Hancock is offering the new program, T(k)O, along with ExpertPlan, an online plan administrator to companies with only their owner and immediate family members on the payroll.
Hancock’s product announcement said it would market the product because of the higher contribution limits introduced in recent tax law changes as well as because of the simplified administrative requirements for the owner only plans.
John Hancock Funds’ T(k)O participants can choose from more than 30 John Hancock mutual funds, which cover the spectrum of investment objectives and risk, Hancock said.
ExpertPlan provides online plan set-up and enrollment, as well as recordkeeping and transaction management services.
In related news, Waddell & Reed introduced a similar option today.