Data & Research September 9, 2010

Majority of Employers Implementing Auto Features

Some 72% of employers in a recent poll have adopted auto plan features, with 51% using auto enrollment and 71% deferring participants into a target-date fund.
Reported by

The International Foundation of Employee Benefit Plans (IFEBP) poll also said 44% of employers report they offer financial or retirement planning opportunities to their employees, while 81% said their employee assistance program can handle workers suffering from financial-related stress.

The survey found that most employers offering a defined contribution (DC) plan provide matching contributions: 81% of corporations, 68% of professional service firms, 57% of public employers and 9% of multiemployer plans. The most common match reported is 50 cents per dollar up to 6% of pay; 6% report they have dropped their match within the past two years.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

DC plans are most common among corporations (83%) and professional service firms (77%). They are less popular among public employers (61%) and multiemployer plans (58%).

Defined benefit (DB) plans are most common among public employers (88%) and multiemployer plans (88%) and less so among corporations (41%) and professional services firms (19%).  Seventy-nine percent said they have not frozen their DB plan. Multiemployer plans were least likely to have frozen their plan (8%), corporations the most likely (30%). Only 3% of respondents indicated they had terminated a plan.

“The lingering effects of the recession have prompted workers to closely examine their retirement saving and investment strategies for the future. For many, employer-provided retirement plans will be a significant component of their retirement income,” explained Julie Stich, Senior Information/Research Specialist at the International Foundation, in the news release.

Employee Benefits Survey: U.S. and Canada 2011 was conducted in March and April 2010 with responses from 1,315 individuals representing four types of organizations: corporations, professional service firms, public employers, and multiemployer benefit plans.

Deals & People September 9, 2010

Harrington to Lead Expansion of Hancock Retirement Planning Platform

John Hancock Financial Network (JHFN) has launched an effort to expand growth through its retirement planning platform and has hired industry veteran Bruce Harrington to lead the effort.
Reported by

In his role as head of retirement sales and investment strategy, Harrington will work to expand JHFN’s presence in the retirement plan marketplace and develop a strategy for capturing rollover business. He also will be responsible for reviewing JHFN’s product platform and creating tools that help representatives navigate guidelines related to the retirement field.    

Harrington will be based in Boston and report to Christopher Maryanopolis, president, Signator Investors, Inc, JHFN’s broker/dealer. 

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

Most recently, Harrington served as senior vice president in LPL Financial’s Retirement Solutions Division, responsible for developing product and marketing offerings (see “Harrington Exits LPL“). Prior to that, he served as managing director for Cogent Research.   

Harrington also previously was vice president and director of product development and marketing for MFS Investment Management and vice president of retirement products marketing for Putnam Investments.  
 

«