New York Life Retirement Plan Services News

New York Life Retirement Plan Services Bundles Pension Plan Services for Unions

WESTWOOD, Mass., July 21 PRNewswire — New York Life Retirement Plan Services (New York Life), a division of New York Life Investment Management LLC, announced the introduction of a fully integrated, bundled solution for union pension plans.

Taft-Hartley DB Complete(R) is designed to bring the key services associated with running a pension plan under one roof, including actuarial services, administration, trust, investment management, and plan education; though it maintains the flexibility for clients to keep their current actuary. New York Life's bundled approach creates efficiencies that have significant cost savings for the plan, as much as 20 - 40 percent, compared to the traditional model of multiple service providers.

"Joint-Boards of Trustees want to see the same bundled efficiencies they enjoy with their defined contribution plans applied to their pension plans," said Buck Bucci, director and head of Taft-Hartley services at New York Life Retirement Plan Services. "We are leaders in the Taft-Hartley defined contribution market, and New York Life has long established its expertise in corporate defined benefit plans. It makes tremendous sense to bring bundled DB solutions to the Taft-Hartley space."

New York Life Retirement Plan Services is one of few retirement plan providers to bring a bundled pension approach to the union marketplace, and will allow for Taft-Hartley plans to consider total retirement outsourcing solutions (TRO). Taft-Hartley DB Complete is an open architecture platform providing access to 5500 funds from more than 95 mutual fund families including NYLIM's MainStay Funds, separately managed account capabilities and commingled funds.

"Taft-Hartley pension plans represent a $400 billion dollar market opportunity. We see bringing our award-winning DB platform to new and existing union clients as part of our next big growth push," said Don Salama, senior managing director and head of New York Life Retirement Plan Services. "This is also a huge benefit for our Taft-Hartley clients and prospects, as adopting a bundled DB structure would likely save them time and money."

About New York Life Retirement Plan Services

New York Life Retirement Plan Services oversees more than 2,100 comprehensive defined contribution, defined benefit and deferred compensation plans as of 3/31/2008 and provides benefits for more than 854,000 retirement plan participants. With offices in Westwood, Massachusetts, and Parsippany, New Jersey, New York Life Retirement Plan Services administers retirement programs for small, medium and large companies, multi-employer plans, and individuals throughout the United States, and is widely recognized for its leadership in bundled defined contribution and bundled defined benefit plans.

About New York Life Investment Management

New York Life Investment Management Holdings LLC, ranks among the largest asset management firms in the United States. Through its multiple boutique investment structure, NYLIM delivers investment performance through an array of products designed for both institutional and retail clients. Through MainStay Investments, NYLIM distributes some of the most highly regarded mutual funds and wrap accounts in the industry.

NYLIM is a leading provider of retirement plans for corporations, multi- employer trusts, and individuals, and is recognized as one of the nation's top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 1400 employees, NYLIM manages over $246 billion in assets as of 3/31/2008.

SOURCE New York Life Retirement Plan Services

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