PARSIPPANY, N.J.-The nation's largest multi-employer, multi-union Taft-Hartley plan has appointed NYLIM Retirement Plan Services to manage and administer its assets. The Supplemental Income 401(k) Plan is a $180 million Taft-Hartley retirement plan for members of the Teamsters and other unions.

During its recent conversion to NYLIM Retirement Plan Services, the Supplemental Income 401(k) Plan merged two plans into one, a $60 million 401(a) money purchase plan and a $120 million 401(k) plan. The merged plan comprises 800 employer accounts in 21 different trade unions that are all members of the American Federation of Labor (AFL/CIO). More than 21,000 Union members are participants in this plan.

The plan will now feature an enhanced participant website that allows online enrollment and transactions, a diversified investment line-up representing 8 fund families and 14 mutual funds, and a new educational campaign.

NYLIM Retirement Plan Services will provide recordkeeping and investment management services to the plan, in addition to furnishing the communications materials for the enrollment. Financial advisor RBC Dain Rauscher will handle face-to-face communications with the unions and their members.

"NYLIM's communication and technology resources have moved this plan forward a decade in its services and benefits to members," said Tony Chopitea, vice president of investments at RBC Dain Rauscher. "Because the plan is so easy to implement, for instance, a company can have it up and running in about one week. That's a real value added."

"With its state-of-the-art features and benefits, this plan is very attractive to companies, unions and participants alike, and I expect that it will grow to be a $1 billion plan within the next 10 years," said Rome Aloise, of the Western Conference of Teamsters.

The Supplemental Income 401(k) Plan has no annual fees or start up fees. Quarterly recordkeeping and administrative fees of $5.50 per participant can be paid by the participant or by the employer (subject to collective bargaining agreement). There is no minimum number of participants.

"We're bringing our unique mid-market technology and services to these smaller union plans," said Sam Mancino, managing director of NYLIM Retirement Plan Services. "This excellent retirement plan solution uses the scale of many unions to make the economics work for smaller employers."

About the Supplemental Income 401(k) Plan

The Supplemental Income 401(k) Plan is the largest multi-union, multi-employer, collectively bargained Taft-Hartley 401(k) plan in the United States. Based in San Leandro, California, the plan is well established and is currently offered by many unions and hundreds of their employers nationwide.

About NYLIM Retirement Plan Services

NYLIM Retirement Plan Services oversees more than 1,500 comprehensive defined contribution, defined benefit and deferred compensation plans as of June 30, 2003. 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 $169 billion in assets under management as of June 30, 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.

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