MTHA Backstretch Pension Program Upgraded With Modern Services

The Maryland Backstretch Pension Plan, which this year achieved more than 300 participants at the close of signups on June 1st, is ready to launch a new structure that will provide more options for those individuals enrolled in the plan.

The Maryland Thoroughbred Horsemen’s Association Board of Directors earlier this year approved a proposal to transition the plan from “trustee-directed” to “participant- directed” so individual participants could invest their funds according to their specific goals and objectives.  Individual account holders will therefore be able to monitor and invest their money in a variety of investment funds including numerous target date investment options. In addition, participants will also be able to make withdrawals far more easily, and at any time, as long as they qualify. Previously, participant withdrawals were restricted to predefined periods throughout the year.

Under the new plan structure, which will employ John Hancock as its recordkeeper, participants will be able to utilize John Hancock’s participant website and mobile app to view their account balances which will initially be invested in the plan’s “qualified default investment alternative” option based on the participant’s age. Account holders, however, will have the ability to make changes to their investment options through the John Hancock participant website, mobile app, or calling the John Hancock 800 number for assistance.

Each participant will have the ability to view their account details such as balance, rate of return, and the status of individual investment funds thru John Hancock’s participant website and mobile app.

To introduce the revised program, the MTHA has scheduled Zoom meeting for Tuesday, Oct. 22, at 12 p.m.

Here is the link:

‍https://manulife-johnhancock.zoom.us/j/81214527517.

The passcode is 532408.

The webinar will include information on how to register through the plan’s website, by using the John Hancock app, or by one-on-one personal enrollment with a specialist by telephone or in the MTHA office. The webinar will also include information on the various services offered and the various funds that will be available for investment purposes.

The Oct. 22 online meeting will provide a great opportunity for MTHA plan participants to ask questions about the new system and the changes to the existing pension plan structure.

Please note the webinar is for those who already are enrolled in the MTHA Backstretch Pension Plan. The MTHA will continue to have its customary annual online two-month signup period each spring.

The MTHA Board of Directors again this year authorized $1 million for Plan Year 2023-24, and it was approved by the Maryland Racing Commission. The plan is available to trainers, assistant trainers and backstretch workers, which includes grooms, exercise riders, hot walkers, pony persons and stable foremen who meet various criteria.

The MTHA reviews the annual contribution each year. The pension fund is derived from money deducted annually from the Thoroughbred Purse Account. In 2020, the MTHA shifted to online signups given COVID-19 restrictions and will continue to do so in 2025.

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