PARSIPPANY, N.J. – NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), today announced that it has been recognized by its clients as an industry leader in the Boston Research Group’s annual defined contribution survey.  The survey, entitled DCP 2002, rates 22 top defined contribution plan providers in the United States, based on input from 401(k) plan sponsors. 

According to the survey, NYLIM Retirement Plan Services scored among the top three providers in overall client satisfaction and is a stand-out in the client loyalty measure with 100% of its clients surveyed indicating they are either “committed” or ”highly committed” to working with NYLIM Retirement Plan Services.  NYLIM also received high marks in all other major categories including: brand image, which rates both a retirement plan provider’s resources and relationship with its clients; employee education; broker services; plan investments; technology; plan sponsor service; participant service; and ERISA services/expertise. 

“Perhaps the best compliments a company can receive are praise and satisfaction from its clients,” said Barry Schub, senior managing director of NYLIM Retirement Plan Services. “We are so thrilled that our clients have recognized us in this way.”

For overall client satisfaction, NYLIM Retirement Plan Services received 100% client satisfaction scores for: client relationship manager, plan administrator, recordkeeping services, ERISA services, telephone rep service, participant web site and participant statements. 

Compared with the 22 other providers, NYLIM achieved well above average scores for satisfaction with: employee education services, voice response service, plan sponsor web service, broker services and commissions paid to brokers.

DCP 2002 is a nationwide study of 1,629 401(k) plan sponsors with $5 million or more in plan assets.  The study’s author, Boston Research Group, asked plan sponsors to identify and rate their plan’s recordkeeper on a wide range of issues and determine their needs for 401(k) products and services.   The sample for the study was drawn from the Judy Diamond database of 401(k) plans, a comprehensive list of all 401(k) plans in the country, and merged with the Larkspur database of 401(k) plans. 

About Boston Research Group

Boston Research Group (BRG) specializes in providing research services to firms involved in high technology, consumer technology, financial services, insurance and health care. BRG was founded in 1986 and has offices in Massachusetts, New York and Utah.

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 access to institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments.

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