Questions
TRUE or FALSE
John Hancock has been instructed by Merrill Lynch that they cannot accept RIA fees [i.e., Fiduciary Advisory Service (FAS) and Education & Plan Services (EPS) fees] without their own signed agreements.
TRUE (Effective Date: February 28, 2018)
As a reminder, all new Merrill Lynch defined contribution plans are being sold with an EPS and a FAS fee effective October 2017. Some Inforce plans have converted to this EPS/FAS arrangement effective January 1, 2018. All other Inforce plans are scheduled to be converted by the end of the year.
TRUE or FALSE
Changes to existing TPA Firm information will no longer be accepted via email, written or fax letter requests.
TRUE (Effective Date: February 12, 2018)
There will be a 30-day grace period in which both the new form and written requests will be accepted
MBPS is monitoring the NoSWD@jhancock.com Inbox and will cross reference the email address from the sender with the email address of the Trustee contact on the Plan Sponsor Website. A SIL will be created if:
1. The email was received from a Trustee but the email address does not match a Trustee address on file.
2. The email address is from a plan contact who is not a Trustee.
Merrill Lynch has asked John Hancock to pro-rate the RIA fees (both EPS and FAS) for the first month that Merrill Lynch contracts go into ‘active’ (AC) status.
To qualify, the contract must have their:
Contract Effective Date and the first allocation IED/UED in the same month.
Name at least 3 benefits of the Submit a Document Feature.
• Reduced risk of misdirected emails or faxes
• Reduced need for NCC and SCS to submit forms received
• Reduced email mailbox sizes
Give the new updates of the Wilshire 3(21) Adviser Service
Additional details have been added to help ensure a smooth installation process including:
o Instructions if the contract has IPSM o Instructions if the contract has PERA funded by price credits
o The conversion to the Signature Menu is processed effective the first of the month. This can impact the timing of activating the Wilshire 3(21) service.
o Pricing Central’s and/or SRS Inforce’s review process