WESTWOOD, Mass., February 7, 2006 – NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), announced today that Ansell Limited has chosen NYLIM to administer its non-qualified retirement plan as an extension of having appointed the retirement plan firm in 2004 to run its defined contribution plan.
In addition, the Ansell defined contribution plan will begin to offer participants a Roth 401(k) option at the end of February 2006. Roth 401(k)s, a new provision under the tax code as of January 1, 2006, are designed to provide participants with a way to pay taxes on contributions today and potentially avoid taxes at withdrawal.¹
Ansell, a leading maker of healthcare protection products managed out of Red Bank, New Jersey (and with a primary listing on the Australian Stock Exchange), has 700 participants in its defined contribution plan. “We have been very happy with the way our 401(k) plan has been administered and it made a great deal of sense for NYLIM to also administer our non-qualified plan,” said Phil Corke, Senior VP of Human Resources at Ansell.
SageView Advisory Group, headquartered in Irvine, California, assisted Ansell in evaluating and selecting NYLIM. SageView is a leading provider of retirement plan consulting and will continue to provide Ansell with strategic retirement benefits consulting, investment monitoring and plan compliance guidance. Randall Long, founder and principal of SageView, said: “Both the plan sponsor and provider in this deal have a real focus on retirement services so there is a natural fit between them.”
1. Qualified distributions of Roth contributions are tax-free. To be qualified, the distribution must be made on or after the participant's death, disability, or attainment of age 59½ and after the completion of five taxable years from which the Roth contribution was made. Roth 401(k)s are part of EGTRRA, which will be repealed at the end of 2010 unless legislation is enacted to extend it.
About Ansell Limited
Ansell Ltd is a global leader in healthcare barrier protective products and in 2005 celebrated 100 years in its field. With operations in the Americas, Europe and Asia, Ansell employs more than 11,000 people worldwide and holds leading positions in the natural latex and synthetic polymer glove and condom markets. Ansell operates in three main business segments: Occupational Healthcare, supplying hand protection to the industrial market; Professional Healthcare, supplying surgical and examination gloves to healthcare professionals; and Consumer Healthcare, supplying sexual health products and consumer hand protection. Information on Ansell and its products can be found at http://www.ansell.com.
About SageView Advisory Group
Headquartered in Irvine, California, SageView Advisory Group is an independent advisory firm serving retirement plan sponsors and personal wealth management clients. Operating in a fully transparent environment, SageView delivers top-tier customized solutions, personalized client services, proprietary investment processes, and objective research and advice. SageView's team of professionals currently advises on more than $1 billion in assets. For more information, call (800) 814-8742 or visit www.sageviewadvisory.com. SageView Advisory Group remains at 2010 Main Street, Suite 1220 Irvine, CA 92614.
About NYLIM Retirement Plan Services
NYLIM Retirement Plan Services provides services to more than 2,100 defined contribution, defined benefit and deferred compensation plans as of December 31, 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 $200 billion in assets under management as of December 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.
For More Information
Contact: Sarah Lazarus
SSL Media Relations
T: 978-369-4478
sarah@sslmedia.com
|
|
