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Collective investment trusts (CITs) may offer a lower-cost alternative to mutual funds for defined contribution (DC), including 401(k) plans as well as other qualified retirement plans. John Hancock offers a wide range of CITs that can be used to customize a portfolio.
Collective investment trusts (CITs) are regulated institutional-only pooled investment vehicles that have been in existence since 1927. They were created specifically to allow certain qualified retirement plans to pool plan assets in a diversified investment vehicle with a lower cost base compared to mutual funds. CITs are maintained by banks or trust companies.
John Hancock Trust Company is a subsidiary of Manulife, a global financial organization with a footprint across five continents and a history spanning over 125 years. John Hancock Trust Company offers a diverse lineup of CITs, and is one of a family of affiliated managers that includes Manulife Investment Management and John Hancock Investment Management.
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CITs typically have lower operating costs compared with mutual funds.
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CITs are valued daily, provide daily liquidity, increasingly have ticker symbols, and may be traded through the National Securities Clearing Corporation (NSCC).
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CITs are regulated by federal and/or state bank regulators, U.S. Treasury Department, and U.S. Department of Labor.
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Target-date CITs account for the majority of inflows from DC retirement plans. Over the last five years, target-date CITs have grown at twice the rate of target-date mutual funds.
Source: Cerulli, Sway Research, John Hancock Trust Company, 2024.A Collective Investment Trust (CIT) is a pooled investment vehicle that is maintained by a bank or trust company for the collective investment of certain qualified retirement plans only. CITs cannot be publicly marketed or sold. CITs are exempt from registration under the federal securities laws and exempt from the regulatory requirements on mutual funds under the Investment Company Act of 1940; however, they are subject to federal and state regulation under the banking laws, the Employee Retirement Income Security Act of 1974, the Internal Revenue Code, and certain securities laws. A mutual fund is a publicly traded pooled investment fund that are offered through registered investment companies overseen by the US Securities and Exchange Commission. A mutual fund is a pooled collection of assets that invests in stocks, bonds, and other investments and is regulated by the U.S. Securities and Exchange Commission.
CITs are not subject to the regulatory, operational, reporting, and disclosure requirements of mutual funds. Administration, distribution, and marketing cost generally lower than those for mutual funds as well.
CITs are professionally managed institutional-only vehicles available to certain qualified retirement plans.
| Eligible | Not currently eligible |
|
Qualified 401(k) plans |
403(b) plans |
|
401(a) government plans |
457(f) government plans |
|
457(b) government plans |
IRAs |
|
Qualified profit-sharing plans |
Keogh accounts |
|
Qualified stock bonus plans |
Endowment plans |
|
Qualified pension plans |
Foundation plans |
|
Certain separate accounts and contracts of insurance companies |
Health and welfare benefit plans |
|
Taft-Hartley plans (multiemployer or union plans) |
Nonqualified deferred compensation plans |
CITs have evolved since their early inception to offer retirement plans a comparable experience to mutual funds, typically at a lower cost base.
| CIT | Mutual fund | |
|
Eligible investors |
For certain qualified retirement plans only; minimum investment requirements may apply |
All investors |
|
Regulation |
Federal and/or state bank regulators, U.S. Department of the Treasury, and U.S. Department of Labor |
U.S. Securities and Exchange Commission |
|
Liquidity |
Daily (subject to trust governing provisions) |
Daily |
|
Trading and valuation |
Mostly traded on the NSCC Valued daily |
Traded on the NSCC Valued daily |
|
Ticker symbols |
Some CITs have registered tickers |
Yes |
|
Purchasing process |
Participation agreement required |
Not applicable—publicly traded |
|
Multiple share classes |
Allowed |
Allowed |
|
Operating costs |
Generally lower than mutual funds¹ |
Generally higher than CITs |
|
404(a)(5) fee transparency |
Yes |
Yes |
|
Tax status |
Tax exempt |
Generally not tax exempt |
|
ERISA status |
Fund assets considered plan assets and subject to ERISA standards |
Not considered plan assets, not subject to ERISA |
|
Reporting |
Fact sheets available Audited financial statements |
Fact sheets available Audited annual report |
|
Governing document |
Declaration of trust |
Prospectus |
1 CITs are not subject to the regulatory, operational, reporting, and disclosure requirements of mutual funds. Administration, distribution, and marketing costs are generally lower than those for mutual funds as well.
A Collective Investment Trust (CIT) is a pooled investment vehicle that is maintained by a bank or trust company for the collective investment of certain qualified retirement plans only. CITs cannot be publicly marketed or sold. CITs are exempt from registration under the federal securities laws and exempt from the regulatory requirements on mutual funds under the Investment Company Act of 1940; however, they are subject to federal and state regulation under the banking laws, the Employee Retirement Income Security Act of 1974, the Internal Revenue Code, and certain securities laws. A mutual fund is a publicly traded pooled investment fund that are offered through registered investment companies overseen by the US Securities and Exchange Commission. A mutual fund is a pooled collection of assets that invests in stocks, bonds, and other investments and is regulated by the U.S. Securities and Exchange Commission.
We're part of a financial organization that has $800 billion2 in assets under management and administration and over 640 investment professionals3 worldwide.
Leveraging our group’s established infrastructure enables us to guide clients through a seamless onboarding experience and deliver on our clients’ ongoing and evolving needs.
We have a well-established in-house recordkeeper as well as long-standing relationships with many of the largest recordkeeping aggregators in the country.
As a steward of capital, we have extensive risk management and governance expertise built over years of managing investment risk and assisting institutions globally.
2 MFC statistical information package, assets under management and administration (AUMA), as of 12/31/23. AUMA is in U.S dollars. 3 Manulife Investment Management, as of December 31, 2023. Manulife Investment Management’s global investment professional team includes expertise from several Manulife IM affiliates and joint ventures; not all entities represent all asset classes.
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May 4, 2023
October 7, 2022
April 10, 2024
We help you analyze and assess the potential benefits of including CITs within your investment lineup.
David Cohen
Executive Vice President, John Hancock Trust Company
Head of Stable Value and Retirement Products, U.S.
617-963-6333
dacohen@jhancock.com
Gene Huxhold
Senior Managing Director, DCIO
847-224-9862
gene_huxhold@jhancock.com
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Brian Torrisi
Global Head of Consultant Relations
617-375-1876
btorrisi@manulifeam.com
For more information on recordkeeping services, contact your John Hancock representative.
