BOSTON, Oct. 27, 2016 /PRNewswire/ -- John Hancock Retirement Plan Services has named Joseph Gallagher director, Taft-Hartley ERISA consultant. He is responsible within John Hancock for helping Taft-Hartley plan sponsors to stay in compliance with the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code, as well as ensuring that the clients' retirement programs are meeting both their needs and the needs of their participants.
Gallagher has been with John Hancock since 2003 in a variety of roles, most recently leading the ERISA Compliance & Government Reporting group. Previously, he oversaw a group providing daily plan administration to corporate 401(k) and Taft-Hartley plans, and managed a legal team within John Hancock's ERISA Services division.
"Servicing the unique needs of Taft-Hartley clients and participants is a priority for John Hancock and we're excited to have Joe take on this important role on our team," said Patrick Murphy, president, John Hancock Retirement Plan Services. "His experience makes him uniquely qualified to help us serve our Taft-Hartley clients."
"Joe is an accomplished professional, and I am confident we are now better positioned than ever to service the needs of our clients and their participants in the Taft-Hartley market," said Nick McParland, national director, Taft-Hartley market.
Gallagher earned a bachelor of science degree in business management from Springfield College, and holds a FINRA Series 6 license.
John Hancock is a leader in the retirement plan services marketplace, servicing more than 57,000 plans and helping more than 2.7 million participants1, making it one of the largest full-service providers of 401(k) plans across all plan sizes2.
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, the group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Assets under management and administration by Manulife and its subsidiaries were $718 billion (C$934 billion) as at June 30, 2016. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
1 As of June 30, 2016, John Hancock Retirement Plan Services serviced 57,005 plans with 2,741,875 participants and over $137.8 billion in assets under management and administration (AUMA).
As of June 30, 2016, John Hancock Life Insurance Company (USA) supported 43,787 plans, 1,619,408 participants, and $77,118,688,000 in AUMA. John Hancock Life Insurance Company of New York supported 2,410 plans, 72,453 participants, and $4,208,061,000 in AUMA. John Hancock Retirement Plan Services, LLC supported 10,808 plans, 1,050,014 participants, and $56,540,684,000 in AUMA. Approximate unaudited figures for John Hancock Retirement Plan Services division, provided on a U.S. statutory basis.
2 Source: PlanSponsor Magazine, 2015
John Hancock Life Insurance Company (U.S.A.), John Hancock Life Insurance Company of New York and John Hancock Retirement Plan Services LLC are collectively referred to as "John Hancock".
John Hancock Retirement Plan Services, LLC offers plan administrative services and service programs through which a sponsor or administrator of a plan selects various investment options to offer in its retirement plan for investment. John Hancock Retirement Plan Services, LLC does not provide fiduciary investment advice. John Hancock Trust Company LLC provides trust and custodial services to such plans.
Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, New York. Product features and availability may differ by state.
Both John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York do business under certain instances using the John Hancock Retirement Plan Services name.
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SOURCE John Hancock Retirement Plan Services