Important Plan Information
THE TRUSTEES OF HUBBARD & DRAKE GENERAL / MECHANICAL CONTRACTORS, INC. 401(k) PROFIT SHARING PLAN
 
As of August 22, 2022
 
This notice, comprised of three sections, provides you with important information regarding your retirement plan. Section I includes general operational and identification information. Section II outlines information regarding charges for administrative expenses. Section III lists the individual expenses for services you may choose to elect. Comparative information about the investment options available under your plan, including applicable fees for those options, can be found in the Investment Comparative Chart.
 
SECTION I: General Plan Information	
 
The following provides an explanation of how you may direct investments in the Plan and outlines the restrictions and policies that apply to the investment options available under your Plan:
 
How to provide your investment instructions
You can direct your Plan investments using any of the following:
•	Enrollment form
•	Investment change form
•	Participant website at www.jhpensions.com
•	Participant services toll-free line at 800-395-1113 or 800-363-0530 for Spanish
 
You may direct the investment of the funds held in your plan account to any of the investment options outlined in the Investment Comparative Chart.  If no investment instructions are provided, you will be default enrolled in the JH Multimanager Balanced LS.  See the Investment Comparative Chart for all investment expenses and performance.
 
Timelines regarding your investment instructions
Investment Instructions:
•	Can be given using the options outlined above
•	Can be given at any time
•	Are generally processed on the same business day, provided they are received by John Hancock before 4 p.m. EST (or before the New York Stock Exchange closes). If received on or after 4 p.m. EST, they will be processed the next business day.
 
Short-term Trading Policy
Changes to your investments under your qualified retirement plan account are subject to the following short-term trading guidelines of John Hancock and may be cancelled if not within these guidelines:
•	Investment exchanges can be made up to a maximum of two exchanges per calendar month.
•	In the event that there may be extreme market or personal circumstances requiring you to make an additional change, you may move 100% of your assets to the Money Market Fund after the exchange limit has been reached; no subsequent exchanges may be made for 30 days. Once the 30-day hold has expired, you can then trade again in accordance with the above guideline.
•	At the request of the fund company of an underlying fund, and as outlined in their prospectus, the following additional restrictions may be imposed on your account, including but not limited to:
•	Applying redemption fees and/or trade restrictions which may be more restrictive than the above guidelines,
•	Restricting the number of exchanges made during a defined period,
•	Restricting the dollar amount of exchanges,
•	Restricting the method used to submit exchanges (i.e. requiring exchange requests to be submitted in writing via U.S. mail),
•	Restricting exchanges into and out of certain investment options.

Redemption fees
An underlying mutual fund of a Sub-account may apply a redemption fee or other fee for certain investment transfers.
•	This fee is deducted from your account.
•	For a list of the funds that have redemption fees, refer to the Investment Comparative Chart or go to the investment options tab at www.jhpensions.com for the most recent listing.
 
Restrictions regarding investing in the Guaranteed Interest Accounts
If you choose to invest in a Guaranteed Interest Account, the following restrictions apply:
•	In each reporting year, you may transfer at book value up to 20% of your opening account balance of each Guaranteed Interest Account to any investment option outlined in the Investment Comparative Chart on the following dates Jan 15, Apr 15, Jul 15, Oct 15. All transfers from any Guaranteed Interest Account to the Money Market Fund may be subject to a Market Value Adjustment (lesser of book or market value).
•	Any transfer that is in excess of the 20% limit (and any Guaranteed Interest Account transfer made on a date other than the dates specified above) may be subject to a Market Value Adjustment (lesser of book or market value).
•	A market value formula will apply to the following withdrawals which may result in a Market Value Adjustment (lesser of book or market value):
•	Plan Discontinuances
•	In-service Withdrawals
•	Pre-retirement withdrawals at 59 1/2
•	Withdrawals of employee voluntary (after-tax) monies
•	For questions or more details on whether a market value adjustment will be applied, call the John Hancock participant services toll free line at 800-395-1113 or 800-363-0530 for Spanish.
•	Note: Transfers between Guaranteed Interest Accounts (e.g. 3-yr to 5-yr) are not permitted.
 
Designated Investment Alternatives
Your Plan provides designated investment alternatives into which you can direct the investment of your account balance.
•	For a full listing of these Funds, including applicable important information, refer to the Investment Comparative Chart.
•	A listing of the Funds available for selection can also be accessed under the investment options tab on the Participant website at www.jhpensions.com.
 
Designated investment manager
Financial Consulting Group
Jeremy Plyler 
901-309-2687
jplyler@fcgtn.com 
 
SECTION II: Administrative Expenses	
 
Your Plan incurs certain administrative and operating expenses each year.  These expenses are for the following services:
•	Legal services
•	Retirement Plan Accounting and Compliance
•	Recordkeeping services
•	Investment Services
 
The cost for these services fluctuates each year based on a variety of factors.
 
Hubbard & Drake General/Mechanical Contractors, Inc., at its own discretion, may elect to pay some or all of these Plan administrative expenses.  To the extent these expenses are not paid by the Plan Sponsor, the Plan may charge these expenses against your account on a pro-rata basis.  These expenses will be deducted directly from your account on a quarterly basis and will appear on your quarterly benefit statement.

SECTION III: Individual Expenses	
 
Your Plan imposes additional charges if you elect to use certain services/features. These charges are imposed specifically against your account, and are not imposed on a plan-wide basis.
 
As of August 22, 2022 the fees listed below apply if you use any of the services or features below:
 
	Fee type	
Amount	

Detailed Statement Fee	
$1 per statement per quarter	

Distribution Processing Fee	
$75 per distribution