Hancock Financial says it will sell division

BOSTON — John Hancock Financial Services announced that it is selling its retirement
plan record-keeping division to Universal Pensions, Inc of Brainerd, Minn. for
an undisclosed sum. Hancock said it hopes to complete the transaction by June
30. The Boston Globe reported that Hancock would take a $9 million after-tax charge
against earnings in he first quarter to pay for the move. The transaction has
produced 31 layoffs so far, jobs would be offered to some of the remaining 200
employees by Universal Pensions and some employees would be offered transfers
to other Hancock divisions.