The GP5479US form is a critical document for individuals considering a cash distribution from their retirement plan with John Hancock. It outlines the available options, such as rollovers to different IRAs or employer-sponsored plans, and the potential taxes and penalties of taking a cash distribution. Understanding your options and making an informed decision is vital for your financial well-being during job changes or retirement. Ready to make a choice? Click the button below to fill out your form confidently.
When the time comes for individuals to make crucial decisions about their retirement plan savings, particularly when changing jobs or entering retirement, the availability of reliable, clear information becomes paramount. Among the resources available, the GP5479US form serves a pivotal role, guiding participants of John Hancock retirement plans through the process of withdrawing their funds, with options that extend beyond mere cash-outs to include rollovers into an Individual Retirement Account (IRA) or another employer-sponsored plan, and more. It is critical to understand the implications of each choice, as they come attached with their own set of potential advantages, disadvantages, and tax implications. The form also lays a path for those looking to take immediate action by offering a direct line to rollover specialists and detailed steps for self-facilitation. Furthermore, it emphasizes the importance of adhering to the accompanying instructions to ensure accurate processing and compliance with plan-specific rules. This structured guidance not only aids in navigating through the financial jargon but also in making an informed decision that aligns with one’s long-term financial goals. Whether individuals opt for direct withdrawal or exploring new investment avenues, the GP5479US form stands as a crucial tool in the effective management of retirement savings.
Includes: Withdrawal – Eligible for Rollover Form
Same goal. New choices.
Whether you’re changing jobs or retiring, it’s important to understand your options so you can make an informed decision about what to do with your retirement plan savings at John Hancock. Read more about your choices and next steps, then complete the attached form – or give us a call. We’re here to help.
You have two ways to take action:
Call John Hancock at 1-888-695-4472
Our Rollover Specialists will help answer questions about the options available to you:*
-Keep your money in the Plan
- Roll over to a John Hancock IRA - Roll over to another IRA
- Roll over to new employer-sponsored plan
-Take a cash distribution (see box at right)
We’ll introduce you to your plan’s financial representative if applicable
We’ll help you complete the process, including filling out any paperwork
Work with your financial representative or do-it-yourself
Review your options with your financial representative*
Fill out the attached Withdrawal – Eligible for Rollover Form
Return it based on the instructions provided to you by your plan administrator
Our Rollover Specialists are here to make your
transition a smooth one. Call us at 1-888-695-4472.
*Each distribution option has its own potential advantages, disadvantages and tax consequences. Anyone interested in these transactions or topics should seek advice based on his or her particular circumstances from independent professional advisors. There may be additional distribution options that are available only under your specific plan. Please check with your plan administrator for more information.
John Hancock Personal Financial Services, LLC, also referred to as “John Hancock”, is an affiliate of John Hancock Retirement Plan Services.
Group annuity contracts and recordkeeping agreements are issued by: John Hancock Life Insurance Company (U.S.A.) (“John Hancock USA”), Boston, MA (not licensed in New York) and John Hancock Life Insurance Company of New York (“John Hancock NY”), Valhalla, NY. Product features and availability may differ by state. John Hancock USA and John Hancock NY each make available a platform of investment alternatives to sponsors or administrators of retirement plans without regard to the individualized needs of any plan. Unless otherwise specifically stated in writing, John Hancock USA and John Hancock NY do not, and are not undertaking to, provide impartial investment advice or give advice in a fiduciary capacity.
NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
© 2019 All rights reserved.
GP5479US (2/2021)
G-P 37398-GE 01/19-37398
Reset Form
Withdrawal - Eligible for Rollover
Important Information about this Form
Your plan may require you to provide supporting documents or additional information before your request can be processed.
As the participant, you complete Sections 1 - 7 of this form and return it to your Plan Representative.
As the Plan Representative, you review Sections 1 - 7, and complete Sections 8 - 10 of this form.
If the participant address provided below is new or different than what is currently on record with John Hancock Retirement Plan Services, we will update our records accordingly. Ensure your next census submission includes revised employee information to avoid your file superseding the information supplied on this form.
A 1099R form will be issued for each distribution and loan default (if applicable) by January 31 of the following year.
This request is subject to the processing and procedure guidelines contained in John Hancock’s Administrative Guidelines for Financial Transactions (“AGFT”). The latest AGFT is available on the John Hancock plan sponsor website or you may contact your John Hancock representative for a copy.
