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John Hancock Prototype - YES OR NO?????


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Anyone have knowledge of whether John Hancock is providing a PPA plan document.

We (TPA) have a letter from John Hancock dated Sept 2013 indicating NO and clients will need to make other arrangements.

Today I have an email from a John Hancock sales rep to a financial advisor that starts off "restatement sales idea" and discusses the requirement of the PPA document and that most restatements costs between $1,000 - $1,500. He implies that the restatement fee can be avoided by bringing plan over to John Hancock. He says the client would be "saving money by not having to pay the restatement fee".

???

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Don't know the answer to your specific question, but having been in the 401k business since the early 90s and a participant in multiple different plans and recordkeepers (mostly through my spouse changing jobs often), I will unequivocably state that John Hancock was the absolute worst to deal with in every way. It took more than 2 months to get a simple distribution (lump sum to one rollover 401k) processed.

Personally I think salespeople will say anything to get plans/employers to move but the proof is in how they do the work afterwards. I have not been impressed.

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JOHN HANCOCK FUNDS LLC

JOHN HANCOCK LIFE INSURANCE CO OF NEW VALHALLA, NY

JOHN HANCOCK LIFE INSURANCE COMPANY BLOOMFIELD HILLS, MI

JOHN HANCOCK RETIREMENT PLAN SERVICES, LLC

These all have PPA documents on the IRS pre-approved documents list. See page 81. Is one of them the John Hancock you are dealing with?

http://www.irs.gov/pub/irs-tege/ppa_listdc.pdf

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Thank you - I didn't even think about looking there. The original letter dated 9/23/13 was from John Hancock Retirement Plan Services. And yes John Hancock Retirement Plan Services is on the IRS pre-approved list.

Really strange - their letter to us as TPA (9/23/13) reads - effective 1/1/14, John Hancock will no longer offer the Prototype Plan document to plan sponsors have not already adopted the document. For Plans that have already adopted the Prototype Plan document, John Hancock will not supply any required amendments and/or other communication material related to the Prototype Plan document.

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