Contributions Released For Backstretch Pension Plan

Contributions to accounts in the Maryland Backstretch Pension Plan were released on October 21 for the most recent cycle.

The Maryland Thoroughbred Horsemen’s Association Board of Directors again this year contributed $1 million to the plan. There are currently 549 participants in the plan, which now has total plan assets of more than $11.7 million.

In 2024, the MTHA board approved the creation of a new “self-directed” online system for the plan. The platform allows individual account holders to actively monitor and manage their investments by choosing from a range of funds, much like traditional pension plans or 401(k)s. Participants now have the ability to make qualified withdrawals as needed and not wait for predefined withdrawal periods.

The plan operates through the John Hancock website and mobile app. Initially, funds were placed in a “default investment option,” which consists of select financial funds. However, participants can update or modify their investments to curated options at any time to suit their financial goals.

If you haven’t signed up for the online service, visit myplan.johnhancock.com or download the John Hancock Retirement app from the Apple App Store or Google Play and Click Register Now. You will need to enter your information, including the plan’s contract number 167724.

After creating a username and password, setting up security questions, and confirming your details, you’ll be able to explore the platform which offers a range of tools and resources to help make retirement planning simpler and more engaging.

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