401(K) Fund

The Local 295 IUOE 401(k) Plan (“401(k) Fund”), a defined contribution plan, was established on January 1, 2002. The 401(k) Fund is only available to those members who perform covered employment for employers who have agreed to participate in the 401(k) Fund in accordance with the terms of its Collective Bargaining Agreement (“CBA”) with the Union. Depending on the terms of the CBA and plan specifications adopted by your Contributing Employer, your Contributing Employer may make an employer contribution in the form of a profit sharing or matching contribution, and/or permit you to make elective federal contributions from your wages into the 401(k) Fund. Please contact the Fund Office or John Hancock to determine if you are eligible to participate in the 401(k) Fund and/or to receive copies of the plan documents for that purpose.

For eligible members, an individual 401(k) Account will be established for you under the 401(k) Fund. Your 401(k) Account will track your elective deferral contributions, employer contributions (profit sharing or match), if any, and investment returns (gains or losses) earned on the monies in your 401(k) Account. The 401(k) Fund has retained John Hancock to serve as the record-keeper for the plan and participant accounts thereunder.

Participants are responsible for self-directing the investment of their 401(k) Account with John Hancock in accordance with the plan terms and Section 404(c) of the Internal Revenue Code. Please contact John Hancock or the Fund Office if you need information on how to access your 401(k) Account online.