John Hancock Retirement Plan Services, a full service provider to 401(k) plans headquartered in Boston, announced that it has created the retirement industry's first fiduciary standards warranty.

Most 401(k) providers are not plan fiduciaries, though they are guided by fiduciary principles, according to Paul Henry, director of strategic planning and market research at John Hancock Retirement Plan Services. Sometimes a plan sponsor will enter into an agreement with a third-party that acts in a fiduciary capacity with respect to selecting and monitoring a plan's investment lineup. This could be the plan provider, but that is fairly rare, he said.

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