John Hancock Financial’s planned acquisition of New York Life’s Retirement Plan Services business is expected to grow its private sector retirement plan market to nearly 55,000 retirement plans and 2.5 million plan participants.

Announced on Dec. 23, John Hancock, the U.S. division of Manulife Financial Corporation, explains that deal will increase John Hancock’s retirement plan services total assets by nearly 60% to approximately $135 billion.

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