New York Life Retirement Plan Services Earns 42 "Best in Class" Honors in PLANSPONSOR Survey

New York Life Retirement Plan Services, a division of New York Life Investment Management LLC, received 42 "Best in Class" awards in PLANSPONSOR^[1] magazine’s 2007 DC Survey. Of the 48 retirement plan firms ranked in this annual survey, New York Life ranked second in the amount of total honors received. 

New York Life earned 15 "Best in Class" awards in the mid-market (plans from $50 million to $200 million in assets); 20 awards in the small market (plans from $5 million to $50 million in assets); and seven in the micro-market (plans under $5 million in assets). Each market segment awards honors in the same 23 categories.       

In the mid-market category, New York Life won "Best in Class" honors in 15 areas including: participant communications materials, education materials, statement clarity, enrollment assistance, statement accuracy, participant reporting timeliness, loan turnaround time, internet services, call center, range of investments, retiree services and sponsor internet services, sponsor reporting, compliance and regulation updates.        

In the small market, New York Life won "Best in Class" for: communications materials, education program, statement clarity, enrollment assistance, asset allocation focus, statement accuracy, participant reporting timeliness, loan turnaround time, participant internet services, call center,  participant service fees, sponsor internet services, form 5500 accuracy, sponsor reporting, compliance, sponsor fee fairness, fee disclosures, account representative knowledge, responsiveness to sponsor, and regulation updates.

And in the micro-market, the retirement plan firm was "Best in Class" for: loan turnaround time, participant services fees, sponsor internet services, sponsor reporting, compliance, fee fairness and fee disclosures.

"Over the past five years we have grown substantially, from $7 billion to more than $30 billion in assets under management," said Tom Clough, senior managing director of New York Life Retirement Plan Services.  "But we have ensured our growth strategy is measured and deliberate.  A critical component of our growth strategy has been the service excellence we deliver to sponsors and participants.  It is gratifying to see our efforts recognized year after year in independent industry studies like the PLANSPONSOR survey."

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 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.