John Hancock Retirement Plan Services, one of the largest providers of retirement plans in the United States, is pleased to announce that Steel Dynamics, Inc. (NASDAQ/GS: STLD), based in Fort Wayne, Indiana, has chosen to retain the firm to administer their existing 401(k) retirement plan and to transition an additional plan that was previously with another provider. The plans have $670 million in assets and cover 7,200 participants, and the new plan was transitioned in the beginning of January 2016.
"As a client for more than 10 years, we have always valued the consultative approach that John Hancock Retirement Plan Services takes in bringing us new ideas and solutions to help solve our retirement plan challenges, " said Rick Poinsatte, vice president and treasurer of Steel Dynamics. "As a result of our mutual success, we have reappointed the firm and added to our business with them."
"We are thrilled to continue our partnership with Steel Dynamics and honored to have been selected for an enhanced business relationship," said Patrick Murphy, president of John Hancock Retirement Plan Services. "Steel Dynamics and its retirement plans have grown significantly since we first started working together ten years ago. It is humbling to have worked with them as their plans' have increased more than ten times in value, and it has been a privilege to help Steel Dynamics and its employees as their needs have evolved over the course of our relationship."
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with annual sales of $8.8 billion in 2014, approximately 7,600 employees, and manufacturing facilities primarily located throughout the United States (including six steel mills, eight steel coating facilities, an iron production facility, approximately 80 metals recycling locations and eight steel fabrication plants).
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Assets under management by Manulife and its subsidiaries were $935 billion (US $676 billion) as at December 31, 2015. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSA, and under '945' on the SEHK. Manulife can be found on the Internet at Manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
John Hancock Life Insurance Company (U.S.A.), John Hancock Life Insurance Company of New York and John Hancock Retirement Plan Services, LLC are collectively referred to as "John Hancock".
John Hancock Retirement Plan Services, LLC offers service programs for retirement plans through which a sponsor or administrator of a plan may invest in mutual funds, ETFs, guaranteed products and collective investment trusts on behalf of plan participants. John Hancock Trust Company, LLC provides trust and custodial services to such plans. Securities products, when offered, may be offered through John Hancock Distributors LLC or NYLIFE Distributors LLC, as applicable, member FINRA/SIPC. Retirement plan sponsors may be able to select the option to offer the On Target investment advisory program to participants; services relating to this program are detailed in the applicable investment advisory agreement. Mutual funds, ETFs, guaranteed products and collective investment trusts available on the respective investment platform have not been individually selected by John Hancock Retirement Plan Services LLC, or any of its service providers.
Both John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York do business under certain instances using the John Hancock Retirement Plan Services name. Group annuity contracts are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02210 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. The Investment Management Services Division of John Hancock provides investment information relating to the group annuity contract.
Plan administrative services may be provided by John Hancock Retirement Plan Services, LLC or a plan consultant selected by the Plan.
Source : prnewswire.com