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Products December 7, 2009
N.Y. Life Expanding DCIO Stable Value Offerings
December 7, 2009 (PLANSPONSOR.com) – New York Life Investments is expanding its defined contribution investment only (DCIO) efforts through its lineup of stand-alone stable value products to third parties.
Reported by Fred Schneyer
A news release said New York Life recently introduced the new Guaranteed Interest Account, a stable value group annuity product issued by New York Life and backed by its general account.The Guaranteed Interest Account and another group annuity stable value offering, the New York Life Insurance Company Anchor Account, a 15-year-old group annuity separate account product invested primarily in high-quality fixed-income securities, are available as stand-alone products to third parties such as defined contribution platforms and intermediaries.
New York Life Insurance Company’s general account is managed by New York Life Investments’ Fixed Income Investors Group, which is also the adviser to the anchor separate account, according to the announcement.
“There is a lack of capacity in the stable value market today. Sponsors and advisers are clamoring for stable value products with the backing of a solid financial institution for their participants,” said Don Salama, senior managing director of New York Life Investments’ retirement plan businesses, in the announcement.