Important Update on 401(k) Plan Price Reductions!
Please click here to view/download important information
regarding Plan price reductions


Funds Available as of December 2014

Investment Returns Information: 
(Click here to view/download information)

Plan Highlights:  (Click here to view/download information)

Decemeber 2014 401(k) Newsletter
(Click here to view/download)

IUOE Local 399 Participating Employer Deferred Compensation
Summary Plan Description: 
Click here to view/download report)



Dear 401K Plan Participant and Member:

This is a brief overview of our 401(k) Retirement Plan benefit. Summary Plan Description is available by contacting Megan Dunne at the IUOE Local 399 401(k) office at 312-372-9870 Ext. 5129. For any additional assistance with investment questions, participant transactions, or general education, please do not hesitate to call our Plan Consultants at Retirement Solution Group, 866-352-7731 (Elvia Sanchez Ext. 410 and/or Steve Scott ext. 210).

How to obtain additional information via John Hancock

IUOE Local 399 currently has selected John Hancock as our vendor for the 401(k) program. Their web-site and phone number contains a lot of critical information on your investments, returns, fees and educational tools. We encourage you to utilize this resource.
• John Hancock’s interactive voice response telephone service 800-395-1113 ?(Note our contract number is 23172)
• Your participant website,, please note you will need your PIN for account or transaction information or activity. If you do not have a PIN then call the number above to order a new one. ALL participating members should have aJohn Hancock PIN.
• Your statement will come approximately two weeks following quarter end. So look for
it in mid-January, mid-April, mid-July, and mid-October

Next steps:

We continue to monitor the investments and markets given this historically volatile period we are in. Retirement Solution Group and the management of IUOE Local 399 takes the oversight of your Plan and the underlying funds very seriously. We encourage you to set a Plan, reallocate/review your investments, assess some of the new funds, and in general get involved. To schedule a meeting for you personally or through your building (chief must approve), please call 312-372-9870 Ext. 5129 and schedule through Megan Dunne.

Steven Scott
Managing Partner
Retirement Solution Group, LLC

Please call 1-800-395-1113 to obtain John Hancock group annuity investment option Fund sheets for each sub-account and to request prospectuses for each separate sub-account’s underlying investment vehicle.  These documents contain complete details on investment objectives, risks, fees, charges and expenses as well as other information about the underlying investment vehicle, which should be carefully considered.  Please read these documents carefully prior to investing.

Group annuity contracts are issued by John Hancock Life Insurance Company (U.S.A.) (John Hancock USA), 601 Congress Street, Boston, MA 02116. Product features and availability may differ by state. In New York, products are issued by John Hancock Life Insurance Company of New York. John Hancock Investment Management Services, LLC, a registered investment adviser, provides investment information relating to the contracts.


©2009 John Hancock Life Insurance Company (U.S.A.), a Manulife Financial company. All rights reserved.


401(k) – Change is coming:

1. Cost – I have been the consultant for this Plan for 9 years as of April of 2014. I’ve worked hard to constantly balance bringing good funds, increased administrative needs and costs. I am not alone in this, management and the Board both take the cost of the plan very seriously. You pay for it, and it is your money… That said, there are unique challenges to running a union multiple employer 401(k) plan. After some recent re-pricing work with us and John Hancock I am happy to announce the following fee reductions:
a. Across the Plan funds will be reduced by 18 bps or 0.18%. This is the largest single reduction we have ever had. The exact timing has not been confirmed yet, but John Hancock
has suggested July as the month for this change to take effect. 15 bps will be in reduced share prices and we expect 3bps to show up as a pricing credit on participant statements.

b. On May 5th the following fund changes will occur as John Hancock rolls out it’s JH 2.0 pricing model:
    i. JH LifeStyle (risk based funds) will all have a 2 bps or 0.02% fee reduction.
    ii. JH Lifecycle (age based funds) will all have a 3 bps or 0.03% fee reduction.
    iii. All other funds will see a 10 bps price increase. (But remember the reduction above
        which guarantees all members, regardless of holdings will see a net decrease in 
        investment cost in summer of 2014)

c. Overall we calculate as a whole the Plan will pay 18 bps less expense ratio costs by the end of summer 2014. Based on our current Plan assets, that means approximately $225,000 in annual member savings!

