You may be able to take money from your plan account to help with the purchase of a primary home or prevent from losing your primary home through a foreclosure. This benefit is available to "active" participants. "Active" shall mean that a contribution has been made on the participant's behalf within the previous 12 months. You can contact Redwood Empire Electrical Workers to request principal residence loan information.
The participant may choose the loan repayment period, not to exceed fifteen (15) years on loans used to acquire the participant’s residence. Or, the participant may choose the loan repayment period, not to exceed five (5) years on loans used to prevent foreclosure on the participant’s principal residence. Loans may be repaid in full, at any time, without penalty. Level amortization shall be required of each loan with payments made by monthly automatic clearing house payments.
Please remember that the longer your money is invested in your plan account, the more time it has to compound and grow. You should consider all your options before borrowing from your plan account. The Redwood Empire Electrical Workers Pension Trust Fund determines your eligibility.
Please access John Hancock Retirement Plan Services by phone at (800) 294-3575 or their website with the following link:
John Hancock Retirement Plan Services
* NOTE: When using the website, please note that you may need the group number which is TH4602.