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New York Life Wins Malden Mills Pension Contract

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NU Online News Service, Sept. 26, 5:53 p.m. – New York Life Insurance Company, New York, says its retirement plan services unit has won a contract to manage a $15 million defined-benefit pension plan for Malden Mills, Lawrence, Mass., the company that makes Polartec fleece.

The plan, which covers 1,900 participants, is using New York Life’s DB Complete program, which puts New York Life in charge of all plan management activities, rather than allocating responsibility to several different vendors.

Malden Mills moved its defined-contribution plan, which now has $40 million in assets, to New York Life in the late 1980s.

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