Viewpoints by Chris Frank, at John Hancock Retirement
Chris is a member of John Hancock’s benefits consulting group and is primarily responsible for managing the defined contribution consulting team. Additional responsibilities include providing quarterly legislative updates to plan sponsors, advisors, and third-party administrators; drafting position papers on topical events occurring in the retirement industry; and developing and delivering fiduciary support services. Chris joined the organization in 2005, and has more than 30 years' experience in the retirement industry. Prior to joining our team, he served as ERISA counsel and manager of compliance testing and government reporting. Chris received a B.S. in Management from the University of Massachusetts and an M.B.A. in Finance from Babson College. In addition, he earned a J.D. from the New England School of Law, and is a member of the Massachusetts Bar Association.
On September 23, the IRS published final regulations on hardship distributions in the Federal Register. The following is our summary of the changes that apply to 401(k) plans, as well as John Hancock’s perspective on how to proceed with both the mandatory and optional provisions.Read more