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BOSTON, Oct. 18, 2021 /PRNewswire/ - John Hancock Retirement, a company of Manulife Investment Management, today celebrates the expertise and partnership of third-party administrators (TPAs) who help to make retirement plans work. Every year since 2014, John Hancock has designated the first business day after the October 15 Form 5500 filing deadline as a time to recognize the contributions of TPAs to the retirement plan business and the financial future of retirement participants.
This year, John Hancock Retirement is once again highlighting the partnership that is intrinsic to the role of TPAs and the potential benefit that utilizing a TPA can have, such as improved plan design for participants and seamlessly managing the day-to-day operations of employer plans. National TPA Day shows appreciation for the role TPAs play in the retirement marketplace and to recognize the role they've played in the success of John Hancock's retirement plan business. As of June 30, 2021, 98% of retirement plans recordkept by John Hancock were serviced in partnership with a TPA firm.*
"TPAs play a critical role in making our retirement plans work," said Sue Reibel, CEO, John Hancock Retirement. "Our industry truly shines at the intersection of tools and technology and human support. We applaud our partners who provide guidance and information, and work closely with retirement plan providers, to design plan solutions that encourage higher contribution and satisfaction rates for workplace plans."
"We value TPAs and their contribution to our business model," added Scott Francolini, head of strategic relationship management and consulting, John Hancock Retirement. "We take the insight and observations from our conversations with TPAs to evolve our practices and offerings. As independent consultants for their clients, we know we can depend on their knowledge and input to help make us better."
View the Celebrating TPAs landing page for more on John Hancock's commitment to its TPA partners.
* John Hancock internal data, as of 6/30/21.
About John Hancock Retirement
John Hancock Retirement is the U.S. retirement business of Manulife Investment Management. For nearly 50 years, we've helped people plan and invest for retirement; today, we're one of the largest full-service providers in the United States.1 We take a hands-on consultative approach based on the idea that no two plans - and no two plan participants - are exactly alike. We partner with plan sponsors, financial professionals, and third-party administrators to ensure that every plan is personal to the participant and delivers results.
As of June 30, 2021, John Hancock serviced over 52,000 retirement plans with over 3.1 million participants* and over $218 billion in AUMA.2
*Participant Counts reflect all active participants with a balance.
1. "2020 Defined Contribution Recordkeeper Survey," PLANSPONSOR, 2020.
2. As of June 30, 2021, John Hancock Life Insurance Company (USA) supported 47,995 plans, 1,606,720 participants, and $ 108,283,261,827.19 in AUMA. John Hancock Life Insurance Company of New York supported 2,549 plans, 80,027 participants, and $ 6,434,822,673.87 in AUMA. John Hancock Retirement Plan Services, LLC supported 2,207 plans, 1,428,948 participants, and $103,680,838,816.18 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 18 geographies. 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, 2021, Manulife Investment Management had CAD $1.0 trillion (US $834 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
John Hancock Retirement Plan Services LLC provides administrative and/or recordkeeping services to sponsors or administrators of retirement plans through an open-architecture platform. 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. All entities do business under certain instances using the John Hancock brand name.
Each entity makes available a platform of investment alternatives to sponsors or administrators of retirement plans without regard to the individualized needs of any plan. Unless otherwise specifically stated in writing, each such company does not, and is not undertaking to, provide impartial investment advice or give advice in a fiduciary capacity. Securities are offered through John Hancock Distributors LLC, member FINRA, SIPC.
NOT FDIC INSURED. MAY LOSE VALUE. NOT BANK GUARANTEED.
© 2021 John Hancock. All rights reserved.
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SOURCE John Hancock Retirement