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.

Our enrollment packages are being revamped after completing extensive user testing to determine how they could be improved. We’ve enhanced the design and language to help employees engage online.

Benefits of our new package:

• Benefits of our new kit include concise content to guide participants—Our research1 found that our messaging and QR codes for the app and website were clearly displayed and easy to find, making it easier to register and enroll online.
• A better user experience—Participants found the new version more user friendly, which opens opportunities for us to better connect with participants and demonstrate our understanding of their needs.¹
• Evoking an emotional reaction from participants—Our new package draws out an enhanced emotional connection from participants, which can help motivate engagement.¹
• An outline of compelling benefits—Participants believe that the benefits are the most compelling information in the enrollment package.¹

Reminder – If your plan qualifies for Wired at Work, enrollment packages can be delivered via email. If you aren’t already taking advantage of this feature, talk to your John Hancock representative. 

Our process for making payroll changes has been revised and now requires notice of 60 to 90 days. The total time to complete your project is between 60 and 75 days. Without appropriate notice, your project may be delayed.

Types of payroll changes include:

• Traditional vendor-to-vendor changes
• Vendor change payroll file: update only
• Vendor change: payroll file update and feedback integration
• Vendor change feedback integration completion
• New division set up with own payroll vendor/integration
• New division set up on your existing payroll integration

You can provide notice by email to your client service manager and/or the relationship management team. A financial-only file may be required in the interim while John Hancock tests the connection with your vendor.

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