Offering Bundled Defined Benefit Services To The Bank’s Mid- and Large-Market Plans

NEW YORK, NY and PARSIPPANY, NJ, October 3, 2005 -- The Bank of New York and the Retirement Plan Services division of New York Life Investment Management LLC, announced that they have formed a marketing alliance enabling The Bank of New York to offer bundled pension services to its mid- and large-size plan sponsor clients.

As a result of this marketing alliance, the firms will offer a cost-effective, bundled pension program that brings together The Bank of New York’s expertise in trust, custody, and risk management with DB CompleteÒ, NYLIM Retirement Plan Services’ bundled defined benefit platform. DB Complete draws together the services associated with managing a pension plan, such as actuarial, administration, investment management and plan education, via a single, seamless solution.

“This marketing alliance with NYLIM Retirement Plan Services allows The Bank of New York to introduce a comprehensive bundled pension solution to our plan sponsor clients,” said Patrick E. Curtin, Executive Vice President of Custody Services at The Bank of New York.  “This expands the broad range of services that we can introduce to plan sponsors and provides a direct link to one of the finest retirement services offerings in the United States.”

“Combining The Bank of New York’s custody and distribution resources with NYLIM’s retirement plan expertise brings a best-in-class solution to The Bank’s plan sponsor clients,” said Barry Schub, Executive Vice President of NYLIM Retirement Plan Services.

Among the advantages of bundled pension services are cost savings for the plan sponsor and real-time benefit calculations.  In addition, enhanced participant communication regarding the plans fosters heightened awareness of and appreciation for pension plans among participants.  DB Complete enables integration of investment and actuarial disciplines for pension plan sponsors to make more informed, strategic decisions regarding their plan that factor in both asset- and liability-related considerations.

The Bank of New York has a dedicated team of specialists who customize solutions for plan sponsors across all products of the Bank.  In addition to bundled retirement services, the Bank offers custody, risk management, trade execution, and investment and cash management to plan sponsors.

This marketing alliance is one of several distribution strategies that NYLIM Retirement Plan Services is pursuing as part of its overall sales effort.

About The Bank of New York

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide.  The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services.  The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations.  Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide.  Additional information is available at www.bankofny.com.

About NYLIM Retirement Plan Services and New York Life Investment Management LLC

NYLIM Retirement Plan Services provided services to more than 2,100 defined contribution, defined benefit and deferred compensation plans as of June 30, 2005. With offices in Westwood, 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 $194 billion in assets under management as of July 31, 2005, 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. For more information, visit NYLIM’s website at www.nylim.com .

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