Manulife Financial has introduced Plan Default Letter Service to make it easy for sponsors of group retirement savings plans to alert their members to make an active choice with their investments.
The new service adds to an extensive series of member education resources and governance tools designed by Manulife to help plan sponsors and their members. These resources are designed to help sponsors engage their plan members to build an effective retirement plan.
With this service, Manulife will send letters directly to plan members who have not made their investment selections. This personalized letter informs members of the advantages of selecting investment options that best suit their retirement plan. If members do not take action after receiving a letter, sponsors can choose to send additional reminders.
Sue Reibel, senior vice president of savings and retirement solutions at Manulife, said: Combined with estimated annual retirement income delivered through Manulife’s Steps Retirement Program, tailored statement messages and personalized newsletters, we are delivering a full set of tools to engage plan members in their retirement plans.