All changes must be initialed in pen (including numbers crossed out or changed using correction fluid).
1. General Information
The Trustee of
{Contractholder_name}
Plan (“the Plan”)
{ContractNum2}
Contractholder Name
Contract Number
{Participant_name}
{SSN}
Participant Name as displayed on your Social Security Card (Last Name, First Name, Initial)
Participant Social Security Number (Full SSN Required)
Date
{ppt_address}
of Birth {DCCIASec3EffectiveDate}
Participant Address – Street Address
Participant
{PhoneNumber}
{ppt_cszip}
Phone No.
City, State, Zip Code, Country
2. What is the reason for your withdrawal? – Select ONE option only
It is the responsibility of the Plan Administrator, and not of John Hancock Retirement Plan Services, to ensure that the participant is permitted under the terms of the Plan to receive the distribution selected below.
TE –
Termination date
RE –
Retirement date
IR –
Employee Money Transferred into Plan
DI –
Disability
(Must complete Section 3B)
VC –
Employee Voluntary Money
PD –
Early/Pre-Retirement
(If permitted by the Plan)
Information about Deferred Distributions
Section 1102 of the Pension Protection Act of 2006 requires plans to notify participants that they have the right to defer distributions as well as the consequences of making that choice. The investment options available under your group annuity contract as well as the fees related to the investment options are part of this consideration.
For a description of the investment options available under your group annuity contract, including fees:
Log onto www.johnhancock.com/myplan.
Select: Your contract reports - Investments - Contract investment options and view Selected investment options only. Alternatively, participants may obtain this information by calling our toll free service line at 1-800-395-1113.
You should also review your plan's Summary Plan Description (SPD) which may contain special provisions that may materially affect your decision to defer a distribution. For a copy of the SPD, please contact your Plan Administrator.
Page 1 of 9
3. How much do you want to withdraw? Select ONE option only
If no option is selected a TOTAL withdrawal will be processed.
The amount or percentage below will be withdrawn as a gross withdrawal before income tax withholding.
A - Withdraw 100% of my vested account value
OR
B - Withdraw only a portion of the funds in my plan as follows - Tell us how much to withdraw from each eligible money type (Amount or Percentage). Completing the Investment Fund Code is not mandatory. If the Investment Fund Code is left blank, John Hancock Retirement Plan Services’ standard withdrawal order will be used.
Money Type
Investment Fund
Amount
Percentage
(Mandatory)
Code (Optional)
{PortionType1}
{PortionFund1}
${PortionAmt1}
{PortionPct1}%
{PortionType2}
{PortionFund2}
${PortionAmt2}
{PortionPct2}%
{PortionType3}
{PortionFund3}
${PortionAmt3}
{PortionPct3}%
4. What do you want to do with your money?
Complete Section A if you wish to make your distribution payable to only a single destination. For multiple destinations, complete Section B.
A - Send my payment to ONE destination only - Select ONE option only.
Direct Rollover to an IRA or Roth IRA - Complete Section 5A or 5B
Direct Rollover to Employer Sponsored Qualified Plan - Complete Section 5C Payment Directly to Me - Complete Section 5D
Pay to the Plan Trustee for Deposit into the Plan’s Trust Account - A check will be mailed to the Trustee address on record with John Hancock Retirement Plan Services unless EFT instructions are provided in Section 5C. Taxes will not be withheld and a 1099R Form will not be issued. The Plan Trustee will be responsible for implementing the participant's direction and performing the applicable withholding and reporting obligations. Continue to Section 6.
Leave my money in the Plan. You may defer your distribution to a later date. Consult your Plan Administrator. Continue to Section 6.
B - Send my payments to MULTIPLE destinations - If applicable, you may provide separate instructions for the taxable and non taxable money that make up your requested withdrawal.
•IRC § 402(c)(2) will apply to any request withdrawing only a portion of the funds in your plan (Section 3B).
•Payments directly to you will be deemed to come first from non-taxable amounts (from Non-Roth After-Tax contributions then Roth contributions followed by taxable amounts) in the following order: Non-Roth After-Tax earnings, Roth earnings and Pre-Tax accounts.
•Payments directly to you will be processed first. Any remaining funds will be directly rolled over to the appropriate rollover vehicle indicated below.
•Your withdrawal will be processed in accordance with the time frame described in our Administrative Guidelines.
