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Manulife USA launches Individual(k) --Manulife USA’s Annuities Division Offers Self-Employed Individuals New Retirement Plan Opportunities-- Boston – Capitalizing on recent changes to the U.S. tax law in the Economic Growth Tax Relief Reconciliation Act (EGTRRA), Manulife USA has introduced an Individual(k) program. This program, for owner-only businesses, offers complete flexibility in the establishment and maintenance of an individual 401(k) plan, with the added value of being part of Manulife USA’s Venture Variable Annuities. “Currently, the individual 401(k) market is one of the fastest growing segments of the qualified retirement plan market with more than 17 million self-employed business owners,” said Robert T. Cassato, President of Manulife Wood Logan, the distribution and marketing arm of Manulife USA’s variable annuity, college savings and managed accounts products. “Because Manulife USA's Individual(k) effort utilizes a variable annuity, clients get the added value of access to all of the benefits of annuity ownership, including death benefit protection, lifetime income, tax-free transfers and ‘stretching’ opportunities to maximize deferred growth potential.” With the Individual(k) program comes choice with plan administration. The Individual(k) plan can be self-administered by the business owner, administered by an independent third party administrator of the client’s choice, or implemented through a competitively priced all-inclusive platform offered by BISYS, a market leader in the individual 401(k) administration services. “We are very proud that Manulife USA is one of the first variable annuity providers to enter into the Individual(k) market,” added Mr. Cassato. “Manulife USA’s Individual(k) is also an excellent complement to our Group Pensions products for small and mid-sized businesses.” About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality annuity, life insurance, pension, tax-deferred college savings, and separately managed account products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$92.5 billion (Cdn$146.2 billion) as at December 31, 2002. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. -30- Media Contact: Wendy W. Smith U.S. Communications 617-854-4348 wendy_smith@manulife.com Ask your financial consultant for more information, including a current prospectus containing more details on all charges, expenses, risk factors and limitations. Please read it carefully before investing. When assessing the suitability of purchasing a variable annuity, please note that fees for deferred variable annuities may be generally higher. In addition, annuities may be subject to tax penalties if withdrawals are made prior to age 59½. Withdrawals from other taxable investments may not be subject to such tax penalties, but will be subject to ordinary income tax and capital gains tax. Withdrawals from annuities are also subject to ordinary income tax. Investments in mutual funds that are already tax deferred, such as investment in IRAs and 401(k) plans, are not taxed until withdrawals are made. Purchasing an annuity for any tax-qualified retirement plan will not provide any additional tax-deferred treatment of earnings beyond the treatment provided by the plan. An annuity should be purchased for its other benefits, such as a guaranteed death benefit and the ability to receive lifetime income. All contractual guarantees are backed by the claims paying ability of the issuer. Venture Annuities and the optional riders are not available in all states; product features may vary, subject to state regulation. Annuities are long-term contracts designed for retirement purposes. Withdrawals may be subject to withdrawal charges and will reduce the death benefit and optional benefits. In addition, withdrawals of taxable amounts will be subject to ordinary income tax and, if made prior to age 59½, a 10% IRS penalty tax may apply. Annuities are not deposits or obligations of, or guaranteed by, any bank or financial institution. Annuities are not insured by the FDIC or any other agency and are subject to investment risks, including the possible loss of principal. Venture Combination Fixed and Variable Annuities are issued and administered by The Manufacturers Life Insurance Company (U.S.A.), a Bloomfield Hills, MI, company with its annuity service office in Boston, MA. Venture Annuities are distributed by Manulife Financial Securities LLC. Manulife Wood Logan provides sales and marketing support. |
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