Press Release

John Hancock Retirement Announces Partnership with Vestwell, Launching 'FutureStepTM' to Expand Plan Offering

Issued by John Hancock Retirement

Jan. 14, 2025

BOSTON - John Hancock Retirement, a company of Manulife Wealth & Asset Management, is pleased to announce FutureStep™, a new open-architecture retirement plan offering. As part of a multi-year transformation strategy to expand its capabilities and in keeping with its steadfast commitment to financial intermediaries, including third-party administrators (TPAs), retirement advisors, and sponsors, the firm has signed an agreement with Vestwell to bring this new solution to market.

FutureStep will be an addition to the firm's existing plan suite, advisor-centric, and a fully digital new plan option designed with the support and experience of John Hancock Retirement.

Vestwell's technology powers FutureStep by John Hancock Retirement, which will be available in early 2025. This offering is designed to help advisors scale their practices while providing a simple, modern interface for seamless interactions across the advisor, employer, and saver portals.

TPAs, retirement advisors, and sponsors will see competitive pricing and opportunity for enhanced employer engagement and experience high-touch service within the new offering. They'll also receive support for personalized onboarding, ongoing administration and maintenance, robust payroll integration options, and assistance in navigating complex legislation.

"This is an exciting time for us, and we could not be more pleased to partner with Vestwell to help bring retirement planning to more employers who are helping their employees prioritize retirement," said Wayne Park, CEO, John Hancock Retirement. "As a multiplatform provider, we've added FutureStep so we can continue to expand the number of plans and participants that we serve, as a complement to our existing plan options."

"We're focused on being the partner of choice for our distribution partners, TPAs, and plan sponsors by helping to make retirement planning easier and more effective," said Gary Tankersley, Head of the Core Segment, John Hancock Retirement. "FutureStep demonstrates our focus on continuous improvement and the innovation of our offerings to meet the evolving needs of our clients. We look forward to sharing more on FutureStep in 2025 and have confidence that it will bring more plans to more Americans and serve retirement advisors who are looking for an outcome-driven digital solution."

"John Hancock Retirement has been a leader in the savings industry for decades. We share a commitment to providing exceptional service and innovative solutions to our clients, helping to bridge the access gap and promote savings for everyone," said Aaron Schumm, Founder and CEO, Vestwell. "Together with John Hancock Retirement, we can help address the growing demands of the industry, creating modern savings solutions that make retirement savings more affordable and accessible for all. Through cutting-edge solutions and an unwavering commitment to affordability and inclusivity, we aim to give individuals from all walks of life help to secure a brighter financial future."

John Hancock Retirement is dedicated to maintaining its position as a top recordkeeper and a provider of robust retirement plans that help drive better retirement outcomes for the small, mid, large, and Taft-Hartley plan participants. Through consultation with industry and technology providers, the company is evolving and modernizing various aspects of its business and retirement plan ecosystem through new offerings, updates to its digital experiences, and other technology upgrades.

"Looking to deliver powerful retirement plans that lead to positive outcomes for participants has always been our focus. The future of retirement security is dependent on bringing new offerings, tools, and education to participants and broadening access to planning so that more people have the opportunity to attain a secure retirement," concluded Mr. Park.

About Manulife Wealth & Asset Management

As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow. As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

About Vestwell

Vestwell is the backbone of the modern American savings economy. Vestwell is a financial technology company that makes it easier for more Americans to save for life's most important moments - from retirement to education and healthcare. Founded in 2016, Vestwell's platform removes traditional barriers to saving, making it accessible, efficient, and approachable for everyone.

Vestwell provides a comprehensive suite of workplace savings solutions, including retirement plans, student loan repayment benefits, and specialized accounts for education, emergencies, and disability savings.

Trusted by financial advisers, employers, payroll providers, financial institutions, and government agencies, Vestwell empowers nearly 1.5 million savers across over 350,000 businesses nationwide, with over $30 billion in assets under management. With a commitment to closing the savings gap and fostering a secure financial future for all, Vestwell provides an elevated and accessible savings technology everyone deserves.

For more information, visit vestwell.com.

About John Hancock and Manulife

John Hancock is a unit of Manulife Financial Corporation, a leading international financial services provider that helps people make their decisions easier and lives better by providing financial advice, insurance, and wealth and asset management solutions. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. One of the largest life insurers in the United States, John Hancock supports more than ten million Americans with a broad range of financial products, including life insurance and annuities. John Hancock also supports US investors by bringing leading investment capabilities and retirement planning and administration expertise to individuals and institutions. Additional information about John Hancock may be found at johnhancock.com.

About John Hancock Retirement

John Hancock Retirement is the U.S. retirement business of Manulife Investment Management. For more than 50 years, we've helped people plan and invest for retirement; today, we're one of the largest full-service providers in the United States.¹ We take a hands-on consultative approach based on the idea that no two plans—and no two plan participants—are exactly alike. We partner with plan sponsors, advisors, and third-party administrators to ensure that every plan is personal to the participant and delivers proven results.¹

¹ "PLANSPONSOR 2024 Defined Contribution Recordkeeping Survey© 2024 Asset International, Inc.," PLANSPONSOR, 2024.

As of September 30, 2024, John Hancock serviced over 57,000 retirement plans with over 3.2 million participants* and over $238 billion in AUMA.

* Participant counts reflect all active participants with a balance.

As of September 30, 2024, John Hancock Life Insurance Company (USA) supported 52,283 plans, 1,566,596 participants, and $114,554,139,792 in AUMA. John Hancock Life Insurance Company of New York supported 2,707 plans, 73,618 participants, and $ 6,243,917,553 in AUMA. John Hancock Retirement Plan Services LLC supported 2,354 plans, 1,638,790 participants, and $117,923,109,114 in AUMA. Participant counts reflect all active participants with a balance. Approximate unaudited figures for John Hancock are provided on a U.S. statutory basis.

John Hancock Retirement Plan Services LLC provides administrative and/or recordkeeping services to sponsors or administrators of retirement plans through an open-architecture platform. John Hancock Trust Company LLC, a New Hampshire non-depository trust company, provides trust and custodial services to such plans, offers an Individual Retirement Accounts product, and maintains specific Collective Investment Trusts. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in NY), and John Hancock Life Insurance Company of New York, Valhalla, NY. Product features and availability may differ by state. All entities do business under certain instances using the John Hancock brand name. Each entity makes available a platform of investment alternatives to sponsors or administrators of retirement plans without regard to the individualized needs of any plan. Unless otherwise specifically stated in writing, each entity does not, and is not undertaking to, provide impartial investment advice or give advice in a fiduciary capacity. Securities are offered through John Hancock Distributors LLC, member FINRA, SIPC.

NOT FDIC INSURED. MAY LOSE VALUE. NOT BANK GUARANTEED.

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