BOSTON, Oct. 11, 2016 /PRNewswire/ -- John Hancock Retirement Plan Services has made its mid-market, open architecture platform available to plan consultants (often known as third-party administrators, or TPAs), expanding the breadth of retirement plan solutions they can offer their clients.
Plan consultants (TPAs) work with plan advisors and John Hancock to optimize an organization's retirement plan program. They provide services such as plan design, non-discrimination testing and government reporting to plan sponsors; services which, in mid-sized and larger plans, could alternatively be provided directly by John Hancock through its fully bundled service model.
"John Hancock has partnered with plan consultants for decades, and we understand the important role they play in providing their small-business clients with local, high-touch service," said Patrick Murphy, president, John Hancock Retirement Plan Services. "With access to our open architecture platform, plan consultants will be able to continue working with their larger clients, bringing their local expertise and insight up market as their clients grow."
"Not only will this move serve pent-up demand among plan sponsors and advisors alike, it will help plan consultants grow their business," said Ann Slotwinski, assistant vice president of Plan Consultant Relations, John Hancock Retirement Plan Services. "John Hancock's retirement plan business was founded with the TPA service model and we want plan consultants to know we remain committed to their marketplace."
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, our 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.
About John Hancock Retirement Plan Services
As of June 30, 2016, John Hancock Retirement Plan Services serviced over 57,000 plans with over 2.7 million participants and over $137.8 billion in 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 AUM Assets. John Hancock Life Insurance Company of New York supported 2,410 plans, 72,453 participants, and $4,208,061,000 in AUM Assets. John Hancock Retirement Plan Services, LLC supported 10,808 plans, 1,050,014 participants, and $56,540,684,000 in AUM Assets. Approximate unaudited figures for John Hancock Retirement Plan Services division, provided on a U.S. statutory basis.
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.
JH Enterprise® is a registered trademark by John Hancock Life Insurance Company (U.S.A.).
NOT FDIC INSURED MAY LOSE VALUE NOT BANK GUARANTEED
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SOURCE John Hancock Retirement Plan Services