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Manulife Revamps 401(k) Statements

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NU Online News Service, Feb. 27, 12:13 p.m. – Manulife Financial Corp., Toronto, says its U.S. unit has redesigned its 401(k) retirement account statements.

One change will be a change in the way Manulife estimates participants’ rate of return. The statements now use the “modified Dietz method” to calculate participants’ rate of return. “This method is widely used in the financial services industry and reflects the timing of contributions and distributions during a quarter to provide a more accurate estimate of a participant’s portfolio return,” Manulife says.

Manulife is also changing the way it organizes the statement. The first page of the statement now summarizes key account information. The first page also includes a section for messages from Manulife, and a section that gives Web locations and toll-free telephone numbers for participant assistance services.