10 As long as you are an eligible participant in the plan, loan payments are made through payroll deductions. If you are no longer eligible to participate in the Plan or are no longer working at the employer, loan repayments may be made monthly by the borrowing Participant through a check, money order, or monthly ACH payments. If you leave employment and fail to pay back any outstanding loan in full, within 90 days after you leave, you will be deemed to have received a distribution from the Plan. You will be required to pay regular income taxes on this amount and an additional 10 percent tax penalty if you are under age 59½. If you are more than three months delinquent in your payments, the loan will be considered in default. The principal and interest owed at the time of default will be reported to the IRS as taxable income and you will receive a Form 1099-R for the applicable year in the following year. Effective January 1, 2016, if you defaulted on a loan, you are not eligible for another loan until 5 years after the date you defaulted on the first loan. Other In-Service Withdrawals In addition to loans and hardship withdrawals, you may also take a distribution of not more than the value of any after- tax elective contributions and rollover contributions. Except for loans, hardship, after-tax elective contribution and rollover contribution withdrawals, you may not take any in-service distribution before you reach age 59½. You are still considered to be in-service even if your employer no longer participates in the Plan or you have moved to employment with that employer that is not covered by this Plan. Additionally, if you are a Qualified Participant, you could take a one-time Coronavirus-related distribution up to a maximum of $100,000, but not to exceed your account balance, between January 2, 2020 and December 30, 2020. What Happens If I Die Before Receiving the Value of My Account? If you die before you receive the value of your individual account, a pre-retirement death benefit will be paid to your beneficiaries in a lump sum equal to the balance in your Individual Account. Accounts are valued daily. The lump sum payment made to your beneficiary will be the value of your account determined as of two business days before the check is drawn and mailed. If you are married, your spouse is your beneficiary unless you have designated someone else. If you have designated someone other than your spouse, your spouse must consent to your beneficiary designation in writing and your spouse’s signature must be notarized. For purposes of this SPD, the term “spouse” shall refer to the person to whom you are married under the law of the state where your marriage was performed or the state where you live. Additionally, the term “spouse” can refer to your ex-spouse if required under a Qualified Domestic Relations Order. Payments to a spouse must begin by the date on which you would have reached age 72. If you do not name a beneficiary, or if your designated beneficiary does not survive you, the pre-retirement death benefit shall be paid to your surviving spouse or, if none, to your surviving children or, if none, to your surviving parents or, if none, to the personal representative of your estate. To designate a beneficiary, you must file a beneficiary designation form. You can get a form by calling John Hancock at 833-38-UNION (833-388-6466), or by accessing the website at https:// myplan.johnhancock.com/login.