Products October 25, 2007

John Hancock Unveils DB Product

John Hancock Retirement Plan Services (JHRPS) has launched a defined benefit program.
Reported by

The product, which will be offered through intermediaries, is being aimed at:

  • professionals seeking to contribute more than $45,000 to their retirement plan,
  • owners who are approaching retirement and are seeking ways to maximize contributions,
  • professionals group (doctors, CPAs, lawyers),
  • family and closely-held businesses.

“We can now provide our clients with defined benefit plans, 401(k) plans or both – depending on the unique needs of that company,” said Ed Eng, Senior Vice President, Product Development, in the news release. “With the passage of the Pension Protection Act of 2006, we see an opportunity to grow this freshly invigorated market.”

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The company said early experience suggests increasing interest in cash balance plans from a range of professional dominated organizations and small businesses.

The defined benefit plans will be offered through an unbundled model. Plan design, testing, and actuarial support will be provided by pension consultants or third party administrators (TPAs), the company said.

For more on small defined benefit programs, see What’s Old Is New Again.

Deals & People October 25, 2007

Lincoln Employer Markets Expands Distribution Team

Lincoln National Corporation has expanded its Defined Contribution Intermediary Sales distribution team, bringing the number of external wholesalers for its wirehouse and independent adviser channels to 20 per channel.
Reported by

The Defined Contribution Intermediary Sales distribution team falls under the company’s Employer Markets division, which is headed by Don Roberson, Senior Vice President of Distribution for Employer Markets.

“With only 42 percent of companies with fewer than 500 employees having defined contribution plans, the growth for the Employer Markets Intermediary sales team is especially relevant given that the Intermediary channel gives us access to the micro-small plan market, a key strategic focus for our business,” said Roberson, Senior Vice President of Distribution for Employer Markets, in a press release.

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For more information, visit www.lincolnfinancial.com.

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