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Manulife USA takes the guess work out of retirement planning with innovative new program Boston – Helping to put the retirement goals of 401(k) plan participants within reach, Manulife USA has introduced a dramatically new approach to retirement planning that is quick, easy, and enjoyable. A simple three-step process makes it easier for 401(k) participants to set personal retirement goals and make informed decisions that will help them to achieve these goals. Utilizing a unique Web site, improved quarterly statements, and a new Annual Review tool, Manulife USA helps participants to focus on four key retirement planning questions: How much will my retirement cost? How much do I need to contribute to pay for it? How should I allocate my contributions? And how am I doing? After research showed that existing education programs were too complex and often went unused, Manulife USA created this innovative approach to simplify the retirement planning process for 401(k) plan participants, plan sponsors, and their consultants. “Contrary to the focus of most traditional education programs, most workers don’t want to learn how to become professional portfolio managers; they just want to make good decisions that will allow them to enjoy retirement,” said Ralph Vizl, Vice President of Marketing, Manulife USA’s Group Pensions Division. “We believe that plan participants should not only enjoy retirement but also enjoy getting there, so we give them a range of tools in different mediums that help them to make decisions with confidence, which, in turn, helps them to feel more confident about retirement.” Participant Web Site For participants who enjoy using the Internet, a new Web site, www.Manulife401k.com, helps users to answer the four key planning questions based on their own circumstances and goals. After entering some basic personal information, participants are prompted to select from one of five potential retirement lifestyles, which were developed using census, demographic, and consumer behavior information. Next, a user need only take a short risk quiz before being presented with a personalized retirement Action Plan complete with suggested monthly contribution amounts. This tool also identifies any discrepancies between participants’ desired retirement lifestyles and the goals they are currently on track to achieve, offering alternative solutions that can help to close the gap between what people expect out of retirement and what they can realistically achieve. Once their plans are developed, participants can regularly monitor their progress through this site on a personalized home page. Annual Review & Action Plan Manulife USA has also introduced an Annual Review and Action Plan option to further assist and encourage participants to become active and effective savers. Each year, participants will be prompted to take five minutes to complete an Annual Review that can help them to stay on track to achieve their goals. Participants can also choose to receive a personal Action Plan, which uses information they supply to create personalized strategies that help them to decide how much they need to contribute and how to allocate those contributions. As a result, participants can always know where they are going, how to get there, and how they are doing along the way. Participant Statement In addition, quarterly statements have been redesigned to allow participants to view their personal rates of return for as long as they have been contributing to their 401(k) plans through Manulife USA. The statement also estimates participants’ monthly retirement incomes based on their current contribution rates and projected Social Security incomes. “Through the ease-of-use and personalization of these tools, we hope to encourage participants to actively pursue their retirement dreams,” said Kendall Kay, Chief Strategy Officer, Manulife USA’s Group Pensions Division. “We want participants to understand and gain confidence from the fact that they don’t have to become expert investors to achieve their retirement goals. With the investment of just a few minutes each quarter, they can integrate retirement planning into their lives successfully and even enjoyably.” About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality life insurance, pension, and individual wealth management 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. Group annuity contracts are issued by Manulife USA. 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$106.5 billion (Cdn$144.3 billion) as at June 30, 2003. 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: Heather Randolph Carter U.S. Communications (617)-854-4342 |
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