John Hancock Retirement Plan Services, a Boston unit of Toronto's Manulife Financial Corp. and a leading defined contribution plan provider, has entered the defined-benefit business by launching a platform.
Ed Eng, a senior vice president of product development at Hancock, said in a press release Thursday that the platform broadens his company's retirement offerings. "We can now provide our clients with defined benefit plans, 401(k) plans, or both, depending on the unique needs of that company."
The platform will be offered through an unbundled model. Plan design and testing and actuarial support will be provided by pension consultants or third-party administrators. Manulife had $386 billion of assets under management as of June 30.
