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Money-Center Bank To Offer NYLIM Pension Services

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The Bank of New York Inc. has agreed to sell pension services from New York Life Investment Management L.L.C. to large and midsize commercial customers.[@@]

The Bank of New York, New York, will be bundling its own trust and custody services with the DB Complete package of defined benefit services from NYLIM, Parsippany, N.J.

NYLIM, a unit of New York Life Insurance Company, New York, says the Bank of New York alliance is “one of several distribution strategies” its retirement plan services division is pursuing.