FutureStep™ product adds a Deferred Profit Sharing Plan
Another convenient way for small, mid-sized businesses to help Canadians
save for a better retirement
TSX/NYSE/PSE: MFC SEHK:945
WATERLOO, ON, April 10, 2013 /CNW/ - With its new Deferred Profit Sharing Plan (DPSP) option, Manulife Financial's FutureStep product now offers small and mid-sized Canadian businesses even more choice and flexibility in helping employees save for a better retirement.
The recently-added DPSP option combines with FutureStep's Group RRSP to offer best-of-class investments, education and online services in a cost-effective retirement savings plan typically only available to large employers.
"Currently, more than 7.6 million Canadians employed by small to mid-sized businesses do not have access to a workplace retirement savings program," said Sue Reibel, Senior Vice-President of Group Benefits and Retirement Solutions. "According to Manulife's recent National Workplace Savings Survey, almost all working Canadians, regardless of province, say they would participate in a workplace retirement savings plan if it was offered. FutureStep, with its new DPSP option, is great choice for employers who want to help their employees save for retirement without the administrative burden of a large, complex pension plan."
FutureStep, originally launched in 2011, is designed specifically for small to mid-sized businesses. Easy to set up and maintain, FutureStep includes online plan administration and contribution remittance, and is available through a quick and easy online application process.
"By offering a workplace retirement savings plan like FutureStep, small and mid-sized business owners can stand out as employers of choice and enhance their employee attraction and retention rates," added Ms. Reibel.
Low investment management fees make the plan economical for employees, while the ease of contributing through payroll deduction gives them an immediate tax benefit - allowing them to save even more for the future. The plan includes a selection of funds from experienced investment managers, which are monitored by Manulife's i-Watch™ program and are covered by the Certified Diversified™ warranty program.
The addition of a DPSP, an employer-sponsored deferred profit sharing plan, to FutureStep now gives an employer the option of linking plan contributions to the profitability of the business and, on a periodic basis, sharing business profits with employees by contributing to the DPSP on each employee's behalf.
Employees can access their FutureStep plan information via a secure website. They also receive award-winning enrolment and educational materials as well as toll-free support and access to the Steps Retirement Program™.
For more information, visit www.manulife.ca.
About Manulife Financial
Manulife Financial is a leading financial services group, based in Canada with major operations in Asia and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$532 billion (US$535 billion) as at Dec. 31, 2012. The company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
SOURCE Manulife Financial Corporation