NORWOOD, MA – NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), today announced a new education program for retirement plan sponsors to help them better understand and act on their role as retirement plan fiduciaries.
The new program is part of “Listen & Learn,” a comprehensive new retirement education and communications program for both plan sponsors and participants. The program, which was introduced late last year, features tools, publications, and resources to educate employees and plan sponsors about their retirement plans.
“Knowledge levels vary about what it means to be a fiduciary to a retirement plan, but concern never does,” said Joan Driscoll, Director of Client Services at NYLIM Retirement Plan Services. “The seriousness of fiduciary duty has been highlighted over the past year and a half with many corporate retirement plans in trouble and in the news.”
Among the educational materials now available is a booklet that defines fiduciaries and their roles and responsibilities, and includes suggested steps to reduce risk. The program also includes a new quarterly training series for plan sponsors on fiduciary issues, and various sample templates such as investment policy statements and pension committee meeting minutes.
Under ERISA (the Employee Retirement Income Security Act of 1974), an individual is generally considered to be a fiduciary if he or she provides management, investment advice, or administration to a retirement plan.
Last year, NYLIM Retirement Plan Services and Morningstar Associates, LLC, also introduced Portfolio CompleteSM , which provides all of NYLIM Retirement Plan Services’ 1,500 401(k) clients and new prospects with a comprehensive suite of investment advisory services. As a key feature of the service, Morningstar Associates will act as a fiduciary to those plan sponsors who adopt its recommended investment and/or asset allocation lineup.
About NYLIM Retirement Plan Services
NYLIM Retirement Plan Services oversees more than 1,500 defined contribution, defined benefit and deferred compensation plans as of December 31, 2002. With offices in Norwood, Massachusetts, and Parsippany, New Jersey, NYLIM Retirement Plan Services administers 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 $155 billion in assets under management as of December 31, 2002, 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.
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Contact: Sarah Lazarus
SSL Media Relations
T: 978-369-4478
sarahlaz@worldnet.att.net
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