PARSIPPANY, N.J., – NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), today announced that it has been named a “Top Rated” provider in eight categories within PLANSPONSOR magazine’s annual Defined Contribution Survey (November 2002).  NYLIM’s results in this survey are among the strongest of the more than 40 firms included in the survey.

For the second straight year, NYLIM Retirement Plan Services, a leading provider of retirement plans and consulting services, received top ratings for: accuracy of participant reporting; timeliness of participant reporting; and plan sponsor reporting.  NYLIM Retirement Plan Services also received top ratings for: participant Internet services; its participant call center; sponsor compliance; fee disclosure; and responsiveness to plan sponsors.

NYLIM also received "Commended" rankings in three categories including: participant education; clarity of statements; and plan sponsor Internet services.  This is the second year in a row that NYLIM Retirement Plan Services has received commendations in participant education and clarity of statements.

"We like to think that we have the happiest clients in the retirement plan marketplace,” said Barry Schub, senior managing director of NYLIM Retirement Plan Services.  “Objective industry surveys, such as this, show us that we’re achieving our goal.  We are very pleased that our clients rate us so highly and we will continue working to earn that high regard.”

According to PLANSPONSOR magazine: "New York Life has a history of excellence in this survey and its intimate relationships with its clients continue to stand out in 2002. . .NYLIM clients feel they are exceptionally treated.”

In total, 42 retirement plan providers were rated in each of the survey's 16 categories.

According to the magazine, "Top Rated" status was accorded to providers that had average scores in the top 10% of each category and "Commended" status was given to providers with average scores in the

next 20%. Results were based on the responses of more than 2,800 retirement plan sponsors to a written survey.

About NYLIM Retirement Plan Services

NYLIM Retirement Plan Services administers more than $7 billion in comprehensive defined contribution, defined benefit and deferred compensation plans as of September 30, 2002.  NYLIM Retirement Plan Services oversees retirement programs for small, medium and large companies, unions, 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 $148 billion in assets under management as of September 30, 2002, New York Life Investment Management 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.

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Contact:              Sarah Lazarus                                               

                        SSL Media Relations                                 

T: 978-369-4478               

sarahlaz@worldnet.att.net