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Products July 21, 2008
New York Life Offers Taft-Hartley Plan Solution
July 21, 2008 (PLANSPONSOR.com) - New York Life
Retirement Plan Services has introduced an integrated,
bundled plan solution for union pension plans.
Reported by Fred Schneyer
Taft-Hartley DB Complete is an open architecture platform providing access to 5,500 funds from more than 95 mutual fund families, including NYLIM’s MainStay Funds; separately managed account capabilities; and commingled funds. The new offering is designed to bring the key services associated with running a pension plan under one roof, including actuarial services, administration, trust, investment management, and plan education, the company said in a news release.
The solution can offer plans as much as 20% to 40% savings compared to the traditional model of multiple service providers, according to New York Life.
“Joint-Boards of Trustees want to see the same bundled efficiencies they enjoy with their defined contribution plans applied to their pension plans,” said Buck Bucci, director and head of Taft-Hartley services at New York Life Retirement Plan Services, in the announcement.