Plan sponsor newsletter

Smart money moves is the theme for our Q2 It’s about time program. Healthy money habits can help your participants save for retirement and strengthen their financial health. Here’s how we’ll be engaging with participants:

• April—Ideas to help you make the most of your tax refund
• June—Nudging participants to start saving, save more, or consider personalizing their retirement strategies

As part of our program to improve financial well-being, we’ll promote financial literacy month, invite participants to take the financial well-being survey, and provide steps that they can take to manage their financial priorities. Additionally, we’ll share content to get kids started learning early about finances. Our advocacy program touches on tips for breaking the cycle of stress when it comes to finances and health.

Visit the It’s about time program page for the schedule of upcoming initiatives, sample communications, and to download our advocacy campaigns.

Rehired participants are previously terminated participants who cashed their distribution checks. These same participants have been rehired by your company and will again be contributing to the plan.

When a previously terminated participant is rehired, you must inform the client account representative to reactivate the participant’s account. Submitting a census file with an active employment status doesn’t trigger a feedback file to your payroll company (if you use payroll 360) or notify your client account representative to reactivate the account.

You can reactivate a terminated participant’s account by:

• Submitting an enrollment form
• Sending a letter or email from the registered plan contact with the request to reactivate the participant along with the participant’s rehire date

Once a participant’s account has been reactivated, you’re responsible for updating your payroll system/payroll company so deductions can be restarted. If your plan has online deferral management, then participants may initiate a deferral change on the participant website. Reactivating a participant’s account doesn’t trigger an enrollment message from the message center.

Financial wellness benefits can be an important advantage for your organization. We hope you can participate in our survey on the optional provisions of SECURE 2.0’s student loan match and emergency savings provisions.

Upcoming webinar on fiduciary roles and responsibilities

Join our industry experts—Chris Frank, head of DC consulting, and Ted Pirrera, director and senior ERISA consultant—for a discussion on fiduciary duties and SECURE 2.0 hot topics. They’ll offer helpful strategies to meet today’s challenges and keep up with the evolving regulatory and legislative environment.

• SECURE 2.0 hot topics: tracking operational compliance, addressing employee communications, and recording fiduciary decisions
• The important roles ERISA fiduciaries play
• Current DOL and IRS enforcement activity and 2024 priorities
• ERISA litigation trends

Attendees receive direct access to John Hancock’s library of fiduciary resources, an opportunity to learn more about our fiduciary support services, and a certificate of completion.

Register now for the webinar on May 21 at 2:00 p.m., Eastern time.

Webinar replay with Fred Reish on market value adjustments and stable value funds

Market value adjustments (MVAs)—adjustments and charges that affect the value of stable value funds—can create challenges for plan fiduciaries considering a new recordkeeper.

Fred Reish, J.D., renowned ERISA attorney and noted authority in the retirement plan industry, joined us on March 21st to break down the challenges and ways to help manage them.

Our discussion focused on:

• The basics of stable value funds and MVAs
• Weighing the impact of potential MVAs
• DOL and IRS guidance
• Factors plan sponsors should consider

Watch now

Webinar replay on legislative and regulatory updates

What regulatory and legislative challenges are plan fiduciaries facing right now? Our ERISA specialists—Chris Frank, head of DC consulting, and Tami Guimelli, AVP and associate chief counsel—recently had an insightful discussion and deep dive into today’s most pressing topics, including:

• SECURE 2.0 roundup
• New IRS e-filing requirements—effective 1/1/24
• EBSA 2023 enforcement actions

Watch now