PARSIPPANY, N.J. and WESTWOOD, Mass., June 02, 2005 – In order to accommodate recent and future growth, NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), has relocated its Massachusetts operation from Norwood, Mass., to a much larger facility in Westwood, Mass.  Additionally, NYLIM Retirement Plan Services has expanded retirement plan operations in its home office in Parsippany, N.J.

NYLIM Retirement Plan Services, a leading provider of defined contribution and bundled defined benefit plans, has experienced significant employee growth over the last several years in order to service its expanding client base.  The company is expected to increase the number of Massachusetts-based employees by an additional 25 percent over the next 5 years. The new Massachusetts office space will help NYLIM Retirement Plan Services better accommodate its growing staff.

NYLIM Retirement Plan Services’ operation in Parsippany has grown significantly as well.  In 2004, NYLIM Retirement Plan Services established an additional participant service center site at that location. Over the last several years, the company has steadily added management, marketing and sales staff and will continue expanding in this location in 2005.

As an example of this strong growth, assets under administration at NYLIM Retirement Plan Services have grown 75 percent since 2001. NYLIM Retirement Plan Services now administers over 2,100 plans with more than $14 billion in assets as of March 31, 2005. 

“Because of our industry-leading customer service and competitive products, the number of plans and participants we serve has grown rapidly,” said Barry Schub, executive vice president of NYLIM Retirement Plan Services. “This significant growth has presented the very pleasant challenge of needing additional staff and space. While many competitors have recently exited the retirement business, we are confirming our commitment to it for the long-term.”

About NYLIM Retirement Plan Services

NYLIM Retirement Plan Services oversees more than 2,100 comprehensive defined contribution, defined benefit and deferred compensation plans as of March 31, 2005. With offices in Westwood, Massachusetts, and Parsippany, New Jersey, NYLIM 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.

With more than $188 billion in assets under management as of March 31, 2005, New York Life Investment Management LLC and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments. For more information, visit NYLIM’s website at www.nylim.com.

Contact:
Sarah Lazarus
SSL Media Relations
T: 978-369-4478
sarahlaz@worldnet.att.net