- New Solution Assists With Plan Administration and Investment Selection and Monitoring
John Hancock Retirement, a company of Manulife Investment Management, introduces Signature Fiduciary Connect. Signature Fiduciary Connect is a comprehensive new service model giving plan sponsors additional support for the administrative and fiduciary duties needed to offer workplace 401(k) plans. With Signature Fiduciary Connect, employers can efficiently outsource plan administration and fiduciary risk through John Hancock’s partnership between select third-party administrators and 3(38) providers. Employers benefit from this optimized service model while their employees benefit from a powerful retirement plan that includes John Hancock’s award-winning1 personalized engagement and financial wellness tools.
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Signature Fiduciary Connect is administered though John Hancock Retirement and is available to plan sponsors, third-party administrators, and retirement plan advisors to assist with designing and managing a workplace 401(k) plan. The fiduciary component is managed through third-party administrators acting as administrator fiduciary or named fiduciary. 3(38) providers act as 3(38) investment lineup fiduciaries. John Hancock currently has partnerships with TAG Resources, AMP (Powered by Nova 401(k) and AFS), Paylocity, Wilshire and Raymond James and is evaluating expanding fiduciary partners in the coming months.
“We are excited to have Signature Fiduciary Connect available and believe it helps to solve for some of the hurdles that exist for employers who want to offer a workplace retirement plan but may not have the in-house expertise or the resources to build and run it,” said Jack Barry, vice president, product development, strategy, and transformation at John Hancock Retirement. “We work with our partners, including TPAs and retirement plan advisors, to continue to do what they do best – and then we manage the rest – so the plan sponsor doesn’t have to.”
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Signature Fiduciary Connect brings a valuable and competitive benefit to employees while helping to reduce administrative burden and mitigate risk to the employer. It frees human resources and benefits staff to focus on other employee needs, by providing ERISA experts for plan design and compliance, utilizing outside investment expertise to select investment options, and maintaining a plan sponsor website and generating reporting.
“As the retirement plan provider servicing the most small and mid-sized plans, our position in the market has given us both the perspective and the insight to build Signature Fiduciary Connect to be very helpful to employers,” added Gary Tankersley, head of sales and distribution, John Hancock Retirement. “We believe that retirement plans should work for both plan sponsors and plan participants and, through our external partnerships, we are confident that implementing and servicing a retirement plan can be an easy and seamless exercise.”
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