New York Life Retirement Plan Services Adds Participant Transaction Functionality to its Mobile App
Westwood, Mass., March 17, 2015 – New York Life Retirement Plan Services (New York Life), a leading provider of retirement plans to U.S. corporations and unions, today announced a key enhancement to its mobile application, MyLifeNow. Retirement plan participants can now use the app to make transactions, including reviewing and changing their contribution percentage rates and enrolling in their plan’s auto-increase capability.
Participants in 401(k) plans administered by New York Life can alter their pre-tax, after-tax, and Roth contributions right on their smartphones. New York Life rolled these features out to its 401(k) clients at the end of 2014 and intends to proactively market this enhanced mobile app capability to 401(k) participants throughout 2015.
“In an increasingly mobile world, we want to meet participants where they are every day,” said Patrick Murphy, CEO of New York Life Retirement Plan Services. “Because smartphones are now ubiquitous, we developed this tool to make it easy for our 401(k) participants to interact with their retirement plans easily and securely.”
New York Life launched its mobile app, MyLifeNow, in 2013 to give participants access to information about their 401(k) account balances, personal rate of return, estimated annual retirement income, year-to-date contributions, and investment allocations by asset class. In 2014, MyLifeNow had 45,350 participants use the mobile app 1.3 million times.
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 Investment Management LLC, (New York Life Investments) administers $53.4 billion in bundled retirement plans as of December 31, 2014. With offices in Westwood, Massachusetts, and Parsippany, New Jersey, New York Life Retirement Plan Services is widely recognized for its leadership within the retirement plan industry.
For additional information, please contact:
CL- Media Relations
New York Life Insurance Company