Waiver offered to established plans in need of a new recordkeeping solution
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BOSTON, Aug. 11, 2020 /PRNewswire/ - John Hancock Retirement, a company of Manulife Investment Management, today announced it will waive recordkeeping fees for the first quarter of 2021 for eligible plans that sign up for a 401(k) plan with John Hancock Retirement between August 1, 2020 and December 31, 2020.* The fee waiver is available to plan sponsors looking for an alternative solution for their plan's recordkeeping services. This waiver is designed specifically to help small business in today's challenging economic environment.
"Activity has really picked up in the last two months across all asset segments," said Gary Tankersley, Head of Sales & Distribution, John Hancock Retirement. "However, employers understandably have a lot on their plate right now and upgrading their company's retirement plan may not be a top 10 priority for 2020. This waiver aims to provide a small motivation to tackle this project now versus waiting until later."
The waiving of recordkeeping fees is one of several ways John Hancock Retirement has worked to help financial professionals, sponsors, and participants as a result of the impact of COVID-19. In recognition of the relief provided by the CARES Act, John Hancock waived amendment fees for plan sponsors amending plans to adopt the features outlined within the legislation, as well as waived fees associated with participant COVID-19 withdrawals.
In addition to fee waivers, John Hancock Retirement continues to support the broader retirement community in today's uncertain environment with a robust market volatility engagement program, in-depth thought leadership on participant behavior and the current legislative environment, and optimized virtual collaboration.
For more information on John Hancock Retirement please click here.
* Waivers are available for 401(k) retirement plan programs that meet certain criteria. A commitment to John Hancock must be signed prior to 12/31/2020 and plan assets must convert prior to 3/31/2021 to realize any waiver. If plan assets are converted after 1/1/2021 the waiver will be applied for the time period assets are with John Hancock within the first quarter. This offer applies only to 401(k) retirement plan programs, and will not be applied to start-up, multi-plan, defined benefit, or Taft Harley programs. For more information about the program and complete criteria details please refer to the Fee Waiver Program Proposal Insert, or contact your JH representative.
About John Hancock and Manulife John Hancock is a unit of Manulife Financial Corporation, a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States, and Manulife globally, including Canada, Asia and Europe. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were CAD$1.2 trillion (US$0.9 trillion) as of June 30, 2020. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.
About John Hancock Retirement As of March 31, 2020, John Hancock serviced over 51,000 retirement plans with over 3 million participants and over $156 billion in AUMA.*
* As of March 31, 2020, John Hancock Life Insurance Company (USA) supported 47,098 plans, 1,608,087 participants, and $76,285,961,492 in AUMA. John Hancock Life Insurance Company of New York supported 2,520 plans, 78,874 participants, and $4,592,045,017 in AUMA. John Hancock Retirement Plan Services, LLC supported 1,963 plans, 1,353,635 participants, and $75,568,962,856 in AUMA. Participant Counts reflect all active participants with a balance. Approximate unaudited figures for John Hancock, provided on a U.S. statutory basis.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
As of June 30, 2020, Manulife Investment Management had CAD$900 billion (US$660 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
John Hancock Distributors LLC Member FINRA, SIPC 200 Berkeley Street Boston, MA 02116 800-225-6020, jhinvestments.com
John Hancock Retirement Plan Services, LLC• 200 Berkeley Street • Boston, MA 02116
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