WESTWOOD, Mass., January 03, 2008 – New York Life Retirement Plan Services, a unit of New York Life Investment Management LLC, announced the addition of two new relationship managers to its Taft-Hartley team.
Thomas M. Carrabine has been named vice president and executive relationship manager of Taft-Hartley Services. Mark Sheytanian has been named a Taft-Hartley second vice president and relationship manager. Both Carrabine and Sheytanian will report to James Byrne, executive relationship manager for the Taft-Hartley channel at New York Life Retirement Plan Services.
“Currently, New York Life is the recordkeeper for over $3.9 billion in Taft-Hartley plan assets, and we’ve realized a 20 percent growth in our Taft-Hartley retirement business in 2007,” said John Santaguida, managing director and head of Taft-Hartley sales. “We have seen strong growth in this part of our business for two reasons – first, we understand the unique union marketplace, and second, we offer excellence in client service, fiduciary support, and open architecture investments that are attractive both to our Taft-Hartley and corporate customers.”
Carrabine has served as vice president of sales and marketing at New York Life Retirement Plan Services’ sister company, McMorgan & Company since 2006, working with both institutional investment consultants and plan sponsors. In addition to his new responsibilities, Carrabine will continue to manage several McMorgan relationships.
Prior to joining McMorgan, he spent three years working as an institutional investment consultant to corporate and multi-employer plans while at Clark Consulting in Chicago. Carrabine also brings a legislative background to New York Life Retirement Plan Services, having held senior positions in the Illinois Governor’s Office and Office of the Secretary of State. He earned a Masters of Business Administration from The University of Chicago Graduate School of Business and a Bachelor’s in Economics from Loyola University Chicago. He also holds the NASD Series 7 and 63 registrations.
Previously, Sheytanian spent nine years in New York Life’s plan administration group, overseeing the day-to-day operations for more than 70 Taft-Hartley and corporate retirement plans and managing a staff of 14. He graduated with a Bachelor’s degree in English and Psychology from Merrimack College and holds a certificate in Pension Administration and Employee Benefits from Bentley College.
About New York Life Retirement Plan Services
New York Life Retirement Plan Services oversees more than 2,100 comprehensive defined contribution, defined benefit and deferred compensation plans as of October 31, 2007. With offices in Westwood, Massachusetts, and Parsippany, New Jersey, New York Life 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.
About New York Life Investment Management
New York Life Investment Management Holdings LLC, ranks among the largest asset management firms in the United States. Through its multiple boutique investment structure, NYLIM delivers competitive investment performance through an array of products designed for both institutional and retail clients. Through MainStay Investments, NYLIM distributes some of the most highly regarded mutual funds and wrap accounts in the industry.
NYLIM is a leading provider of retirement plans for corporations, multi-employer trusts, and individuals, and is recognized as one of the nation’s top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 1,500 employees, NYLIM manages over $252 billion in assets as of October 31, 2007.
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Contact:
Sarah Lazarus
CL- Media Relations
T: 978-369-4478
sarah@cl-media.com
Nancy Paris
New York Life Investment Management
T: 973-394-4410
Nancy_Paris@nylim.com
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