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Manulife USA wins First Place for 401(K) fiduciary tools Boston -- Manulife USA was awarded First Place in the Plan Sponsor category by the Profit Sharing/401(k) Council of America (PSCA) for its 401(k) fiduciary guide for employers. The guide helps employers to run their company’s retirement plan for the benefit of employees in accordance with pension laws and regulations. As part of the PSCA’s Signature Awards 2002, Manulife USA’s entry placed first in the plan sponsor category, which evaluates how well materials provide “plan sponsors with the tools they need to get the job done.” According to the PSCA, Manulife USA’s fiduciary materials offer “plan sponsors the administrative tools they need to operate their plan each day.” The PSCA Signature Awards are held annually to evaluate communications materials in nine retirement-related categories. This year, there were 120 entries for all nine categories. Manulife USA’s fiduciary tools assist plan sponsors in three key areas: investment selection, employee communication and ongoing monitoring of plan investment options and plan operations. By providing plan sponsors with easy to use tools that help guide them through what can be complex and confusing rules that govern qualified retirement plans, Manulife USA helps clarify the employers’ role as a plan fiduciary. It helps to make the employer’s job as plan sponsor a little easier, so that they can focus on running their business. “Manulife USA is committed to helping retirement plan fiduciaries understand their responsibilities, and providing information and guidance that will help ensure that the plan is meeting the needs of employers and their employees,” said Kendall Kay, Chief Strategy Officer of Manulife USA’s Group Pensions Division. “Manulife USA has conducted extensive research on what kind of support employers are looking for when they sponsor an employee retirement plan. One of the things they’ve told us is that they want to have a better understanding of their role as a fiduciary of a 401(k) plan. Based on this, we created a guide to demystify the rules for running a plan, and what steps they can take to protect themselves and their employees. There is more to being a good fiduciary than the initial fund selection. Selecting funds in a proper manner is very important, but it is just as critical to communicate well with employees, and to have a process for monitoring how well the plan is running – Manulife USA has built these tools and made them easy to use. This first place award by the PSCA is a great acknowledgement of Manulife USA’s commitment to superior communication,” added Mr. Kay. The Profit Sharing/401(k) Council of America (PSCA) is a broadly based association of diverse businesses who believe that profit-sharing plans, 401(k)’s and related savings and incentive programs strengthen the free-enterprise system, empower and motivate the workforce, improve domestic and international competitiveness, and provide a vital source of retirement income. Established in 1947, PSCA is a national, non-profit association of 1,200 companies and their 3 million employees. About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality annuity, life insurance, pension, tax-deferred college savings, and separately managed account products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles and asset managers. With its extensive product lines, competitive underwriting, excellent ratings and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. Group annuity contracts are issued by Manulife USA. Product features and availability may differ by state. In New York, products are issued by The Manufacturers Life Insurance Company of New York (Manulife New York). Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$92.1 billion (Cdn$139.8 billion) as at June 30, 2002. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. -30- Media Contact:Wendy W. Smith U.S. Communications 617-854-4348 wendy_smith@manulife.com |
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