John Hancock to Waive Recordkeeping Fees in Q121

The break will apply to 401(k) plans that sign up with the company between August 1 and December 31, 2020.

John Hancock Retirement has announced that it will waive recordkeeping fees for the first quarter of 2021 for eligible plans that sign up for a 401(k) plan with John Hancock Retirement between August 1 and December 31, 2020. The firm says this is specifically designed to help small businesses in today’s challenging economic environment.

“Activity has really picked up in the last two months across all asset segments,” says Gary Tankersley, head of sales and distribution for John Hancock Retirement. “However, employers understandably have a lot on their plate right now, and upgrading their company’s retirement plan may not be a top 10 priority for 2020. This waiver aims to provide a small motivation to tackle this project now versus waiting until later.”

John Hancock Retirement says it has done other things to help financial professionals, sponsors and participants as a result of the impact of COVID-19. The firm has waived amendment fees for sponsors amending plans to adopt the features outlined in the CARES Act and has waived fees for COVID-19-related withdrawals by participants.

For advisers, John Hancock Retirement has equipped them with information to help participants respond responsibly to market volatility and with in-depth thought leadership on participant behavior and the current legislative environment and optimizing virtual collaboration.