BOSTON, July 12, 2016 /PRNewswire/ -- John Hancock Retirement Plan Services, one of the largest providers of retirement plans in the United States, is pleased to announce its appointment by IUOE Local Union 94-94A-94B, AFL-CIO to administer the $1 billion, 7,000-participant Annuity Fund of the IUOE Local Union 94-94A-94B, AFL-CIO, a Taft-Hartley multi-employer retirement plan.
According to Howard Rothschild, president of the Realty Advisory Board on Labor Relations, Inc. and co-chairman of the Annuity Fund of the IUOE Local Union 94-94A-94B, AFL-CIO, "After a diligent search, the Local 94 Annuity Fund chose John Hancock as its recordkeeper. The John Hancock team has repeatedly demonstrated that they are proactive and professional. The Fund Office and our members are happy with John Hancock."
The International Union of Operating Engineers Local Union 94-94A-94B was established to represent employees covered by collective bargaining agreements between the Union and various employers, employer associations and the City of New York with office buildings and schools requiring maintenance of heating and air conditioning systems in the New York metropolitan area. Gerry Chasin, of UBS, served as the consultant to the plan in choosing John Hancock.
"Managing a plan for thousands of participants who work for multiple employers demands a high level of expertise and an intimate knowledge of the Taft-Hartley marketplace. John Hancock has demonstrated this level of expertise," added Kuba Brown, business manager for IUOE Local 94 and co-chairman of the Annuity Fund of the IUOE Local Union 94-94A-94B, AFL-CIO.
John Hancock Retirement Plan Services' Taft-Hartley business almost doubled its assets under administration between Dec. 31, 2010, and Dec. 31, 2015. Since December 2014, when John Hancock announced the intention to acquire the retirement plan services unit of New York Life, the firm has increased its Taft-Hartley assets under administration by 25% to $13.1 billion, with 13 new plans in 2015, and nine more plans either added or scheduled to be added in 20161.
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 C$904 billion (US $676 billion) as at March 31, 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.
John Hancock Retirement Plan Services, LLC is also 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 may invest in various investment options on behalf of plan participants. These investment options have not been individually selected by John Hancock Retirement Plan Services, LLC. 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.), (not licensed in New York) and John Hancock Life Insurance Company of 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.
JH Enterprise® is a registered trademark by John Hancock Life Insurance Company (U.S.A.).
JH Signature™ is a trademark of John Hancock Life Insurance Company (USA) used under license by John Hancock Life Insurance Company of New York.
NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT INSURED BY ANY GOVERNMENT AGENCY
© 2016 All rights reserved.
1 Internal John Hancock data, as of 3/31/16.
SOURCE John Hancock Retirement Plan Services