You can roll over the market value of your investments in the Guaranteed Income for Life 401(k) plan with John Hancock to the Guaranteed Income for Life (GIFL) Rollover Variable Annuity IRA with John Hancock.
This option allows you to preserve the Benefit Base and also to make future contributions to your GIFL account and further grow the Benefit Base. For more information click here to access the FAQ section of this web site. Also read the GIFL Prospectus found in the Forms and Download section of this web site.
You may be able to leave your money in your previous employer's GIFL option with John Hancock if your plan permits. Your Benefit Base will be preserved, and might increase in the future if the market value exceeds the Benefit Base on your contract's anniversary date. However, you will not be able to make new contributions, and there may be different rules for inactive employees.
If you roll over to a non-GIFL IRA, you will no longer have the Guaranteed Income for Life option. Once the rollover IRA account is opened and your 401(k) balance is transferred to it, you can invest your money in the portfolio allocation options available within the rollover IRA you have selected.
If you transfer into a new employer's qualified plan you will no longer have the Guaranteed Income for Life option. Portfolio options will be determined by the new employer's plan.
You'll no longer have the Guaranteed Income for Life option. If you remove your money from your 401(k) plan and take it in cash, the distribution will be subject to a potential 20% federal income tax withholding and possibly additional federal, state, and local income taxes at tax time. A cash distribution may also be subject to a 10% IRS early withdrawal penalty if taken prior to age 59½.
For more information about distribution options other than the GIFL Rollover Variable Annuity IRA, go to JHRollover.com
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By selecting this option, you are leaving the www.JHRollover.com/GIFL website, which contains information on the GIFL Variable Annuity IRA product. This product is underwritten and distributed by John Hancock Distributors LLC. You will enter the www.JHRollover.com website. This website is operated by an affiliated company, John Hancock Funds LLC, the underwriter and distributor of the John Hancock Mutual Funds.
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