New York Life to Expand DCIO Team

October 14, 2009 (PLANSPONSOR.com) - New York Life Investments plans to hire three new vice presidents and one internal sales representative for its defined contribution investment only (DCIO) team in the next month or two.

The current team, run by Jeff Keller, managing director of the firm’s DCIO group, consists of three professionals who are based out of Parsippany, New Jersey, New York Life said. The team, which currently has $2.3 billion in assets under management, will remain responsible for the distribution of the MainStay Funds as well as a brand new initiative distributing New York Life’s stable value products into the defined contribution marketplace.

“Our current DCIO team of three professionals has been very successful to date and has done a tremendous job of getting us to this point. By adding a regional sales staff we will better equipped to capitalize on the demand for quality funds from trusted managers,” said Keller.

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ING Announces New Retirement Planning Tool

October 13, 2009 (PLANSPONSOR.com) - ING's U.S. Retirement Services operation has introduced a new Web tool for customers to help them determine if they are on track to achieve their financial objectives in retirement.

According to a news release, My Retirement Outlook provides both a retirement and a paycheck analysis function for users – not only telling users how much they will need at retirement, but whether they can afford to save that much on a per-paycheck basis. It also factors in the user’s defined benefit plan assets, Social Security benefits, and personal savings into the calculations.

In the retirement portion of the tool, users can estimate how much they need to save annually – and per paycheck – in order to reach their financial objectives.  In the paycheck portion they can see how various savings amounts will impact their take-home pay today.

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Though the tool was specifically introduced for education professionals using the ING Educator’s Direct 403(b) offering in Delaware, it is available to all ING clients. ING introduced the ING Educator’s Direct 403(b) Program, a variable annuity issued by ING Life Insurance and Annuity Company, to education professionals in Delaware in January (see ING Introduces Educator’s Direct 403(b) Program ). The news release said school districts in other states are expected to get access to Educator’s Direct in the coming months.

More information is at www.ingeducatorsdirect.com .

My Retirement Outlook is available to anyone free of charge under the “Tools & Calculators” section of www.ingretirementplans.com , and it will also be featured on a number of other ING customer Web sites.

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