The program will provide plan consultants (third-party administrators or TPAs) with a one-time payment to help defray the costs incurred by a plan for services associated with its transfer or administration. For every new plan that closes between September 16 and December 27, John Hancock RPS will pay the plan’s TPA according to the following scale:
- Plans $0 to $250,000 in size ($400);
- Plans $250,001 to $1,000,000 ($800); and
- Plans more than $1,000,000 ($1,200).
“We believe a team approach can provide the best possible solutions for creating a healthy and successful retirement plan. TPAs are key members of that team,” said Ann Slotwinski, vice president, director of TPA services, John Hancock RPS. “This program further reinforces the great working relationship we have with plan consultants.”
John Hancock RPS is a full-service provider to 401(k) plans across a wide range of industries and plan sizes.