New York Life Retirement Plan Services Gains Traction in Its New Approach to the Retirement Marketplace

WESTWOOD, Mass., Dec. 10, 2012 /PRNewswire/ -- New York Life Retirement Plan Services (New York Life), a leading retirement plan provider to U.S. corporations and unions, is pleased to announce it has gained substantial assets under administration over the past year, has appointed new client-facing executives, and has expanded further into providing executive benefits after successfully implementing a new business model initiated a year ago.

Since September of 2011, New York Life has made sales conversions and commitments of more than $5 billion, lifting total assets under administration to $43 billion and the number of participants served to nearly 1.2 million from 1.1 million.

Among the company's new business wins for bundled retirement plan services is the $1.2 billion retirement plan of the IT company Fujitsu Management Services of America, Inc. Other new business wins include: the $1.7 billion retirement plans of a pharmacy distribution provider; a $700 million Midwest-based life and property & casualty insurer's plan; the $140 million retirement plan of a financial holding company with a portfolio of 15 regional banks; and a $90 million Pipefitters Local union plan.

In addition, notable new business wins in the executive benefits and stable value markets include: a $5.5 million COLI-funding for a multi-national bank; a $1 million COLI-funding for a grocery chain; a $70 million stable value placement at a technology company; and a $17 million stable value placement at a private university.

Over the past 12 months, New York Life has also added substantially to its relationship management and sales staff. The new business model aligns service teams by practice, allowing them to provide clients with stronger data benchmarking, analysis, and thought capital to support their businesses. The company has hired seven additional relationship managers to support the following practices: Taft-Hartley; financial and professional services; manufacturing, materials, distribution and retail; and technology and communications.

In addition, New York Life has added four new sales directors to support the company's heightened focus on sales in the Western and South Central regions, as well as in the executive benefits market space.

"Our mission is to be a consultative partner to our plan sponsor and adviser clients. Using a unique industry-based service model, we help them benchmark their plans, adopt better plan features, and ultimately, provide a sounder retirement picture for their participants," said David Castellani , CEO of New York Life Retirement Plan Services. "Drawing on our consulting heritage, we have aligned our business such that we can better assist our clients in all these ways and as a result, we are growing to meet increased demand."

About New York Life Retirement Plan Services

New York Life Retirement Plan Services offers bundled retirement plan solutions and defined contribution investment only products throughout the United States. New York Life Retirement Plan Services, a division of New York Life Investment Management LLC, administers more than $43 billion in bundled retirement plans as of September 30, 2012. With offices in Westwood, Massachusetts, Parsippany, New Jersey, and San Francisco, New York Life Retirement Plan Services is widely recognized for its leadership within the retirement plan industry.

 

 

SOURCE New York Life Retirement Plan Services