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•Split my payment - Select all the applicable options below and then complete the next Section.
{F34}
{F36}
{F45}
Pay directly to me $ {TaxDollar}
(Section 5D)
Pre-Tax and Non-Roth After-Tax:
{F37}
Non Taxable balance directly rolled over to:
{F38}
Traditional IRA
{F39}
Roth IRA
{F40}
Employer Sponsored Qualified Plan
(Section 5A)
(Section 5B)
(Section 5C)
{F41}
Taxable balance directly rolled over to:
{F42}
{F43}
{F44}
Roth:
Directly rolled over to:
{F46}
{F47}
A Designated Roth Account
in an Employer-Sponsored Qualified Plan
5. Where do you want your money sent?
Select and complete option(s) A, B, C, and/or D (as applicable)
Federal law requires that 20% of the taxable amount of an eligible rollover distribution be withheld, unless payment is directly rolled over to an eligible retirement plan. The amount withheld may not represent your entire tax bill. The rollover will be reported to the IRS and you are responsible for the payment of the income tax(es) that apply in connection with the rollover. Please refer to the Special Tax Notice provided by your Plan Administrator regarding these tax rules. Contact your tax advisor or Plan Administrator if you have any questions.
A - Traditional IRA
{F51} Direct Rollover to the following John Hancock product. Your funds will be transferred automatically by wire. You must provide the account number. For more information contact John Hancock at 1-888-695-4472.
Elect one:
{F49}
{F53}
{F52}
John Hancock Investments Rollover IRA
Account Number: {AccNum1}
John Hancock Managed IRA
Account Number: {AccNum2}
John Hancock GIFL Rollover Variable Annuity IRA
Account Number: {AccNumG1}
{F55} Direct Rollover to another Financial Institution
Account Number: {AccNum3}
{RO_ Inst_Name}
Financial Institution Name
{RO_ Inst_Addr}
Financial Institution Address – Street, City, State, Zip Code, Country
Electronic Fund Transfer Information (REQUIRED)
You must provide electronic fund transfer information below, unless the financial institution requires a check be issued. Where a check is issued it will be mailed according to the standard mailing instructions on file with John Hancock Retirement Plan Services, as established by the Plan Trustee.
Expected Delivery: •
Checks: 7-10 business days • Direct Deposit: 2-3 business days • Wires: 1-2 business days
Electronic Fund Transfer Details
Direct Deposit
Wire – Verify with receiving bank if they accept wires and/or charge a fee
Provide Domestic Bank details:
{BankName}
Bank Name
{BankABA}
{BankAcctNo}
Bank ABA/Routing (9 digits)
Bank Account No.
{F64}
For international banks, complete and attach the International Banking Instructions form.
Page 3 of 9
B - Roth IRA
{F62} Direct Rollover to the following John Hancock product. Your funds will be transferred automatically by wire. You must provide the account number. For more information contact John Hancock at 1-888-695-4472.
{F66}
{F68}
{F69}
Account Number: {AccNumR1}
Account Number: {AccNumR2}
Account Number: {AccNumRG1}
{F72} Direct Rollover to another Financial Institution
Account Number: {AccNumR3}
{RO_ Inst_NameR}
{RO_ Inst_AddrR}
{BankNameR}
{BankABAR}
{BankAcctNoR}
{F82}
C - Employer Sponsored Qualified Plan
The Trustee of {Trustee_Name}
{PContractNum}
Plan Name
Plan Account Number
{RO_ Inst_NameEP}
{RO_ Inst_AddrEP}
Page 4 of 9
{BankNameEP}
{BankABAEP}
{BankAcctNoEP}
{F93}
D - Payment Directly to Me – All applicable taxes will be withheld
Federal Tax
A taxable distribution (and, if applicable, each outstanding loan balance) is subject to 20% mandatory minimum federal tax withholding for a U.S. person (including a U.S. resident alien).
To request a higher tax rate, specify a whole number above 20%: {TaxPercent} % (refer to DOL Field Assistance Bulletin 2004-02 for details).
OR {F96} I am neither a U.S. person nor a U.S. resident alien. Country of residence: {CountryRes}
Unless I have attached a completed IRS Form W-8BEN, withholding federal tax of 30% will apply.
Page 5 of 9
State Tax Withholding Instructions
State of
Enter state of residence at time of withdrawal if state tax withholding should be taken for a state
Residence
other than the state provided to us.
