In addition to its group annuity products, Manulife Financial is now able to offer qualified retirement plan products that feature individual mutual fund investments or group annuity contracts to 401(k) plans. According to a news release, the company is expanding the range of products it makes available to plans in the $3 million to $20 million market.
Manulife Retirement Select offers access to every major asset category through 53 funds including:
- American Funds
- MFC Global Investment Management
- A I M Capital Management, Inc.
- MFS Investment Management
- Davis Advisors
- Deutsche Asset Management
- Putnam Investment Management, LLC
- Fidelity Management & Research Company
- Salomon Brothers Asset Management Inc.
- Franklin Templeton
- Scudder Investments
- Lord, Abbett & Co. LLC
- T. Rowe Price Associates, Inc.
- Wellington Management Company, LLP.
Manulife Retirement Select also offers five Lifestyle portfolios – aggressive growth, growth, balanced, moderate and conservative – that provide a mix of underlying mutual funds that match a particular participant risk profile. For more investment-savvy and hands-on participants, a Personal Brokerage Account offered by State Street Brokerage is also available as an investment option.
Manulife also announced that it had tapped DST Retirement Solutions/Boston Financial Data Services as the recordkeeper for for Manulife Retirement Select.
Manulife Retirement Select provides recordkeeping and automated transaction support along with customizable plan features and the consulting and compliance support provided by local, independent third party administrators. Features include a multi-manager platform of mutual funds that can be customized to meet the needs of individual employer plans, professional expertise of locally based ERISA compliance, tailored enrollment and education services, and automated plan administration of many participant services.