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N.Y. Life Unit To Give Workers Personalized Advice

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NU Online News Service, Oct. 12, 2004, 5:32 p.m. EDT

NYLIM Retirement Plan Services, Parsippany, N.J., has developed a new program to help members of 401(k) plans save for retirement.[@@]

The new “managed account” program will combine retirement income projections, efforts to encourage workers to save more and professional investment advice from a unit of Morningstar Inc., Chicago, according to NYLIM, a unit of New Life Insurance Company, New York.

The Morningstar unit will help pick investments for participants, allocate the assets and rebalance the allocations on a regular basis.

NYLIM will offer fiduciary support to plan sponsor clients who adopt the program, the company says.

NYLIM will start by making the program available to large and midsize employers in early 2005.