Sprinkler Industry Supplemental Pension Fund Appoints New York Life Retirement Plan Services for $1.2 Billion Plan
Westwood, MA – May 5, 2010 –New York Life Retirement Plan Services, a leading provider of corporate and Taft-Hartley retirement plans, is pleased to announce its appointment by the $1.2 billion Sprinkler Industry Supplemental (SIS) Pension Fund, Landover, MD, to administer its supplemental defined contribution retirement plan. The Plan converted to New York Life’s platform in January.
According to Mike Jacobson, fund administrator of the SIS Pension Fund: “Because it is not every day that we change providers, we undertook a thorough search to find the provider that truly understands the Taft-Hartley marketplace and could offer the best services to our members across the country. That search led us directly to New York Life. Our Board determined that New York Life offers a better balance of administrative features, education and communication programs and flexibility in managing the SIS Pension Fund.”
“We appreciate the confidence the SIS Fund has placed in our capabilities in the Taft-Hartley marketplace and we look forward to a productive working relationship. We remain proud of our industry-leading client service and commitment to member education. We trust in our ability to meet the unique needs of the Sprinkler Fitters’ membership,” said Buck Bucci, national sales director of Taft-Hartley Plans at New York Life Retirement Plan Services.
About the Sprinkler Industry Supplemental Pension Fund
The Sprinkler Industry Supplemental Pension Fund is part of the National Automatic Sprinkler Industry Trust Funds, providing pension and health care benefits to more than 20,000 active and retired sprinkler fitters and their families. Sprinkler Fitters install, repair and maintain fire sprinkler systems in industrial, commercial and residential buildings to protect lives and property. These participants are members of the 17 straight-line Sprinkler Local Unions of the United Association. Participating sprinkler fitters work for over 700 sprinkler contractors, many of which are members of the National Fire Sprinkler Association.
About New York Life Retirement Plan Services
New York Life Retirement Plan Services offers bundled retirement plan solutions and defined contribution investment only products throughout the United States. New York Life Retirement Plan Services, a division of New York Life Investments, administers over $36.7 billion in bundled retirement plans and manages over $3.2 billion in defined contribution investment only assets as of March 31, 2010. With offices in Westwood, Massachusetts, Parsippany, New Jersey, and San Francisco, California, New York Life Retirement Plan Services is widely recognized for its leadership within the retirement plan industry.
About New York Life Investments
New York Life Investments ranks among the largest asset management firms in the United States1. Through its multiple boutique investment structure, New York Life Investments delivers investment performance through an array of products designed for both institutional and retail clients. Through MainStay Investments and NYLIFE Distributors LLC, New York Life Investments distributes some of the most highly regarded mutual funds and wrap accounts in the industry.
New York Life Investments is a leading provider of retirement plans for corporations, multi-employer trusts, and individuals, and is recognized as one of the nation's top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 1,400 employees, New York Life Investments manages over $263 billion in assets as of March 31, 2010.
“New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
CL- Media Relations
New York Life Investments
1. Source: Pensions & Investments, May 18, 2009.