Annuity Fund

The Local 71 annuity fund is designed to supplement the local and national defined benefit pension funds our members receive. This self-directed fund helps you take control of your retirement and invest a portion of your retirement money as you see fit.

The Annuity Fund is provided to supplement our member's Pension Plans with a participant directed Annuity Fund and is subject to all IRS regulations.  This gives members the flexibility to grow their money as they see fit.

 Apprentices in their third (3rd) year or higher, all Classified workers and all Journeymen receive funds into a self-directed annuity account.

Currently our Annuity Fund is managed by John Hancock (https://myplan.johnhancock.com/login).  Participants should sign-up on their website to access their account.  Once logged into their website participants can update their beneficiary, request forms, change investment allocations, view statement and history, get information on different funds, and track loans and returns. Click here for instructions on setting up your account.

  • • Login to the Participant Site
    • Click on ‘Manage’ – ‘Request a Loan’
    • Update the loan type to ‘regular’ or ‘residential’ (purchase of a primary residence)
    • Input the loan amount and duration (59 months maximum if not for primary residence)
    • Click on ‘Model Loan’
    • If you are happy with the modeled loan, you can process
    • You will be required to enter your monthly repayment date and bank account information at that time.

    Once the loan is in process you will receive the loan documentation in the mail which will need to be completed and mailed back to John Hancock. If you are married, the form will require spouse consent verified by a notary. Please do not send the completed loan forms back to our office as this will delay processing.

    Please note there will be a 10 day hold placed on your account for all money out transactions. In addition to this hold, you will not be able to take a distribution or another loan until at least 7 business days after your loan repayment has been processed.

  • • Login to the Participant Site
    • Click on ‘Manage’ – ‘Request Forms’
    • Choose the form you are requesting
    • Enter your email or choose to have them mailed to your address

    This distribution form must be completed and sent back to our office at 24 Liberty Ave, Buffalo, NY 14215 for approval. We will then submit these forms to John Hancock for distribution. Please do not send these forms directly to John Hancock as they will be rejected and will prolong the distribution process.

    You can also request copies of the distribution forms from our office, and we can provide them to you for completion. If you are married, these forms will also require spousal consent for processing which must be notarized.

  • the liquidation and transfer of these assets will take time as with any real estate investment. These assets are still with Principal, and you can log in to Principal to see that balance. We will be updating this balance within John Hancock’s portal in the meantime, but on a periodic basis, not daily. Once you are logged in to John Hancock you will see a link on the home screen about halfway down titled ‘View details of your Local 71 Annuity Plan’ which will list your ‘outside asset’ balance. This balance will not be included in your total balance listed on your home page. This balance will also not be available for immediate distribution as property investments require time for liquidation. The new property fund within John Hancock is a much more liquid fund which will provide easier access once in retirement.

  • NOTE: There will be a 10 day hold on your account for all money out transactions after
    • Setting up your account access
    • Updating your contact information
    • Paying off your loan via ACH