Please contact the 401(k) fund office if you have any questions.


There are many reasons to be in the plan and maximize your retirement savings via the IUOE Local 399 401(k) Plan.  Click here to get a friendly reminder and then visit or call Elvia Sanchez or Steve Scott at 866-352-7731 to make any desired changes. 

Click here to download 401(k) benefits flyer

IUOE Local 399 is very happy to finally rollout a Guaranteed Income for Life Benefit.  GIFL can be a little confusing.  I do not believe you will fully understand the feature from this article.  Below I intend to offer a few speaking points to wet your appetite.  If after reading this you are interested, please call 866-352-7731 x41 and schedule a building or personal review with Elvia Sanchez:
• GIFL is designed to guarantee an income payment for you (and spouse if desired) during 
  your retirement income years to ensure you cannot outlive your monies
• If you put some or all of your monies into the GIFL feature, those monies will guarantee an 
  income payment of 5% (on your life) for the remainder of your life, regardless of your market
  value and even if your market value drops to zero
• Any monies within the GIFL feature will pay an additional 0.50% for the benefit
• There are no other costs or commissions. This is a new optional benefit, which costs the
  Plan and participants who do not select the feature, nothing.
• To view John Hancock presentation please visit,

• Click here to download John Hancock GIFL brochure 


Plan Features:

  1. Vesting – All member monies are always 100% vested
  2. Tax Benefits – Contributions are made on a pre-tax basis and grow tax deferred. Standard income taxes will paid only on the distributions made for the given year the money is withdrawn in retirement. A 10% IRS penalty will apply if there is a withdrawal prior to attainment of retirement age. There is no capital gains or other negative tax impact.
  3. Control – Local 399 has a participant directed plan and members may chose any investment allocation or deferral percentage within the plan parameters that suits their individual needs.
  4. Investment Changes – Currently John Hancock has put a restriction on transactions at 2 exchanges per month. An exchange is defined as a set of investment changes processed on a given day. If a member changes one investment or ten on a given day, that counts as one exchange. They would then be allowed to have one additional exchange during that month.  Investment changes must be done online at or by calling John Hancock at 1-800-395-1113.  Forms will not be accepted at the Union Hall.
  5. Contribution Limits – Members can defer up to 100% of W2 income. The IRS deferral limit for 2013 is $17,500 for members under age 50 and $23,000 for members over age 50.
  6. Loans – 1 loan at a time is permissible by the plan. Loan interest of Prime 1 is paid back to the member. For further loan information and specific information on the costs and payback schedules for taking a loan, call Megan at 312-372-9870 ext. 5129. As of January 1, 2009, all new loans will be repaid via automatic payroll deduction by your management/payroll company. Personal check loan repayments for any new loans taken out after 1/1/09 will not be accepted. Please call the Hall for further details.
  7. Hardships – A 10% IRS penalty will apply for members under retirement age and specific hardship criteria must be met.  Additional taxes will apply and a base 20% withholding will be deducted by the Plan's recordkeeper on behalf of the IRS.
  8. Fees – There is a $8.34/month administrative charge taken by IUOE Local 399 to run the plan. Investment level expenses are fully disclosed and are deducted from net returns.
  9. Retirement Age – Is defined by the plan as attainment of age 59.5 and/or official retirement from IUOE Local 399.
  10. Enrollment – You can enroll in the plan monthly.
  11. Deferral Changes – Are allowed on a quarterly basis to change your deferral rate. The plan allows for deferrals to be in whole percentages only.
  12. Eligibility – Active members of IUOE who are in good standing and work for a sponsoring employment company.
  13. HCEs – A member who makes more than $52.82 per hour is no longer eligible for our Plan due to their status as an HCE.  This is a result of IRS ADP compliance testing issues.  We hope to reverse this policy in the future, but the timeline on that is unknown at this time.
  14. Definition of Pay – Straight pay only is eligible for Plan deferrals.
  15. Summary Plan Description – (Click on related link above to view)
  16. Policies – See some attachments.  Full policies available upon request.  Call 866-352-7731 x 21 and ask for Steve
  17. Qualified Default Investment Alternative (QDIA) - Is the John Hancock LifeCycle Funds