401(k) & ROTH IRA Retirement Plans

Eligible new employees are automatically enrolled in our 401(k) plan at a 4% deferral rate on the 1st of the month following 60 days of employment.  An enrollment packet will arrive to your home address on file prior to your enrollment date (a sample is below).  

To opt out or make changes to your deferral rate, contact John Hancock directly at 800-294-3575 or online at myplan.johnhancock.com.  Active participants on our 401(k) plan will be automatically stepped-up each November by 1% until you reach 10%.  To change your deferrals, request a distribution or loan, or to obtain plan statements, contact John Hancock directly.

Roth vs Traditional 401(k)

In a traditional 401(k), employees make pre-tax contributions. While this reduces your taxable income now, you'll pay regular income tax when you withdraw the money in retirement.

In a Roth 401(k), employees contribute after-tax dollars to a designated Roth account within the 401(k) plan. You receive no tax benefits from the contribution. When the money is taken out in retirement, it's tax-free if at least five years passed since your first contribution to the Roth 401(k).

Investors can contribute to both a traditional 401(k) and a Roth 401(k) at the same time. However, the maximum yearly limits apply to contributions in aggregate. If you contribute to a Roth 401(k), any employer matching funds will still go into a pre-tax 401(k).

Learn more about Roth contributions by clicking here, and whether or not they may be right for you.