16 BENEFITS SPOTLIGHT | FALL 2021 The IAM National 401(k) Fund Board of Trustees recently approved the Restated Plan Document, and the Benefit Funds Office is currently in the process of rewriting the Summary Plan Description (SPD). SPDs are legally required documents which summarize the most relevant plan provisions for participants in understandable language. The new SPD will include all updates and changes that have been made to the Plan in the last five years. Anticipated mailing of the new SPD is January 2022. We will also post the electronic version on our website. Heads-up on New Summary Plan Description Coming Out at the End of the Year FAQS to Help Participants 1. HOW DO I MAKE, OR CHANGE, MY DEFERRAL ELECTION INTO THE IAM NATIONAL 401(K) PLAN? Active plan participants can make or change their deferral election, as well as their investment portfolio, at any time. To do so, contact John Hancock, the Fund’s Recordkeeper, at 833-388-6466 or online at myplan.johnhancock.com. Notifying your employer or the union of your request does not constitute an official change. You must make any changes through John Hancock and they, through the Benefit Funds Office, will notify your employer of the change. The IAM National 401(k) Plan offers both pre- and post-tax contribution options. If you are a non-highly compensated employee, you may make deferrals as a whole percentage of your pay, up to 50%. The 2022 IRS limits for pre-tax contributions are $20,500, and an additional $6,500 in “catch up” contributions if you are over age 50. 2. CAN I TAKE A LOAN OUT OF MY 401(k)? Yes, the IAM National 401(k) Plan offers a loan program. To find out if you are eligible for a 401(k) loan, contact John Hancock, the Fund’s Recordkeeper, at 833-388-6466 or online at myplan.johnhancock.com. Please note that loan repayments remain due even if you terminate from your employer (and therefore your repayments cannot be deducted directly from your paycheck). In that case, you will need to make the repayments yourself via check, money order or ACH. If you default on your loan, you may not take out another loan for five years and you will receive a Form 1099 at the end of the year on the taxable amount. 3. I WAS RECENTLY TERMINATED FROM MY EMPLOYER. I WOULD LIKE TO TAKE A DISTRIBUTION OUT OF MY 401(K), BUT JOHN HANCOCK IS TELLING ME THIS IS NOT ALLOWABLE. WHY? When this occurs, it is usually because you are still listed as an active employee in our system, which means you would be unable to take a distribution. Your employer must contact the BFO to verify that you have been terminated. Once this change has been made, you may take your distribution. COMING SOON