To borrow against your John Hancock retirement plan, you complete a loan request either online at myplan.johnhancock.com or on a paper John Hancock loan request form obtained from your plan representative. You fill in your personal details, where to send the money, and your signature; your plan representative fills in the loan amount, rate, and repayment terms; and the completed form goes to John Hancock for processing. Most requests are processed within three to five business days once they arrive.
Where to Get the Form
The fastest route is the online loan tool inside the John Hancock participant portal. After logging in at myplan.johnhancock.com, select “Manage” and then “Loans” from the dashboard. The portal walks you through the request, calculates repayment scenarios on the spot, and generates the required legal disclosures automatically once you submit.1John Hancock. Online Loans Participant Flyer
If your plan doesn’t support online loans or you prefer paper, ask your employer’s HR department or plan representative for a blank form. John Hancock also publishes PDF versions for specific plan types, such as the non-ERISA 403(b) annuity loan form available on its website.2John Hancock. John Hancock Loan Request Form The exact form depends on whether your plan is a 401(k), 403(b), or another qualified arrangement, so confirm with your plan representative before filling anything out.
Completing the Paper Form
Participants complete the first three sections. The plan representative, typically someone in HR or at the third-party administrator, handles the remaining sections after reviewing your entries.3John Hancock. John Hancock Loan Request
Section 1: General Information
Enter your full legal name, Social Security number, date of birth, mailing address, and phone number. Everything here must match what John Hancock already has on file. A mismatched address or a transposed digit in your Social Security number is one of the most common reasons a request gets kicked back.
Section 2: Electronic Fund Transfer Details
This section tells John Hancock where to send the loan proceeds. Choose between direct deposit to a checking or savings account and a wire transfer, then provide the bank’s name, nine-digit ABA/routing number, and your account number.1John Hancock. Online Loans Participant Flyer Check these numbers against a recent bank statement or voided check. A single wrong digit sends the money to the wrong account and creates a recovery process that can take weeks.
If your plan allows loan repayments by automated electronic payment from a personal bank account rather than payroll deduction, you can set that up here by providing a voided check and selecting the automated electronic payment option.2John Hancock. John Hancock Loan Request Form
Section 3: Participant Signature
Sign and date the form. An unsigned form won’t be processed. If your plan requires spousal consent under Internal Revenue Code Section 417, your spouse also signs here. Plans subject to that rule are typically defined-benefit plans or certain money-purchase pension plans; most 401(k) plans don’t require it unless the plan document says otherwise. Ask your plan representative if you’re unsure.
What Your Plan Representative Fills In
After you hand the form over, your plan representative completes the loan details: the dollar amount, maturity date, interest rate, expected repayment amount, and loan type. They also specify the withdrawal order, meaning which investment sources fund the loan, and any third-party administrator loan-issue fee your plan charges.3John Hancock. John Hancock Loan Request A trustee or authorized signer then reviews everything and signs off before the form goes to John Hancock.
The forms generally list four loan types: general purpose, purchase of a primary residence, hardship, and disaster relief.3John Hancock. John Hancock Loan Request The type you pick determines your repayment window and whether you need to supply documentation. General-purpose loans require no proof of how you spend the money; a primary residence loan requires evidence that the funds went toward acquiring the home.
Doing It Online Instead
The portal request happens in two phases: building the request and then accepting the final terms.
In the first phase, after selecting “Manage” and “Loans,” you complete the loan details section, including vesting information. The portal lets you model different dollar amounts and repayment scenarios side by side; select “Remember this scenario” to save one while you try another.1John Hancock. Online Loans Participant Flyer Once you settle on an amount, the system asks whether you’re married and why you’re taking the loan, then prompts you to confirm your email address for notifications. Review the summary screen and select “Send for review.” Your plan administrator verifies the information, including the loan’s minimum and maximum limits.
In the second phase, after the administrator approves, you receive a prompt to accept the loan. You review and acknowledge three legal documents: a Truth in Lending Notice, a Non-Negotiable Promissory Note and Irrevocable Pledge and Assignment, and an Authorization. Confirm your payment instructions, make any final edits, and select “Send for approval.” These documents become available on the loan details page once the request is finalized.1John Hancock. Online Loans Participant Flyer
Submitting the Paper Form
Once your sections are complete, hand the form to your plan representative so they can finish the remaining sections and sign off. The representative then submits the completed form to John Hancock through one of these channels:
- Secure upload through the participant portal’s document upload feature. This is the fastest option and provides an on-screen confirmation once the file is received.
- Fax to the number listed on your plan’s instruction page. Include the Plan Contract Number on the fax cover sheet so the intake team can route it correctly.
- Mail or overnight delivery to the John Hancock office address printed on your plan’s instructions. Use a trackable shipping method so you can confirm delivery.
The fax number and mailing address vary depending on your specific plan type. Check the instruction sheet that accompanies your form or contact John Hancock’s participant support line for the correct destination.
Processing Time and Disbursement
Once John Hancock scans the form into its system, processing typically takes three to five business days. If something is missing or a field doesn’t match the records on file, John Hancock sends a notification to your email or mailing address. Responding quickly keeps the clock from resetting.1John Hancock. Online Loans Participant Flyer
After approval, the funds are scheduled for disbursement. Direct deposits generally land in your bank account within two to three business days. A physical check, if your plan offers that option, can take up to ten business days to arrive by mail. John Hancock sends a confirmation notice once the money leaves the plan, showing your repayment start date, interest rate, and payment amount. Check your next paystub to confirm the payroll deductions have started as scheduled.
Limits to Know Before You Request
A few boundaries on the form itself are worth checking before you fill anything in, because they decide whether your request will even clear.
Federal law caps plan loans at the lesser of $50,000 or half your vested account balance.4Office of the Law Revision Counsel. 26 USC 72 – Annuities; Certain Proceeds of Endowment and Life Insurance Contracts Your plan may set lower limits. General-purpose loans must be repaid within five years; primary-residence loans can carry a longer term set by your plan.
John Hancock also limits how many loans you can have open at once. On 403(b) annuity contracts, only one loan per contract can be outstanding at any time, with a maximum of two loans per calendar year and no more than one loan every 30 days.2John Hancock. John Hancock Loan Request Form Rules for 401(k) plans vary by plan document, so confirm your plan’s specific limit with your administrator before submitting a request that may be rejected on count alone.
One more point the form doesn’t warn you about: if you leave your employer with an outstanding balance, many plans require full repayment within 90 days of your termination date, and an unpaid balance becomes taxable income. If a job change is on the horizon, factor that into the amount you request.