WESTWOOD, Mass., Sept. 27, 2011 /PRNewswire/ -- New York Life Retirement Plan Services, a leading provider of retirement solutions to U.S. corporations and unions, is pleased to announce a new service model that aligns service teams into core industry practices.
The new structure organizes service team practice groups into four industry segments: Taft-Hartley, technology, finance and professional services, and manufacturing, materials and retail. Each practice will have its own team of relationship managers, communications consultants, investment specialists, and ERISA consultants. The practice model maintains New York Life's award-winning dedicated service team approach with plan sponsors while creating a core industry knowledge and expertise base within the practice models.
"The practice model reorients our perspective to be more in line with that of our sponsors," said David Castellani, CEO of New York Life Retirement Plan Services. "Rather than just counseling clients on what makes a great plan, we aim to put that consulting in the context of the sponsor's economic, competitive, and business realities. Our service team members will be experts in their core industries and will be able to advise their sponsors on how similar organizations approach retirement."
Five industry veterans at the firm have been named to lead the initiative. Joan Driscoll, a 24-year industry veteran with 18 years of experience at New York Life, has been promoted to lead the new effort as managing director of client strategy and is a member of the firm's 11-member senior leadership team, reporting to Castellani.
"There are different philosophies and challenges among our sponsor base," said Driscoll. "The conversation we have with a financial services firm reluctant to employ auto features is remarkably different than the one we have with a retail sponsor who struggles with low participation. Our practice models allow our service teams to offer relevant perspective to our sponsors. We believe this model differentiates us in the market place."
Leading the new industry practice groups will be: James Byrne, director and retirement practice lead for Taft-Hartley; Joseph DeStefano, director and retirement practice lead for financial and professional services; Scott Francolini, director and retirement practice lead for manufacturing, materials and retail; and Michelle Morey, director and retirement practice lead for technology. Each of these executives will now report to Driscoll.
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 Investments, administers $39.2 billion in bundled retirement plans as of June 30, 2011. 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.
About New York Life Investments
New York Life Investments ranks among the largest asset management firms in the United States(1) Through its multiple boutique management structure, New York Life Investments offers access to leading institutional managers that drive performance. Through MainStay Investments and NYLIFE Distributors LLC, New York Life Investments provides access to some of the most highly regarded mutual funds and wrap accounts in the industry. Together with its affiliates and over 1,400 employees, New York Life Investments manages over $290 billion in assets as of June 30, 2011. New York Life Investments 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.
"New York Life Investments" is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
New York Life Insurance Company, New York, New York
(1) Source: Pensions & Investments, May 31, 2011
SOURCE New York Life Retirement Plan Services