John Hancock Retirement Plan Services has announced that employees of John Hancock Total Retirement Solutions clients can now use the MyLifeNow mobile app to enroll in their 401(k) plan.

The addition of mobile enrollment means that employees can not only enroll in their plan via the app, but can also enroll in automatic increase, adjust their pretax, Roth or after-tax contributions and view their account balances, personal rate of return and investment allocations.

John Hancock Retirement Plan Services and mobile app

The MyLifeNow mobile app was launched in 2013 to give participants anywhere access to their 401(k) account balance, personal rate of return, estimated annual retirement income, year-to-date contributions and investment allocations by asset class.

Earlier this year, the company added transactional capabilities, including reviewing and changing contribution percentage rates and enrolling in a plan’s auto-increase capability.

In addition, the firm announced that it has been appointed to administer the $217 million, 18,000-participant Equity-League 401(k) Plan, a Taft-Hartley multi-employer retirement plan, by the Equity-League.

John Hancock appointed administrator

The Equity-League provides benefits to members of the Actors’ Equity Association. Equity is the U.S. labor union that represents more than 50,000 actors and stage managers.

John Hancock Retirement Plan Services’ Taft-Hartley business has grown its assets under administration by 79 percent between September 30, 2010 and September 30, 2015.

Since December of 2014, when John Hancock announced the intention to acquire the retirement plan services unit of New York Life, the firm has increased its Taft-Hartley assets under administration by 24 percent to $13 billion, with 13 new plans in 2015.

Prudential Retirement gains 3 new plan sponsor clients

In other recent recordkeeper news, Prudential Retirement, a business unit of Prudential Financial, Inc., announced that it has added three new plan sponsor clients: Vopak North America, Inc., Overseas Military Sales Corporation and Texas Property and Casualty Insurance Guaranty Association (TPCIGA).

Vopak is a subsidiary of independent liquid bulk tank storage service provider Royal Vopak. As of August 21, 2015, the company operates 72 terminals in 26 countries. Vopak North America Inc.’s defined contribution plan has $36 million in assets and services 378 participants. The company also has a defined benefit plan with $80 million in assets.

Prudential Retirement is the new recordkeeper for both of Vopak’s plans and is also providing actuarial services.

Overseas Military Sales Corporation has 169 participants in its defined contribution plan with $21 million in assets. The company, through its Military Car Program, provides new U.S.-specification automobiles to active duty military, civilian, DOD employees and the diplomatic community stationed outside the U.S.

Instant Insights /

John Hancock adds mobile app, wins plan; Prudential adds sponsor clients

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