WESTWOOD, MA, and NEW YORK, NY – Feb. 28, 2007 – NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), and Smith Barney’s Consulting Group, a division of Smith Barney, the global wealth management unit of Citigroup (NYSE: C), have been appointed by the Operating Engineers Local 138 to administer its defined contribution plan.
The Operating Engineers Local 138, based in Farmingdale, NY, provides retirement income benefits for more than 1,500 members. With nearly $184 million in assets, the plan switched from an unbundled, or traditional, retirement plan services structure, to a bundled service model. NYLIM Retirement Plan Services brings its award-winning bundled retirement plan services to this new relationship as well as managing some of the investment options within the plan through its proprietary fund family, MainStay Funds. Smith Barney’s Consulting Group provides customized investment consulting advice to the plan.
The combination of NYLIM and Smith Barney’s Consulting Group draws together all the services associated with managing a retirement plan including investment recommendations, plan administration and participant education.
“The plan is comprised of two parts—a member-directed portion and a trustee-directed component. Given its complex administrative and investment requirements, the trustees believe it was prudent to streamline the plan’s administration and reduce costs. NYLIM Retirement Plan Services was the logical choice with its efficient administrative services,” said David Barnett, with Smith Barney Consulting Group’s Garden City, NY branch. “My team will provide ongoing investment advice including manager recommendations, asset allocation and style analysis, performance reporting services, portfolio rebalancing and other investment strategies.”
NYLIM Retirement Plan Services is one of the leading providers of retirement plan services to the Taft-Hartley (union) marketplace and added more than $840 million in Taft-Hartley assets under administration in 2006 alone.
Smith Barney’s Consulting Group preeminence in the investment consulting industry dates back to 1973, when it first offered customized investment strategies to institutional investors and private individuals. With nearly $250 billion in assets under management, Consulting Group is consistently ranked as the nation’s largest provider of investment consulting services, according to Cerulli Associates, an independent research firm.
About Local 138
The International Union of Operating Engineers Local 138, 138A, 138B and 138C (Local 138) is a progressive, diversified trade union that represents operating engineers, who work as heavy equipment operators, mechanics and oilers in the construction industry in the Long Island, NY counties of Nassau and Suffolk.
Founded in 1938, Local 138 has over 1500 members and is a chartered local union for the International Union of Operating Engineers. The International Union of Operating Engineers is the 12th largest union in the AFL-CIO and has some 170 locals throughout the United States and Canada.
About Consulting Group
Smith Barney’s Consulting Group is an industry leader in investment management consulting services. Founded in 1973, Consulting Group works with Smith Barney financial advisers and their clients, both institutional and individual, to develop customized investment, economic and asset allocation strategies based on their individual financial objectives. A hallmark of Consulting Group’s products and services is its research process. Consulting Group’s research analysts continually evaluate and offer independent opinions on some of the world’s most recognized investment management firms, enabling clients to make thoughtful and informed investment decisions. Additional information may be found at: www.smithbarney.com/consultinggroup.
Citigroup (NYSE: C), one of the leading global financial services companies, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at: www.citigroup.com.
© 2007 Citigroup Global Markets Inc. Member SIPC. Smith Barney and Consulting Group are divisions of Citigroup Global Markets Inc. Smith Barney is a service mark of Citigroup Global Markets Inc. and its affiliates and is used and registered throughout the world. CITIGROUP and the Umbrella Device are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world. Securities are offered through Citigroup Global Markets Inc. Investments are not FDIC-insured or bank-guaranteed, and investors may lose money.
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 December 31, 2006. 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 $235 billion in assets under management as of December 31, 2006, 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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Contact:
Sarah Lazarus
CL- Media Relations
T: 978-369-4478
sarah@cl-media.com
Hank Green
Ben-Abraham Associates
T: 212-867-0132
hank@benabe.com
Please call 888-695-4015 for a prospectus. Investors are asked to consider the investment objective, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read it carefully before investing.
Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054.
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