NORWOOD, Mass., June 23, 2004 – NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), announced today that it has been appointed by James Hardie Building Products to manage that company’s $41 million 401(k) plan. 

Based in Mission Viejo, Calif., James Hardie is a manufacturer of building materials.  The company’s defined contribution plan covers 1,285 participants. 

“Investment flexibility and customer service were two very important factors to James Hardie in making its final plan decision,” said John Campbell, principal at Benefit Funding Services Group, the financial advisor that managed the selection process and will be involved in the ongoing investment review process and servicing of the plan.  “NYLIM Retirement Plan Services’ track record in customer satisfaction surveys and its open-architecture platform were key selling points,” he said. 

“Excellence in customer service is a paramount goal for us, so it’s very gratifying to see that a plan sponsor is evaluating us and choosing us based on that criterion,” said Tom Clough, managing director of NYLIM Retirement Plan Services.  “We are excited to begin working with James Hardie.”

About James Hardie Building Products

James Hardie Building Products is a specialized, high-technology manufacturer of a wide range of fiber-cement building materials, including exterior cladding, siding, tile underlayment and storm drainage pipes.  James Hardie is the fastest-growing siding manufacturer in North America.  Through its extensive research and development efforts, James Hardie has created siding products that stand up to some of the most demanding climates a home will face.  James Hardie siding products provide low-maintenance without sacrificing the charm, beauty and character of natural wood.  Its products are already on over 3 million homes in the United States and Canada.  James Hardie products are available to homeowners, builders, remodelers, dealers or architects.  To learn more about James Hardie, please go to their website at www.jameshardie.com.

About Benefit Funding Services Group

Benefit Funding Services Group, founded in 1990, is an independent firm of retirement consultants headquartered in Southern California. The company specializes in the design, implementation and administration of virtually every type of retirement plan.  Benefit Funding Services Group consultants have a combined 50 years of experience in the retirement planning industry. Their services include retirement plan consultation and asset allocation assistance.  For more information on the services they provide, contact John Campbell directly at 949-955-5781.

About NYLIM Retirement Plan Services

NYLIM Retirement Plan Services oversees more than 2,100 comprehensive defined contribution, defined benefit and deferred compensation plans as of April 30, 2004. With offices in Norwood, Massachusetts, and Parsippany, New Jersey, NYLIM 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.

With more than $180 billion in assets under management as of April 30, 2004, 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. For more information, visit NYLIM’s website at www.nylim.com .