John Hancock Retirement Plan Services Hosts Webcasts With Fred Reish
BOSTON, MA, September 9, 2010 -- John Hancock Retirement Plan Services (RPS) is working to help its partners -- third party administrators (TPAs), financial representatives and registered investment advisors (RIAs) -- understand their responsibilities in the recently-passed DOL disclosure requirements under section 408(b)(2), which are designed to help plan fiduciaries assess the reasonableness of the service provider's contract with the plan and any potential for conflicts of interest.
The regulation, which becomes effective on July 16, 2011, generally requires enhanced fee, compensation, and service and fiduciary disclosures from service providers. To help its partners understand and address these changes, John Hancock RPS has engaged ERISA attorney and industry expert, Fred Reish, to conduct three CE educational webinars -- one tailored to each partner audience.
"The DOL's intent is to make it easier for plan fiduciaries to compare and review plan fees and services. How this is achieved by providers will differ, given their distinct roles in the 401k industry," said Reish. "My goal for each webinar is to give John Hancock's partners what they need to know to ready their respective businesses."
The webcasts are the latest educational tools among John Hancock RPS's resources for intermediaries and plan sponsors. Others include a newsletter, Regulatory Update, that keeps financial representatives and TPAs informed of regulatory change and a dedicated legislative and regulatory information section on John Hancock partner and plan sponsor websites.
To further support its partners, John Hancock also commissioned Fred Reish to draft three sample service agreements and disclosure materials reflecting changes under the regulation -- one for TPAs, Broker/Dealer firms and independent insurance advisors.
"Compliance with DOL disclosure requirements under 408(b)(2) will be dependent on the industry learning about and preparing for the changes," continued Reish. "The 408(b)(2) disclosure documents provide substantial support to John Hancock RPS's partners."
"We've long considered education on matters critical to the industry a part of what we offer as a provider," said Ed Eng, Senior Vice President, Product Development, John Hancock RPS. "The DOL disclosure requirements are important to all parts of our industry and we're pleased that Fred Reish will share his considerable insight and recommendations during our webcasts."
Financial representatives, TPAs or RIAs interested in more information on the webcasts can contact the John Hancock Retirement Plan Services Sales Desk at 1-877-346-8378.
About John Hancock Retirement Plan Services
John Hancock Retirement Plan Services is one of the largest providers of 401k plans across all plan sizes among banks, mutual funds and insurers, according to CFO Magazine. (CFO Magazine 2010 401k Providers Survey, for year-end 2009. Published in May 2010).
About John Hancock Financial and Manulife Financial
John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, Manulife Financial Corporation offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. For more than 120 years, clients have looked to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Funds under management by Manulife Financial and its subsidiaries were Cdn$454 billion (US$428 billion) as at June 30, 2010.
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