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Warren P.

Disclosure And Reporting...

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Good day All,

I am in conference with my providor and have been trying to get the various fees disclosed on the particpants statements.

I of course, want to have this so as to support the assertion that our plan is expensive to the participant. The finance committee will also review these statements and make a decision as to what is portrayed.

 

Unfortunately, the response from the insurance/fund providor is that there are few fees and the employees only need to know of the AIC and maybe Asset charges.

 

I know that there are M&E fees as the product is an insured Variable Annuity. There are commission fees, management fees. The statement from the Rep. states that they are adjusted in in the NAV.

 

I KNOW THIS! That is why I want the fee structure disclosed!

 

How do I get them to come forth and give full disclosure?

 

How do I get them to include this information(printed) on participant statements?

 

FYI-I've held up the quarterly summaries until I get the information printed on the statements.

 

 

Respectfully,

 

Warren P.

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I would think that any company must report all fund fees in their prospectuses. This is an SEC requirement. Can you get a hold of a prospectus on-line? If you can't get it from your rep, I would call his boss. If you can tell us the company name, maybe we can help.

 

Garry

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Thank you Garry, for the Speedy reply.

Yes, I'm on the line today! The mysterious name is Manulife Financial out of Toronto, Canada. I've been given a contact name in the regional offices in Walnut Creek, California, although she is out of the office in a meeting. I've been trying to get through but to no avail.

 

Warren P.

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Thank you Garry, for the Speedy reply.

Yes, I'm on the line today! The mysterious name is Manulife Financial out of Toronto, Canada. I've been given a contact name in the regional offices in Walnut Creek, California, although she is out of the office in a meeting. I've been trying to get through but to no avail.

 

Warren P.

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Garry,

As to online prospectus. None available. I have asked the Rep. to copy our plan document and it to me. He will do this tomorrow.

As to questions about fees they get really bumb and dumber.

 

Warren P.

 

PS Sorry about the double post.

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