State of Residence
Options for State Tax Withholding
AR, DC, KS, MA, MD, ME, NC, NE,
You may not opt out. Since your distribution was subject to federal income tax, these states
OK, VA, VT
require mandatory state withholding based on the states’ applicable minimum requirements.
Generally, state tax withholding will be applied to your taxable distribution at the rate of
6.99%. However, if you elected a partial withdrawal, a flat dollar amount may be withheld
instead, but the amount must be calculated based on a completed CT-W4P form provided to
CT
the Plan Administrator. If no amount is indicated, 6.99% will be withheld.
{F100}
I elected a partial distribution on this form and provided a completed CT-W4P to my
Plan Administrator. The calculated amount to be withheld is: ${TaxDollar6}
State tax withholding will be applied to your taxable distribution unless one of the following
boxes is checked below:
{F98}
I elect to opt out of withholding. (This option is only available for residents of Michigan.)
MI, IA
{F99}
I am eligible to claim exemption of $ {TaxDollar2}
; withhold tax only on the
taxable, distributed amount that is in excess of the exempt amount.
If you check one of the boxes above, you are required to return a completed Form W-4P to
your Plan Administrator. Ensure that the election made above is consistent with the election
made on your completed Form W-4P.
CA, OR
You may opt out of the mandatory state withholding by checking here. {F101}
AL, CO, DE, GA, ID, IL, IN, KY, LA,
You may elect voluntary state income tax withholding by providing a percentage or whole
dollar amount to be applied for state tax withholding here. Some states mandate a minimum
MN, MO, MT, ND, NJ, NM, OH,
and/or maximum percentage.
SC, UT, WV, WI
{TaxPercent2} % or $ {TaxDollar3}
Expected Delivery: • Checks: 7-10 business days • Direct Deposit: 2-3 business days • Wires: 1-2 business days
Direct Deposit – My personal bank account is
Checking
Savings
Provide domestic bank details:
{BankName4}
{BankABA4}
{BankAcctNo4}
{F111}For international banks, complete and attach the International Banking Instructions form.
6. Waiver of Waiting Period
In general, you have a right to a period of at least 30 days to consider the decision of whether to elect a withdrawal from the day that you receive the Special Tax Notice from your Plan Administrator. However, if your plan permits, you may elect to waive this 30-day waiting period and have your benefit paid earlier. To waive the waiting period, check below:
I wish to waive the 30-day waiting period
The information provided in this section shall not be maintained or acted upon by John Hancock Retirement Plan Services.
Page 6 of 9
7. Participant Signature
If my withdrawal is made from Funds with the Guaranteed Income feature, I acknowledge that I have read and reviewed the Guaranteed Income feature brochure and fully understand the consequences and impact that my withdrawal will have on my Benefit Base and other benefits provided by this feature. I understand that a brief outline of the terms and conditions governing my withdrawal is also contained in the summary entitled “Important Information about the Guaranteed Income Feature” which can be found on the John Hancock Retirement Plan Services participant website or obtained from my Plan Administrator.
John Hancock Retirement Plan Services may charge a fee for this withdrawal request. Other charges or fees may also apply. Please refer to your plan’s 404a-5 Plan & Investment Notice available on the participant website at www.johnhancock.com/myplan for further details.
For participants under a contract issued by John Hancock Life Insurance Company of New York, any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information, or conceals for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime, and shall also be subject to a civil penalty not to exceed five thousand dollars and the stated value of the claims for each such violation. For all other states, civil penalties may apply.
Certification required of U.S. persons only (including U.S. citizens or U.S. resident aliens).
Under penalties of perjury, I certify that:
1.The number shown in Section 1 of this form is my correct taxpayer identification number, and
2.I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding, and
3.I am a U.S. citizen or other U.S. person, including a U.S. resident alien (as defined in the IRS Form W-9 instructions).
Certification Instructions
You must check the box below if you have been notified by the IRS that you are currently subject to backup withholding because you failed to report all interest and dividends on your tax return.
{FCB1} I am subject to backup withholding as a result of a failure to report all interest and dividends.
Since the Plan is an account held in the United States, you are not required to provide a code indicating that you are exempt from FATCA reporting.
The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.
Please note that, by signing this form, you declare that you make the above certifications under penalties of perjury. Under penalties of perjury, I certify the above statements.
