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Manulife College Savings launches payroll deduction 529 plan --“Manulife College Savings Employee Select”-- Boston – The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) today launched Manulife College Savings Employee Select, a voluntary benefit offered by employers to help employees purchase and systematically contribute to a tax-advantaged, 529 college savings plan through payroll deduction. With a contribution of as little as $50 a month per portfolio, an employee can open a Manulife College Savings Employee Select plan through their employer. Employees’ contributions are invested with Manulife College Savings’ multi-managed approach, which offers portfolios of mutual funds managed by some of the nation’s leading asset managers. “Manulife College Savings Employee Select is an extension of the strong 529 product Manulife has built,” said Matthew Schiffman, Executive Vice President, Alternative Wealth Management, Manulife USA. “By offering this payroll-deduction option, employers can add value to their business and employees can take advantage of the benefits of a 529 savings plan and begin planning for education early,” he added. “A 529 plan compliments a family’s long-term savings strategy,” said Kendall Kay, Chief Strategy Officer, Group Pensions, Manulife USA. “And, by including both a college and retirement savings option in their benefits program, employers offer a powerful incentive to attract and retain good employees.” In 2001, Manulife entered the college savings market with Manulife College Savings, a national multi-managed Section 529 education savings plan distributed by Manulife Financial Securities LLC, managed by T. Rowe Price and sponsored by the Education Trust of Alaska. Manulife College Savings expands upon the inherent advantages of a typical 529 plan by offering investment choices from some of the nation’s leading asset managers. In addition, participants can invest up to $250,000 for a student’s college education, which is the one of the highest available limits. Managing the managers is part of the process for Manulife College Savings to identify the best performers in each fund category. Mutual fund managers available with Manulife College Savings include A I M Advisors, Inc., Davis Selected Advisors, L.P., Franklin® Templeton®, MFS Investment Management®, Pacific Investment Management Company (PIMCO), Oppenheimer Funds and T. Rowe Price Associates, Inc. Driven by a disciplined selection and review process, Manulife College Savings strives to consistently provide clients with access to elite offerings in a broad array of asset classes and investment styles. About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality annuity, life insurance, pension and tax-deferred college savings products to its 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 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$92.1 billion (Cdn$146.7 billion) as at March 31, 2002. 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. -30- Media Contact: Catharine Bufalino U.S. Communications (617) 854-4348 catharine_bufalino@manulife.com |
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