According to a recent press release, the new unit was designed to assist 401(k) plan participants who wish to consolidate their retirement accounts into their qualified retirement plans with John Hancock. This service is also expected to relieve some of the administrative burden from plan sponsors and their financial advisers who would otherwise provide such guidance.
Participants are given the opportunity on their enrollment forms to indicate that they would like assistance, or they may directly call John Hancock’s Consolidation Center. Consolidation Services specialists are available to answer questions, help with all the necessary paperwork, and support participants throughout the process of moving outside retirement accounts into their qualified retirement plans with John Hancock. After the paperwork has been submitted, the assets are rolled over into the John Hancock plan.
“More than 50 percent of plan participants have more than one 401(k) or other qualified retirement plan,” said Art Creel, Executive Vice President, Sales & Marketing, John Hancock Retirement Plan Services, in the press release. “Many of these participants have told us that they want to consolidate accounts, but that they find the process daunting, slow and cumbersome. With Consolidation Services, we offer a value-added service to participants that helps increase satisfaction among the participant, the plan sponsor, and the adviser.”