A carefully considered qualified retirement plan offers your employees a great opportunity to build their retirement savings. As a plan fiduciary, it's vital to understand the nature and requirements of your fiduciary responsibilities.
Some of your key fiduciary responsibilities include prudently selecting a qualified retirement plan provider and the investment options for your plan, evaluate whether your plan fees are reasonable, monitor the investments and overall plan operations, and communicate details of your company’s plan to your employees.
Helping you understand your role
It can be challenging to fulfill your obligations when fiduciary responsibilities are not clearly defined. John Hancock clients have access to various resources to help you understand your role.
Our Fiduciary Support materials provide plans with an overview of their fiduciary responsibilities, including:
Selecting and monitoring service providers and understanding their fees
Selecting and monitoring investment options in the plan
Plan administration, monitoring, reporting and documentation
Understand your plan's fees and services
When selecting a provider, it is important to understand what you and your plan participants are paying for. This includes fees for Plan Services as well as Investment Services.
We are guided by a set of core principles firmly in line with the purpose of 401(k) plans. These values drive everything we do, including the commitments outlined in our Declaration Warranties
John Hancock's Declaration Warranties±
Declaration of Independence
John Hancock’s charges for Plan services are completely independent of the Funds selected by a Plan Trustee for a Plan's investment lineup.
Declaration of Freedom
The Plan Trustee is not required to select any John Hancock proprietary Funds for the Plan's investment lineup.
Declaration of Fairness
Each Plan participant pays the same percentage of their investments towards the cost of Plan services.
Declaration of Efficiency
The underlying funds offered through the JH Signature platform will use the most efficient class structure that provides participants with the LOWEST NET INVESTMENT COST.
We will indemnify and make the Plan whole for any loss resulting from a violation of the Declaration Warranties.
Dynamic Plan Review¥
At John Hancock we recognize that retirement plans are dynamic. As your plans grow and its needs change, you need a provider just as dynamic – one that adapts with you every step of the way. We work together with
your Financial Representative to proactively review your plan and ensure the services and costs continue to reflect your plan’s changing needs. We also suggest services and tools that address you unique business
objectives and continue to help simplify plan administration.
Select and monitor investments
Making investment decisions for group plans can be an intimidating task. That's why we provide you with Third-Party and John Hancock service options that can help your plan participants.
Investment Policy Statements
An investment policy statement can assist the use of a prudent process for selecting and monitoring investment options. It can also provide support for choosing your plan's investment options, conduct annual review, as well as online tools.
3(21) & 3(38) Service
3(21) Adviser Services enables you to pick from selected lineup that are covered by the provider. Some allow you to create your own lineup. 3(38) Investment Management Services provides Plan Sponsors the ability to delegate investment menu creation, monitoring and replacement duties.
Monitor your plan
Once your plan is established, periodically monitor all aspects, from fees and services to investment performance.
The Plan Review provides you with information to help you assess the overall health and performance of your plan and help fulfill your ongoing fiduciary responsibilities.
It provides both plan and participant level information, illustrates participant activity and includes information that allows you to monitor your plan’s investment selections.
JH Signature Fund Scorecard
This report incorporates the latest review of the JH Signature™ investment platform, performed by leading industry benchmarking organizations Morningstar, Fi360 and RPAG. View the sample Signature scorecard by selecting the PDF below.
Ongoing participant communication and education
ERISA regulations require you to explain your company's plan to your employees. We have the tools to help you, including:
Post enrollment education
Education Resource Center
An easy to read statement with summaries of portfolio performance, account activities and fees for the period and much more.
Plan Sponsors have two flexible options to help manage participant notices.
Notice Manager, the "do it yourself" option allows you to share plan notices with your eligible employees. Once you've uploaded the notices,
you can create a communication package that can be mailed or posted to the participant website.
SEND Service™, the "we help you do it" option will create and mail your plan notices to your eligible employees on an annual basis.
The mailing will include the “404a-5 Plan & Investment Notice” with the choice to add other notice types.
SEND Service™ is a trademark of John Hancock Retirement Plan Services LLC, used under license by John Hancock Life
Insurance Company (U.S.A.) and by John Hancock Life Insurance Company of New York.
Post enrollment education
Our multi-format programs and resources provide tips and tools to help your employees understand the basics of investing and how to get on track toward retirement.
Education Resource Center
Use this website to design a custom education program for your employees. When planned, save the education plan and file it for your records.
± These Declaration Warranties are applicable independent of any applicable Fiduciary Standards Warranty for which the Plan may qualify. Contact your John Hancock representative to obtain a copy of the Declaration Warranties Certificate.
¥ Dynamic Plan Review is available to plans with assets greater than $3 million and have been with John Hancock for at least 3 years.
Please call 1-877-346-8378 to obtain Fund Sheets for the group annuity investment option sub-accounts and to obtain prospectuses for the sub-accounts'
underlying funds, that are available on request. The prospectuses for the sub-accounts' underlying funds contain complete details on investment objectives, risks,
fees, charges and expenses as well as other information about the underlying funds which should be carefully considered before investing.
John Hancock Life Insurance Company (U.S.A.) (John Hancock USA), and John Hancock Life Insurance Company of New York (John Hancock New York), are referred to as
This information does not constitute legal or tax advice with respect to any taxpayer. It was neither written nor intended for use by any such taxpayer for the
purpose of avoiding penalties, and it cannot be so used. If it is used or referred to in promoting, marketing, or recommending any transaction or matter addressed
herein, it should be understood as having been written to support such promotion, marketing, or recommendation, and any taxpayer receiving it should seek advice
based on the taxpayer's particular circumstances from an independent tax advisor.
Group annuity contracts and recordkeeping agreements are issued by: John Hancock Life Insurance Company (U.S.A.)("John Hancock USA"), Boston, MA (not licensed
in New York) and John Hancock Life Insurance Company of New York ("John Hancock NY"), Valhalla, NY. Product features and availability may differ by state
John Hancock USA and John Hancock NY each make 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, John Hancock USA and John Hancock NY do not, and are not undertaking to,
provide impartial investment advice or give advice in a fiduciary capacity.
NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED