Manulife Financial Helps TPAs Reach New Markets
BOSTON, MA, July 25, 2003 -- Building on its leadership position in the small business market, Manulife Financial has decided to expand the very successful model it pioneered with Third Party Administrators (TPAs), by including TPA compliance and plan administration services in the service model of its new mutual fund-based group pension product for the mid-sized plan market. Manulife Financial has selected DST Retirement Solutions/Boston Financial Data Services (Boston Financial) as its provider of the recordkeeping services for Manulife Retirement Select. Manulife Retirement Select gives clients the best of both bundled and unbundled products by combining the recordkeeping and automated transaction support normally offered in a bundled product with the advantages of customizable plan features and the consulting and compliance support of local, independent TPAs normally associated with unbundled solutions.
Manulife Financial selected DST Retirement Solutions/Boston Financial after an extensive review of leading recordkeepers. "DST Retirement Solutions/Boston Financial has the proven ability to seamlessly integrate with local TPAs, enabling them to offer plan sponsors in the mid-market the flexibility and expertise of an unbundled product, along with the simplicity of a bundled product," said Kendall Kay, Chief Strategy Officer for Manulife Financial's U.S. Group Pensions division. "With Manulife Retirement Select, TPAs will be able to offer clients customized plan design and ERISA compliance expertise combined with plan and participant recordkeeping, administration and trust functions through DST Retirement Solutions/Boston Financial," added Mr. Kay.
About DST Retirement Solutions and Boston Financial Data Services
DST Retirement Solutions services nearly 3 million defined contribution participants for 37 major institutional clients and supports all major plan types and investment options required in today's demanding defined contribution/retirement services marketplace. Boston Financial is a major provider of outsourced retirement plan products and services. Boston Financial utilizes the DST TRAC™ system provided by DST Retirement Solutions.
About Manulife Financial
The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality life insurance, pension, and individual wealth management products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. Manulife Retirement Select is a comprehensive set of services made available to qualified retirement plans through Manulife Financial Securities LLC, a registered broker/dealer and investment advisor, who arranges for the sale of mutual funds through selected broker/dealers. Group annuity contracts are issued by Manulife USA. Product features and availability may differ by state. In New York, products are issued by The Manufacturers Life Insurance Company of New York (Manulife New York).
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