Close Close

Retirement Planning > Retirement Investing

Auto Parts Maker Picks NYLIM For DB Pension Plan

Your article was successfully shared with the contacts you provided.

NU Online News Service, Oct. 11, 11:35 a.m. – Tower Automotive Inc., Grand Rapids, Mich., has picked NYLIM Retirement Plan Services, Norwood, Mass., a unit of New York Life Insurance Company, to manage its $100 million defined-benefit pension plan.

The pension plan covers 4,000 employees, former employees and retirees.

Tower Automotive, a maker of automotive components and systems for automotive original equipment manufacturers, moved a $300 million 401(k) plan to NYLIM in 2001.

Tower Automotive will be using NYLIM’s DB Complete service to manage its defined-benefit plan. The DB Complete service combines investment management, trust services, communications, actuarial work and regulatory compliance services.

The Cusack Retirement Team, a unit of McDonald Investments Inc., Grand Rapids, Mich., is Tower Automotive’s pension plan advisor.