{FNamePrint}
{FSigDate}
Signature of Participant
Name - please print
The following sections are to be completed by the Plan Representative.
8. Withdrawal Details
Has the final contribution been submitted for this participant?
If the final payroll for this participant has not been submitted
to John Hancock Retirement Plan Services, provide the final payroll ending date.
If a date is provided, John Hancock Retirement Plan Services will coordinate processing of this distribution with receipt of the final payroll to avoid additional contribution payouts that often remain uncashed.
Is the participant withdrawing In-Plan Roth Rollover (IRR) assets?
For a total withdrawal, we will report the original rollover amount processed as the amount allocable to IRR assets. For a partial withdrawal, provide the amount allocable to IRR assets $ {TaxDollar4}
Note: All Roth assets held by the participant would need to be taken into consideration when calculating the amount allocable to the IRR. If left blank, we will report the amount requested as being first allocable to the IRR assets.
Page 7 of 9
It is important that information on the allocable amount be provided to John Hancock Retirement Plan Services if this allocation order is not consistent with the terms of your Plan.
IRS Distribution Code
The applicable IRS distribution code will be based on the type of distribution and/or age of the participant.
If the early distribution exception code applies check here.
(Code 2 will be applied)
Code B will be included with the applicable code if the distribution includes Designated Roth contributions and the combination is valid.
Loans
If a loan is active at time of distribution (Termination, Retirement or Disability), we will apply the applicable age dependent loan distribution code.
Loans can only be rolled over to an employer sponsored qualified plan.
If the loan rollover code applies check here.
(Code G will be applied)
Vesting percentage(s)
Vesting is mandatory for partial and total termination, retirement, disability and total early/pre-retirement withdrawals.
The unvested money will be forfeited using instructions given in the Employer Unvested Money section below. For all other withdrawals vesting is not required.
% for ALL Employer money types
Vesting varies by money type as indicated below
%
ER Match
{VestPct}
Profit Sharing
{VestPct2}
Employer Unvested Money
Other ER Money
{PortionTypeER1}
{VestPct3}
{PortionTypeER2}
{VestPct4}
{PortionTypeER3}
{VestPct5}
{PortionTypeER4}
{VestPct6}
If no box is selected below, direction for forfeitures previously provided to John Hancock will be applied to any unvested money in the participant’s account. If no direction for forfeitures has been provided and no box is selected below, any unvested money will remain in the participant’s account invested according to the current investment instructions.
If you determine the unvested portion of the account is not forfeitable, then you may wish to select leave in participant’s account as invested so that the participant continues to have the ability to direct the investment of the full balance of his/her account (including any unvested money).
Transfer to Cash Account
Pay outstanding John Hancock charges
Refund to Plan Trustee
Leave in Participant account and transfer to default fund
Leave in Participant account as invested
9. Third Party Administrator (TPA) Withdrawal Fee
${TaxDollar5}
{TaxPercent4}%
Flat Fee Amount
Percentage of
Invested Balance
John Hancock Retirement Plan Services is not responsible for any uncollected fee amounts as a result of insufficient funds. These shortages will be reported on the transaction and summary confirmations.
No Fee will be applied if this section is not completed.
Page 8 of 9
10. Trustee/Authorized Signer Signature
If the participant fails to sign the Signature section, the Trustee/Authorized Signer below certifies, under penalties of perjury, that based on the plan sponsor's record, (i) the name shown on this form is the legal name of the participant; (ii) the number shown on this form is the correct taxpayer identification number (Social Security Number) of the participant; and, (iii) the participant is a U.S. person (including a U.S. resident alien) unless indicated otherwise above. I acknowledge that John Hancock Retirement Plan Services will rely on this certification in determining the tax withholding and reporting requirements applicable to the requested distribution and agree to hold John Hancock Retirement Plan Services harmless for any errors made in reliance upon this certification.
I hereby authorize John Hancock Retirement Plan Services to rely and act upon the instructions provided on this form. I understand that it is my responsibility to ensure that the withdrawal(s) requested herein are permitted by law and, if applicable, consistent with the terms of the Plan. If the amount withdrawn is paid directly to the Plan Trustee, I also agree and acknowledge that I am responsible for the proper handling of the funds in accordance with the requirements of the law.
