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401(k) participants get enhanced statements to better monitor accounts Boston – Manulife Financial is distributing enhanced quarterly account statements to plan participants beginning with year-end 2001 account information. The redesigned statements will more effectively present essential 401(k) account information and have earned the prestigious DALBAR Communications Seal for excellence in meeting the needs of retirement plan participants.1 With the redesign of this retirement planning tool, the first page summarizes key information to give participants a snapshot of important account details relevant to their plan’s group annuity contract with The Manufacturers Life Insurance Company (U.S.A.). The statements include a bulletin board section for customized, timely messages from Manulife Financial and a help section that directs participants to Manuline, Manulife’s toll-free participant line (1-800-395-1113), or the participant Web site (www.manulife.com/usa) for complete online account information. The new statements also incorporate numerical Fund codes that match the numbers referred to on Manuline so participants can more easily reference their investment options or obtain further account information via phone. Graphics and colors have also been changed throughout for a crisper and cleaner design that makes the statement easier to read and understand. In addition to reorganization of essential information on the participant’s statement, the rate of return now reflects the Modified Dietz method of calculation. This method is widely used in the financial services industry and reflects the timing of contributions and distributions during a quarter to provide a more accurate estimate of a participant’s portfolio return. “Manulife is committed to providing participants with the information they need to make good decisions about planning and saving for retirement. The new statements make it easier for both novice and sophisticated participants to understand details of their current 401(k) savings and use it as a planning and monitoring tool that can help build confidence about achieving their retirement goals,” said Kendall Kay, Chief Strategy Officer, Manulife Financial, U.S. Group Pensions. “DALBAR’s high marks confirm the excellence of our program and our commitment to providing the kind of clear and useful communications that participants need,” he added. DALBAR’s honors follow other recent recognition of Manulife, including “Best of Show” awarded by the Life Communicators Association in 2001 for superior 401(k) enrollment materials and a “Top Rating” from Plan Sponsor magazine for pension communications materials and overall participant service.2 To introduce participants to the new format, a copy of “Knowing Where You Stand: Shedding Light on Your Manulife Financial Statement” will accompany each statement mailed in the first quarter of 2002. A two-page explanation of the Modified Dietz method is also available to participants and financial consultants. About Manulife Financial Manulife Financial is committed to offering the highest quality annuity, life insurance, pension and tax-deferred college savings products to its U.S. clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its broad product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife Financial is dedicated to providing quality products designed to help create and preserve wealth for its clients. Group annuity contracts are issued by The Manufacturers Life Insurance Company (U.S.A.). Product features and availability may differ by state. In New York, products are issued by The Manufacturers Life Insurance Company of New York (Manulife New York). 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$89.3 billion (Cdn$142.2 billion) as at December 31, 2001. Manulife Financial Corporation trades as ‘MFC’ on the TSE, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. 1 Manulife Financial’s retirement account statement was awarded the 2002 DALBAR Communications Seal for excellence in meeting the needs of defined contribution retirement plan participants. 2 Plan Sponsor magazine’s annual survey of defined contribution providers was conducted in July of 2001. Of the 27 providers surveyed, only those with at least 20 client responses were eligible for Top Rated, Commended or No Rating classifications. -30- Media Contact: Catharine Bufalino U.S. Communications 617-854-4342 catharine_bufalino@manulife.com |
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