including retirement—it’s important to understand the options you have for the savings in your union retirement plan. The suitable choice may continue to lock in your current tax advantages and help you create a steady source of retirement income. So, check out the information below, and if you’d like to talk with a retirement specialist, we’re just a phone call away.

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We’re union plan specialists—and here to help!

One-on-one guidance 

Call 866-401-2472—our retirement specialists supply personalized support to help you make simple, but smart, choices about your account. Or schedule a call and we’ll reach out at your convenience.

Schedule a call

Retirement planner

Your personalized planner features a simple, but powerful, picture to help you visualize and plan for the retirement you want. Visit myplan.johnhancock.com to get started. 

See how the retirement planner works

Individualized investing 

We offer individual investment options (not tied to an employer) to help keep your savings growing tax deferred and allow you to combine balances from other retirement accounts. 

Learn more

Compare your options

As you approach (or reach) the retirement milestone, keep in mind that your financial journey is far from over. There are a few ways to keep your savings invested and help you create an income stream in retirement. Click on each option below to explore which may be best for you—and call us with any questions. And don’t forget: If you’re considering a distribution, reach out to your fund office or plan contact to make sure you’re eligible.

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Stay in your existing plan

Stay in your existing plan

A popular choice among union members, staying in your union plan will keep your savings growing tax deferred even after you stop working through the union.¹

A good choice if you’d like to: 

  • Keep all your current account services
  • Hold on to your current investment lineup, including the investments you own today, if your plan is self-directed
  • Do hands-on retirement income planning with the Morningstar Retirement Managerᵀᴹ tool (if offered by your plan)²
  • Attend helpful webinars—on topics like Social Security, navigating Medicare, and investing during retirement 

Keep in mind:

  • Contributions will no longer be made to your account
  • Investment and withdrawal options depend on the plan’s rules
  • You may no longer be able to take a plan loan
  • There may be a minimum balance needed to stay in the plan

Other options may be available to you. Please call 866-401-2472 for more details. There are advantages and disadvantages to all rollover options. You are encouraged to review your options to decide if staying in a retirement plan, rolling over to an IRA, or another choice may be best for you. Consolidating accounts: As other options are available, such as leaving it in your old plan, rolling over to an IRA, or cashing out, you are encouraged to review all of your options to determine if combining your retirement accounts is suitable for you.

Move to a John Hancock IRA

Move to a John Hancock IRA

With a John Hancock individual retirement account (IRA), you can select your own investments—or have us manage your account for you. Both options are easy to open. No headaches, no hassles, no paperwork. Call 866-401-2472 to get started.

A good choice if you’d like to:

  • Keep your savings growing tax deferred¹
  • Create one place for all your eligible retirement savings
  • Invest in an account that isn’t tied to an employer
  • Have a variety of investments to select from, including all-in-one target-date funds³

Keep in mind:

  • A $1,000 minimum balance requirement may apply
  • Loans aren’t allowed from IRAs

Other options may be available to you. Please call 866-401-2472 for more details. There are advantages and disadvantages to all rollover options. You are encouraged to review your options to decide if staying in a retirement plan, rolling over to an IRA, or another choice may be best for you. Consolidating accounts: As other options are available, such as leaving it in your old plan, rolling over to an IRA, or cashing out, you are encouraged to review all of your options to determine if combining your retirement accounts is suitable for you.

Move to another IRA or retirement plan

Move to another IRA or retirement plan

You can move your money to another provider’s IRA. Or, if you’ve started a nonunion job, you may be able to move your money to your new employer’s retirement plan. Both will help keep your savings growing tax deferred, although there are differences.¹

A good choice if you’d like to:

  • Continue to save and invest while potentially avoiding taxes and penalties
  • Gain access to new investment and service options
  • Make more contributions to help keep building savings

Keep in mind:

  • Not all employer plans allow you to combine accounts
  • Investment options depend on your new employer’s plan or the IRA you choose
  • Loans aren’t allowed from IRAs
  • Some IRAs require a minimum balance

Other options may be available to you. Please call 866-401-2472 for more details. There are advantages and disadvantages to all rollover options. You are encouraged to review your options to decide if staying in a retirement plan, rolling over to an IRA, or another choice may be best for you. Consolidating accounts: As other options are available, such as leaving it in your old plan, rolling over to an IRA, or cashing out, you are encouraged to review all of your options to determine if combining your retirement accounts is suitable for you.

Take a cash distribution

Take a cash distribution

If you choose to take the cash, you’ll be subject to federal and state income taxes and a potential 10% early withdrawal penalty.

Only worth considering if:

You have a serious need in the short term for money that can’t be met any other way.

Keep in mind:

  • Partial cash distributions may be available from your current supplemental retirement plan
  • Penalty-free IRA withdrawals and retirement plan distributions are available to cover certain expenses

Other options may be available to you. Please call 866-401-2472 for more details. There are advantages and disadvantages to all rollover options. You are encouraged to review your options to decide if staying in a retirement plan, rolling over to an IRA, or another choice may be best for you. Consolidating accounts: As other options are available, such as leaving it in your old plan, rolling over to an IRA, or cashing out, you are encouraged to review all of your options to determine if combining your retirement accounts is suitable for you.