I certify that all the above information is complete and correct, that the required participant elections and consent and, if applicable, spousal consent for married participants as required by IRC Sec. 417, have been properly obtained, and that the funds being withdrawn are not for the purpose of prohibited transactions as defined in IRC Sec. 4975. I also certify that all necessary and applicable information required to be furnished to the participant under IRC Sec. 417 and an explanation of the direct rollover option and related tax rules required by IRC Sec. 402 have been provided. I also certify that, if applicable, (i) the participant has waived the 30-day waiting period; and (ii) the Withholding Certificate for Pension or Annuity Payments (Form W-4P) for the states of Michigan and Iowa have been properly obtained, completed in accordance with Michigan and Iowa law, and that any amount exempt from state tax withholding described above accurately reflects such Withholding Certificate submitted by the participant.
In the event that the participant is under the age of 18, I certify that consent to this request has been obtained from the parent or legal guardian authorized to act on the participant's behalf.
I hereby direct John Hancock Retirement Plan Services to pay to the Third Party Administrator currently on record the above referenced fee (if applicable). I understand that this fee will be deducted from the participant's account balance at the time of the distribution using standard withdrawal protocol and will be held in the general business account of John Hancock Retirement Plan Services until paid to the Third Party Administrator. I hereby represent that this fee is in accordance with the fee schedule that has been approved by the plan's trustee or named fiduciary as reasonable and authorized under the terms of the plan.
On behalf of the Plan Sponsor, the Plan and its related trust, and the Plan Trustee or named Fiduciary, I further agree to indemnify and hold harmless John Hancock Retirement Plan Services, its employees, agents, directors, and officers from any liability, penalties, and taxes that may be incurred as a result of the requested distribution giving rise to one or more prohibited transactions or for implementing requests (including, if applicable, a direct rollover request) based solely on the instructions provided on this form, or if any of the certifications provided on this form are incorrect.
Signature of Trustee/Authorized Signer
Page 9 of 9
With retirement on the horizon or a job change underway, deciding the best course of action for your retirement plan savings is crucial. Whether considering rolling over your savings to an Individual Retirement Account (IRA) or opting for a cash distribution, it's imperative to weigh the potential taxes and penalties that may apply. The Withdrawal – Eligible for Rollover Form serves as your guide to making an informed decision that aligns with your financial goals. By completing this form, you embark on a path toward managing your retirement savings efficiently. Below are the steps to fill out the form accurately, ensuring your choices are recorded correctly.
Upon submitting the form, a 1099R form will be issued for each distribution or loan default by January 31 of the following year, documenting your decision for tax purposes. It’s essential to consider the implications of your choices on your financial future and seek guidance from a financial advisor if needed. This form is a step toward a financially secure retirement, reflecting your chosen path for your savings post-employment or upon retiring.
The GP5479US form is a document for participants of John Hancock retirement plans who are considering a distribution from their retirement savings. It includes information for those changing jobs or retiring, outlining the options for their retirement plan savings. This form allows for rollovers, direct distributions, and other actions regarding their retirement funds.
Any participant in a John Hancock retirement plan who wishes to make a withdrawal or rollover from their plan must complete the GP5479US form. This includes those who are changing jobs, retiring, or simply wish to take a cash distribution. It's essential for making informed decisions about retirement savings management.
Participants have several options for managing their retirement funds, each with distinct implications:
Each option has its advantages, disadvantages, and tax consequences that need careful consideration.
John Hancock's Rollover Specialists are available to assist participants through the process. They can answer questions about the options, introduce you to a financial representative if applicable, and help complete any necessary paperwork. Assistance is available by calling John Hancock at 1-888-695-4472.
To fill out the form, participants must provide:
Yes, federal law requires that 20% of the taxable amount of an eligible rollover distribution be withheld unless it is directly rolled over to an eligible retirement plan. The 1099R form will be issued for the distribution, which must be reported to the IRS. Participants are responsible for the payment of income taxes that apply to the rollover. It's advised to consult a tax advisor for personalized guidance.
Your plan may require supporting documents or additional information before your request can be processed. It is advised to check with your plan administrator for the specific requirements of your plan. Ensure all required documentation is complete and submitted alongside the GP5479US form to prevent any processing delays.
Not checking for required supporting documents or additional information. The form makes it clear that some requests may necessitate further documentation or details before they can be processed. Skipping this step could lead to delays or the rejection of the request.
