Deals and People March 27, 2023

John Hancock Names Park to Head US Retirement Business

The new CEO arrives from American Century Investments to replace Sue Reibel, who retired at the end of 2022.

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Manulife Investment Management announced on Monday that Wayne Park is taking the reins as CEO of John Hancock Retirement U.S.  

Wayne Park

In the new role, Park heads the U.S. retirement plan and recordkeeping business at John Hancock Retirement, where his responsibilities include sales, relationship management, product strategy, marketing operations and technology, according to the release.

Park reports to Aimee DeCamillo, head of global retirement at Manulife Investment Management, according to the firm.

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“We are happy to have found a leader of Wayne’s caliber who brings incredible hands-on experience to the CEO role across multiple dimensions,” DeCamillo stated in the release. “As we looked to the future of how to help provide secure retirements for our participants, we saw a combination of both leadership and intuition in participant needs and operational experience that will help to ensure success in the direction, evolution, and growth of our U.S. Retirement business.”

Park was hired because of his decades of experience working alongside intermediaries, plan sponsors and participants, according to the release. Park replaces Sue Reibel, who retired on December 31, 2022, after a nearly 30-year career at Manulife.

Park had been a senior vice president of personal finance solutions at American Century Investments, responsible for direct-to-consumer and retirement plan businesses and the operations group. Prior to working American Century, Park was head of individual investors at T. Rowe Price, and he previously held the role of principal, institutional retirement plan services, at Vanguard Group.

John Hancock Retirement is the U.S. retirement business of Manulife Investment Management, headquartered in Boston.

Manulife Investment Management manages more than $332 billion in retirement assets under management and administration for more than 260,000 retirement plans and 8.7 million participants, according to the press release.   

John Hancock services more than 55,000 retirement plans with more than 3.2 million participants and more than $187 billion in assets under management and administration, as of December 31, 2022, the release stated.

Compliance March 24, 2023

ERISA Suit Against SeaWorld Advances

A federal judge rebuffed SeaWorld's motion to dismiss, but a second defendant was dismissed from the case.

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A class action lawsuit brought by former SeaWorld employees that alleged participants in the retirement plan—the SWBG LLC 401(k)—were harmed by the defendants’ imprudent conduct will proceed, following the ruling of a federal judge in California.

The plaintiffs’ arguments supported the fiduciary breach of the duty of prudence allegations, count one, and the second charge, a related count, for the breach of the duty to monitor plan investments and covered service providers, the court order stated. The case is Fernando Coppel et al. v. SeaWorld Parks & Entertainment Inc., et al.

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“The court finds plaintiffs sufficiently state a claim in Count I by alleging that SeaWorld and OCOG, through their Board of Directors,” had a related fiduciary duty to monitor and supervise the appointees to the investment committee, wrote U.S. District Judge Robert S. Huie in U.S. District Court for the Southern District of California, in the ruling. “The parties do not dispute that plaintiffs’ second imprudence claim for failure to monitor is predicated on their first imprudence claim. Because the court has determined that plaintiffs have stated a claim as to Count I, dismissal of Count II is not warranted here.”

The former employees allege harm to their retirement investments stemmed from high-cost, underperforming investments plan fiduciaries included in the plan when lower-cost options were available. They also allege the plan paid excessive administrative and recordkeeping fees and imprudently selected and retained actively managed target-date funds from American Century, according to the amended complaint. The plaintiffs allege harm under the Employee Retirement Income Security Act.

Huie’s order did grant part of the SeaWorld defendants’ motions to dismiss the amended complaint, including the motion by Alliant Insurance Services, which has served since 2014 as a consultant to the plan and provided financial advice and assistance with fiduciary oversight responsibilities.  

“The court: grants in part the SeaWorld Defendants’ motion to dismiss as to the American Century target-date funds and the actively managed funds in Count I; but DENIES the SeaWorld Defendants’ motion in all other respects,” the order stated. Huie also granted Alliant’s “motion to dismiss and dismisses all of plaintiffs’ claims against Alliant without prejudice; and denies as moot the defendants’ two motions for oral argument.”  

The judge also gave the plaintiffs until April 23 to file a motion with amended allegations against Alliant or the court will dismiss the action against the defendant.

The plaintiffs’ amended complaint alleged fiduciary breach charges against SeaWorld Parks & Entertainment; SWBG Orlando Corporate Operations Group, LLC; the Board of Directors of SeaWorld and SWBG; the investment Committee of SeaWorld Parks and Entertainment 401(k) plan and the SWBG, LLC 401(k) plan; CEO Mark G. Swanson; CFO Elizabeth Gulacsy; Alliant Insurance Services Inc., and 50 unnamed individuals. 

The initial complaint was filed by the plaintiffs in August 2021, and an amended complaint was brought in December.   

The plaintiffs are represented by Christina Humphrey Law PC, based in Santa Barbara, California, and Tower Legal Group PC, based in Gold River, California.  

SeaWorld defendants are represented by attorneys from Groom Law Group, based in Washington, D.C., and Scale LLP, of San Francisco. Attorneys with Philadelphia-based law firm Morgan, Lewis & Bockius LLP represented Alliant.    

SeaWorld and Alliant did not return requests for comment on the litigation.   

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