Another convenient way for small, mid-sized businesses to help Canadians
save for a better retirement
TSX/NYSE/PSE: MFC SEHK:945
WATERLOO, ON, April 10, 2013 /CNW/ - With its new Deferred Profit
Sharing Plan (DPSP) option, Manulife Financial's FutureStep product now
offers small and mid-sized Canadian businesses even more choice and
flexibility in helping employees save for a better retirement.
The recently-added DPSP option combines with FutureStep's Group RRSP to
offer best-of-class investments, education and online services in a
cost-effective retirement savings plan typically only available to
large employers.
"Currently, more than 7.6 million Canadians employed by small to
mid-sized businesses do not have access to a workplace retirement
savings program," said Sue Reibel, Senior Vice-President of Group
Benefits and Retirement Solutions. "According to Manulife's recent
National Workplace Savings Survey, almost all working Canadians,
regardless of province, say they would participate in a workplace
retirement savings plan if it was offered. FutureStep, with its new
DPSP option, is great choice for employers who want to help their
employees save for retirement without the administrative burden of a
large, complex pension plan."
About FutureStep
FutureStep, originally launched in 2011, is designed specifically for
small to mid-sized businesses. Easy to set up and maintain, FutureStep
includes online plan administration and contribution remittance, and is
available through a quick and easy online application process.
"By offering a workplace retirement savings plan like FutureStep, small
and mid-sized business owners can stand out as employers of choice and
enhance their employee attraction and retention rates," added Ms.
Reibel.
Low investment management fees make the plan economical for employees,
while the ease of contributing through payroll deduction gives them an
immediate tax benefit - allowing them to save even more for the future.
The plan includes a selection of funds from experienced investment
managers, which are monitored by Manulife's i-Watch™ program and are
covered by the Certified Diversified™ warranty program.
The addition of a DPSP, an employer-sponsored deferred profit sharing
plan, to FutureStep now gives an employer the option of linking plan
contributions to the profitability of the business and, on a periodic
basis, sharing business profits with employees by contributing to the
DPSP on each employee's behalf.
Employees can access their FutureStep plan information via a secure
website. They also receive award-winning enrolment and educational
materials as well as toll-free support and access to the Steps
Retirement Program™.
For more information, visit www.manulife.ca.
About Manulife Financial
Manulife Financial is a leading financial services group, based in
Canada with major operations in Asia and the United States. Clients
look to Manulife for strong, reliable, trustworthy and forward-thinking
solutions for their most significant financial decisions. Our
international network of employees, agents and distribution partners
offers financial protection and wealth management products and services
to millions of clients. We also provide asset management services to
institutional customers. Funds under management by Manulife Financial
and its subsidiaries were C$532 billion (US$535 billion) as at Dec. 31,
2012. The company operates as Manulife Financial in Canada and Asia and
primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife Financial can be found on the
Internet at manulife.com.
SOURCE: Manulife Financial Corporation