Incorrectly completing the withdrawal amount or destination sections. Participants have the option to withdraw a full amount or a partial amount and must specify where the money should go. Errors in these sections could result in the wrong amount being processed or funds being sent to an unintended destination.
Failing to accurately update personal information. If there's a change in the participant's address or other personal details, this form serves as a means to update those records. Neglecting to provide accurate, updated information could result in important documents being sent to the wrong address.
Not understanding the tax implications and penalties. The form mentions that cash distributions may be subject to taxes and penalties. Overlooking this advice could lead to unexpected financial consequences for the participant.
Here are some additional points to consider:
When managing a financial transition, such as a rollover or a withdrawal from a retirement plan, understanding the necessary forms and documents is crucial. The Gp5479Us form initiates the process for individuals considering a cash distribution or rollover from a John Hancock retirement plan. In this context, several other forms and documents might play a vital role in ensuring a smooth and compliant transaction. Here is a list of those commonly used in conjunction with the Gp5479Us form:
Each document serves a distinct purpose in the broader context of retirement plan management and distribution. Accurately completing and submitting these documents as required can significantly impact the timing, taxation, and execution of retirement plan distributions. It's essential to review these forms in detail and consult with a financial advisor or plan administrator to ensure compliance and to make the most beneficial decisions based on individual financial situations and goals.
The 401(k) Distribution Form is similar to the GP5479Us form as both are used for the withdrawal of retirement savings. They allow participants to choose between cash distributions, rollovers to an IRA or another employer's plan, or leaving the funds in the current plan. Each provides details on tax implications and requires participant details including the reason for the withdrawal.
The IRA Rollover Form closely resembles the structure and purpose of the GP5479Us form, as it facilitates the transfer of funds from a retirement plan into an IRA. Both forms involve specifying the amount to transfer and choosing between a direct rollover or cash distribution, highlighting the need for accurate personal and financial information.
The 403(b) Plan Distribution Request Form serves a similar function by allowing participants of 403(b) plans to request distributions, whether as a rollover to another retirement account or as a cash withdrawal. Similarities include sections for personal information, withdrawal reasons, the withdrawal amount, and tax considerations, akin to the GP5479Us form.
The 457 Plan Withdrawal Request Form matches the GP5479Us form in providing options for employees to take distributions from their 457 retirement plan. Both include choices for rollovers, cash distributions, and deferring the withdrawal, along with detailed sections for participant information and tax advisories.
Profit Sharing Plan Distribution Form parallels the GP5479Us form in purpose, helping participants withdraw or rollover funds. Both documents guide the user through choosing the distribution method, specifying withdrawal amounts, and understanding the tax and potential penalty implications.
The Thrift Savings Plan (TSP) Withdrawal Request Form has objectives similar to the GP5479Us form, enabling federal employees to withdraw or rollover their TSP account funds. Each form requires detailed account information, beneficiary details, reasons for the withdrawal, and instructions for the distribution method.
The Simplified Employee Pension (SEP) Withdrawal Form serves a purpose akin to the GP5479Us by facilitating distribution or rollover of SEP IRA funds. Both demand thorough participant information, distribution reason specification, and offer various distribution options while underscoring tax implications.
The Defined Benefit Pension Plan Payment Election Form is used by participants in defined benefit plans to elect pension payments or lump sum withdrawals, similar to the choices provided in the GP5479Us form. Both forms include options for rollovers, direct payments, and require detailed beneficiary information.
The Nonqualified Deferred Compensation Distribution Request Form is comparable to the GP5479Us form as it deals with distributions from nonqualified deferred compensation plans. Likewise, it details distribution options like lump sum withdrawals, rollovers, and in-kind transfers, including tax information and participant identification.
Completing the GP5479US form is a critical step in managing your retirement plan, especially when considering a withdrawal. To ensure a smooth process, here are some dos and don'ts to keep in mind:
Handling your retirement plan with care is essential. By following these guidelines, you'll be better equipped to make decisions that align with your financial goals.
When it comes to retirement planning and managing retirement savings, understanding the specific functions and implications of various forms, such as the GP5479US form, is crucial. Yet, there are numerous misconceptions about these forms. Let’s debunk some common myths about the GP5479US form:
Understanding the GP5479US form and its complexities can significantly impact retirement planning and savings management. By dispelling these myths, individuals are better equipped to make informed decisions that align with their financial goals and retirement plans.
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