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New York Life Investment Management Named Top-Rated 401k Provider in Seven Categories
New York Life Investment Management Named Top-Rated 401k Provider in Seven Categories
Published 11-15-01
Submitted by New York Life
New York Life Investment Management LLC (NYLIM) today announced that it has been named a "Top Rated" provider in seven categories according to Plan Sponsor magazine's annual Defined Contribution Survey (November 2001). The awards recognize the stellar performance of New York Life Benefit Services LLC (NYLB), NYLIM's retirement arm.
Through NYLB, a leading provider of retirement plans and consulting services, NYLIM received top ratings for: accuracy of reporting; timeliness of reporting; loan/withdrawal turnaround; participant technology; plan sponsor technology; sponsor reporting; and sponsor Internet services. NYLB has received a top rating for its participant technology for the past four years and for its loan/withdrawal turnaround the past two years. Its plan sponsor technology has received top honors both this year and in 1999.
"Plan Sponsor Magazine's Annual DC Survey has become a real industry benchmark and we are pleased to be recognized so strongly in it," said Tom Clough, president of NYLB. "The fact that we received such high marks across 16 varied categories shows that our clients are very satisfied. And at the end of the day, that is what matters the most."
"New York Life, through thick and thin, continues to delight its client base," said Plan Sponsor. "Scores and comments are uniformly excellent. Notably singled out for praise is the efficacy of the multiple vehicles that participants have to access their accounts -- Voice Response System, Internet, or live telephone reps -- and each of these methods garners high praise from clients."
In total, 39 retirement plan providers were rated in each of the survey's 18 categories.
According to the magazine, "Top Rated" represents the highest scores in a category and "Commended" represents the second highest group of scores in the category. Results are based on the responses of more than 2,400 retirement plan sponsors to a written survey.
NYLB, based in Norwood, Mass., specializes in comprehensive defined contribution, defined benefit and deferred compensation plans. With its affiliates, NYLIM has approximately $143 billion in assets under management as of September 30, 2001, and provides investment management services to a wide range of individual, corporate, public, and Taft-Hartley clients. The firm also serves individual and institutional shareholders through several families of mutual funds and is widely recognized for its leadership in bundled defined contribution and bundled defined benefit retirement plans, guaranteed products, real estate investments, and alternative investments.
