John Hancock Retirement Plan Services has been chosen to run a $1 billion annuity fund for a multiemployer retirement plan, while Prudential Retirement has gained two new defined contribution clients.
John Hancock was selected by the International Union of Operating Engineers Local Union 94-94A-94B, AFL-CIO to administer its $1 billion, 7,000-participant annuity fund, a Taft-Hartley multiemployer retirement plan.
IUOE Local Union 94-94A-94B was established to represent employees covered by collective bargaining agreements between the union and various employers, employer associations and the City of New York with office buildings and schools requiring maintenance of heating and air conditioning systems in the New York metropolitan area.
John Hancock Retirement Plan Services has been growing its Taft-Hartley business, almost doubling its assets under administration between Dec. 31, 2010, and Dec. 31, 2015. Since December 2014, when John Hancock announced the intention to acquire the retirement plan services unit of New York Life, the firm has increased its Taft-Hartley assets under administration by 25 percent to $13.1 billion, with 13 new plans in 2015, and nine more plans either added or scheduled to be added in 2016.
Prudential, for its part, ventured deeper into the middle market and will oversee a combined $29 million in assets for Cactus Wellhead and Lendmark Financial Services’ 401(k) plans.
Cactus Wellhead has 211 employees in its defined contribution plan, with $12 million in assets under management. The Houston-based company is a manufacturer of pressure-control equipment used during drilling, completion and production operations on land and offshore.
Lendmark Financial Services has 771 employees in its defined contribution plan with $17 million in assets. Established in 1996, Lendmark Financial Services is a consumer finance company that provides a variety of personal loans, automobile loans and retail merchant sales finance services.
And Voya Financial added four new clients in private education. It will recordkeep for the retirement plans of the University of Rio Grande, Texas Wesleyan University, The Episcopal School of Dallas and Shulamith School for Girls, which together represent more than $71 million in transferrable assets and approximately 1,200 participating members.
The University of Rio Grande 401(k) Plan consists of approximately $10 million in transferrable assets and more than 170 participants. The university is in Rio Grande, Ohio. For Texas Wesleyan University in Fort Worth, the 403(b) and 401(a) plans consist of approximately $25 million in transferrable assets and nearly 500 participants. The 403(b) plan for the Episcopal School of Dallas 403(b) plan consists of approximately $32 million in transferrable assets and more than 450 participants, which includes both active and inactive members. And the 403(b) plan for the Shulamith School for Girls in Brooklyn, New York consists of approximately $4.2 million in transferrable assets and 75 participants, which includes both active and inactive members.
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