New York Life Retirement Plan Services Introduces New Participant Program: MyLifeNow(SM)

WESTWOOD, Mass., Sept. 20 /PRNewswire/ -- New York Life Retirement Plan Services, a leading provider of bundled defined contribution and pension plans, has introduced a new participant program called MyLifeNow(SM).  This program is designed to engage participants by taking the guesswork out of retirement planning by providing simple, personal suggestions that help participants make progress one step at a time.

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Among the elements in the MyLifeNow program are a new participant enrollment program and a new website, to be launched fourth quarter 2010, all encouraging participants to take simple steps today.

"MyLifeNow is all about engaging our participants in a positive way, breaking down savings into single steps that are easy to understand, and as importantly, easy to act upon," said Deanna Garen, managing director of strategic marketing. "Traditional education and communication models don't work. Asking participants to deprive themselves now, to reap benefits at some point in the future, doesn't resonate.  We need to be empowering, not overwhelming."

Sponsors can review participant behavior through reporting metrics that track and benchmark progress as participants move through a continuum of action steps suggested by New York Life. MyLifeNow suggests participants take such simple steps as enrolling in their retirement savings plan, increasing their deferral rate, or diversifying their assets. With this single-message approach, retirement planning is broken down into clear, actionable steps.  MyLifeNow utilizes straightforward, commonsense language and an optimistic and encouraging tone.  

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 over $35.3 billion in bundled retirement plans and manages over $3.12 billion in defined contribution investment only assets as of June 30, 2010.  With offices in Westwood, Massachusetts, Parsippany, New Jersey, and San Francisco, California, 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 $262 billion in assets as of June 30, 2010. 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.

(1) Source: Pensions & Investments, May 31, 2010.

SOURCE New York Life Retirement Plan Services