WESTWOOD, Mass. and PARSIPPANY, N.J., May 29, 2008 – New York Life Retirement Plan Services, a unit of New York Life Investment Management LLC, announced the expansion of its 401(k) capabilities for plans with $5 million to $30 million in assets under administration, with a new product that leverages New York Life’s mid- and large-market expertise for smaller clients. 

            The new product is an open-architecture, net asset value (NAV) mutual fund service including more than 5500 funds from 95 different brand-name investment fund families.  Sold only through financial intermediaries, this new product allows financial advisors to access large plan service and administration for their smaller plan clients.

            Among the benefits of this new product are: full revenue and fee disclosure for financial advisors and plan sponsors; ERISA consulting services; a dedicated sales team and administration group focused on this market segment; relationship management support for financial advisors and plan sponsors; a unique investment policy statement for each plan; plan-specific communications materials such as enrollment kits and on-demand participant reports for sponsors and participants; and access to a service from  New York Life Retirement Plan Services in which Morningstar Associates, LLC will act as a fiduciary for plan sponsors that accept Morningstar’s recommendations regarding its investment selection and monitoring of plan investments.

            “We see this as a multi-billion market opportunity over the next several years and the next important source of our strong historical growth,” said Don Salama, senior managing director and head of New York Life Retirement Plan Services.  “Traditionally, plans of this size have received cookie cutter solutions that work best for the provider.  With our consulting heritage and customer service ethos, we thought it was time to change that dynamic with a much more customized approach to this market segment.” 

            New York Life Retirement Plan Services received the highest overall customer satisfaction ranking in 2007 among retirement plan providers, according to Boston Research Group’s annual DCP Survey.  The provider is already a leader in the mid- and large-plan markets, with more than $30 billion in assets under administration. 

            "We know small plan sponsors are grappling with complex plans that require customized solutions. We will provide plan sponsors, their participants, and the financial advisors who serve them a high-quality, high-touch service model," said Jeff Keller, New York Life’s managing director of sales strategy and execution.

New York Life Retirement Plan Services will continue to service mid-and large-market defined contribution and defined benefit plans sold exclusively through financial intermediaries and New York Life agents from its main offices in Westwood, Mass.  Micro-market plans under $5 million in assets will continue to be offered solely through New York Life agents.

            Prior to this enhancement, New York Life had provided 401(k) plans to this market segment, but with a different approach and a different product set.  The firm initiated this focused effort in the fall of 2007 in response to specific financial advisor inquiries.  With today’s full launch, the product is now open for all new business. So far, New York Life has 80 plans representing $800 million in assets under administration in this market segment, all managed from New York Life’s Parsippany offices.   If you are a financial advisor interested in considering this product for your clients, please call 1-866-394-3214.

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 April 30, 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 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 $249 billion in assets as of April 30, 2008.    

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Contact:
Sarah Lazarus
CL- Media Relations
T: 978-369-4478
sarah@cl-media.com

Nancy Paris
New York Life Investment Management
T: 973-394-4410
Nancy_Paris@nylim.com