1. Submit an application – An RSP application needs to be completed to participate in the Retirement Savings Plan (download form by clicking the application form in link above).  Once you’ve completed this form and been accepted into the Plan, you do not need to submit a new application – you need only to make sure you renew your membership by May 31st each year to continue in the Plan.  Make sure you have the application notarized before submitting to HHANE.

2. Submit a Beneficiary Designation form – When you submit your application, also submit a fully completed Beneficiary Designation form (see link above). A participant may change beneficiaries or may update beneficiary information (such as an address) at any time by submitting a new form to HHANE.

3. Make sure we know how to reach you – Please keep HHANE apprised of any changes to your contact information (address, phone, email) by completing the Contact Update form.

The HHANE Retirement Savings Plan (RSP) is sponsored by the Harness Horseman’s Association of New England (Association).

If you are not a current participant in the RSP, to be eligible to participate, you must file an application on or before May 31st of the current Plan Year, and the Association must approve your application. The Participant must also be a member of the Association by May 31st of the current Plan Year and remain a Member in Good Standing of the Association at all times. Participants must also satisfy the following specific participation requirements:

Drivers:

• If the Racing Season has at least 115 days, Drivers must complete at least 4 Qualified Starts per month during 7 months of the Racing Season.

• If the Racing Season has less than 115 days, Drivers must complete at least 4 Qualified Starts per month during 6 months of the Racing Season.

Trainers:

• If the Racing Season has at least 115 days, Trainers must complete at least 2 Qualified Starts per month during 7 months of the Racing Season.

• If the Racing Season has less than 115 days, Trainers must complete at least 2 Qualified Starts per month during 6 months of the Racing Season.

A full Point or a portion of a Point is awarded to Drivers and Trainers based on the number of Qualified Starts during the current Racing Season. Qualified Starts earned as a Driver or a Trainer cannot be combined. 

Drivers (Massachusetts Residents):

One-quarter Point 40 to 79 Qualified Starts

One-half Point 80 to 119 Qualified Starts

Three-quarters Point 120 to 159 Qualified Starts

One Point 160 or more Qualified Starts

Drivers (Non-Massachusetts Residents):

One-quarter Point 60 to 119 Qualified Starts

One-half Point 120 to 179 Qualified Starts

Three-quarters Point 180 to 239 Qualified Starts

One Point 240 or more Qualified Starts

Trainers (Massachusetts Residents):

One-quarter Point 20 to 39 Qualified Starts

One-half Point 40 to 59 Qualified Starts

Three-quarters Point 60 to 79 Qualified Starts

One Point 80 or more Qualified Starts

Trainers (Non-Massachusetts Residents):

One-quarter Point 30 to 59 Qualified Starts

One-half Point 60 to 89 Qualified Starts

Three-quarters Point 90 to 119 Qualified Starts

One Point 120 or more Qualified Starts

FOR AN EXPLANATION OF HOW THE CONTRIBUTION VALUE OF EACH POINT IS DETERMINED:

The following detailed explanation will provide you with an example of how the points equate into monies, and how the funds are invested. This explanation of how the contribution value of each point is determined is on the plan’s valuation date (December 31st) annually. For illustration purposes, $120,000.00 will be used as the contribution amount.

Total Contributions – Total Administrative Costs = Net Contributions

Net Contributions divided by Total Points Earned from all HHANE Members = Contribution Value of 1 Point.

Therefore, you multiply the Contribution Value of 1 Point by .25, .50 and .75 to get the ¼, ½ and ¾ point contribution values.

For example, if HHANE contributes $120,000 during the year, administrative costs are $20,000, and the total number of points from all active participants is 45.75, the math would be:

$120,000 less $20,000 = $100,000

$100,000 divided by 45.75 =$2,185.79

$2,185.79 x 1.00 point = $2,185.79 (Equals the value of 1 Full Point)

$2,185.79 x .75 point = $1,639.34 (Equals the value of 3/4 Point)

$2,185.79 x .50 point = $1,092.90 (Equals the value of 1/2 Point)

$2,185.79 x .25 point = $546.45 (Equals the value of 1/4 Point)

Funds are deposited into a pooled investment account that is invested according to an agreed-upon Moderate Conservative risk model that takes into consideration potential liquidity needs to satisfy distributions to participants and distributions to cover anticipated administrative costs.

RSP Participants become 100% vested in their RSP Account: (a) upon completion of five consecutive years of vesting service; (b) at age 65 regardless of the number of years of vesting service; or, (c) if the Participant dies or becomes Totally Disabled while actively engaged as a Driver or Trainer. 

To earn a year of vesting service, you must do three things each Plan Year: 

• You must be a Member of the Association in Good Standing

• You must complete the minimum number of Qualified Starts per month during the Racing Season; 

• You must complete the minimum number of Qualified Starts to earn at least ¼ point. 

If a Participant fails to do these three things during a Plan Year, the Participant will have a Break in Service, and the Participant will forfeit any unvested amount in his RSP Account. Forfeitures are reallocated among the active Participants. Once you become 100% vested in your RSP Account, you will never forfeit the balance in your RSP Account, even if you later have a Break in Service. If you are vested, you may receive a distribution from your RSP Account when you are 65 or if you become Totally Disabled. 

You cannot re-enter the RSP after you receive a distribution of your RSP Account.

Please contact a Board member with any questions concerning the RSP or matters relating to your participation in the RSP.

For a copy of the RSP documents, please contact HHANE President Bob McHugh.