A few good reads

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See how it might fit into your strategy
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10 reasons to consider leaving your retirement savings in your union plan

Some members leave their money in their union-sponsored retirement plan when they retire or leave their union for another reason. Is this the right choice for you? To help you decide, here are some potential reasons to consider staying in your plan.
Read more


Frequently asked questions

Your eligibility to take a withdrawal (also known as a distribution) is based on your plan’s rules. Contact your plan administrator for details.

No. Any action you take with your plan, including withdrawals, has no effect on your pension plan or payments.

Although Manulife John Hancock Retirement must report any movement of money from your supplemental plan to the IRA, there are no tax consequences for you. Only money paid directly to you from your plan is a taxable event.

Your union retirement plan may offer Morningstar Retirement Manager², a service available at no additional cost that gives recommendations on which of your plan’s mutual funds to invest in.

Your plan may allow periodic withdrawals. If it does, you’ll just need to fill out and submit a withdrawal form to get those payments started. Contact your plan administrator to check on availability and request the form. 

Staying in your union plan will help preserve the tax-deferred status of your retirement savings. An IRA can also help preserve this tax benefit, assuming you follow the Internal Revenue Service’s (IRS) rollover rules in moving your money from your union plan. As for investment risk, depends on your holdings and market conditions.

In addition, your plan savings are protected from most creditors, while money you hold in an IRA may not be. State and local governmental agencies allow for the protection of qualified plan assets from most creditors, with the exceptions of spouses and the IRS. Asset protection only applies to bankruptcy. Funds are subject to market risk and loss of principal.

If you have an existing retirement plan loan, you’ll need to either repay it or take a taxable distribution for the loan amount prior to the transfer. This taxable distribution may subject you to a 10% early withdrawal tax penalty in addition to the income tax due on the withdrawal.​ Please consult your tax professional for more information. And call us at 866-401-2472 if you’d like to discuss other possible options.

We offer two types of IRAs. The John Hancock Investments IRA is for people who prefer to choose their own investments, while the John Hancock Managed IRA offers a more personalized savings approach and investments that are professionally selected for you. There are no sales charges with either of these accounts⁴. Our team of retirement specialists will be happy to discuss your options and, if appropriate, help make it easy to move your retirement plan money. Just call 866-401-2472. Of course, many other companies offer IRAs, and we encourage you to explore your options

You’ve got specialists in your corner—at no additional cost.

Our professionals are specialists at what they do. They’re also real people. They're open and welcoming. They're great teachers and great motivators. And they're ready to help when you're ready to take the next step with your retirement savings.

Call us at 866-401-2472, Monday through Friday, from 8:30 A.M. to 7:00 P.M., Eastern time, or schedule a callback at a time that’s convenient for you.

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1 Ordinary income taxes are due on withdrawal. Withdrawals before the age of 59½ may be subject to an early distribution penalty of 10%. 2 Investment advisory services for Morningstar Retirement Manager are provided by Morningstar Investment Management LLC. Retirement expense and income projections provided in the Morningstar Retirement Manager program are based on certain assumptions and historical data. Your actual experience and results will differ. Investing involves risks, including the potential loss of principal. Morningstar Investment Management LLC, a registered investment adviser and wholly owned subsidiary of Morningstar, Inc., provides the advisory services in the Morningstar Retirement Manager program under a licensing contract with John Hancock Retirement Plan Services LLC (John Hancock). Morningstar Investment Management is not affiliated with John Hancock. 3 Although the target-date funds are managed for investors on a projected retirement date timeframe, the fund’s allocation strategy does not guarantee that investors’ retirement goals will be met. The target date is the year in which an investor is assumed to retire and begin taking withdrawals. 4 Before investing, consider your investment objectives and John Hancock Personal Financial Services, LLC's (JHPFS's) fees. JHPFS's fees do not include the expenses of the underlying investments in your account. Other account and investment-related fees and charges are applicable.

Investing involves risks, including the potential loss of principal. These products carry many individual risks, including some that are unique to each fund.

John Hancock IRA Clients should carefully consider a fund's investment objectives, risks, charges, and expenses before investing. To request a prospectus or summary prospectus with this and other important information, visit jhinvestments.com.

Mutual funds are distributed by John Hancock Investment Management Distributors LLC, member FINRA, SIPC.

Before investing, consider your investment objectives and John Hancock Personal Financial Services, LLC's (JHPFS's) fees. JHPFS's fees do not include the expenses of the underlying investments in your account.

John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker dealer for the John Hancock mutual funds, member FINRA, SIPC.

John Hancock Personal Financial Services, LLC is an SEC registered investment adviser. John Hancock Personal Financial Services, LLC, 200 Berkeley Street, Boston, MA 02116.

NOT FDIC INSURED. MAY LOSE VALUE. NOT BANK GUARANTEED.

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Manulife and the Stylized M Design are trademarks of The Manufacturers Life Insurance Company. John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

John Hancock Personal Financial Services, LLC is an SEC registered investment adviser. John Hancock Personal Financial Services, LLC, 200 Berkeley Street, Boston, MA 02116.

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