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Margaret Kirch Cohenmargaret.cohen@morningstar.com
NYLIM and Morningstar Associates Announce Portfolio Complete for DB Plans

CHICAGO, Oct 28, 2003 – New York Life Investment Management LLC (NYLIM) Retirement Plan Services and Morningstar Associates, LLC, today announced a new investment advisory and asset-liability modeling service that provides defined benefit plan sponsors with the most comprehensive bundle of pension plan services available today.  

The new service, Portfolio Complete® for defined benefit plans, offers a more sophisticated, integrated, and cost effective approach to managing a pension plan than is currently available in the marketplace.  The combination of NYLIM Retirement Plan Services' bundled approach and asset-liability modeling capabilities with Morningstar Associates' investment consulting expertise lets plan sponsors of all sizes and their financial intermediaries manage their pension plans with top quality services while often paying less. 

As part of this new offering, Morningstar Associates, a registered investment advisor and independent investment consultant, will act as a fiduciary with respect to the investment advice it gives the pension plan if the plan fully implements Morningstar's recommendations. 

Now available to NYLIM Retirement Plan Services' defined benefit clients and new prospects, Portfolio Complete for defined benefit plans will be an integral part of NYLIM's existing bundled defined benefit solution, called DB Complete®.  DB Complete provides all the necessary functions required by a pension, such as actuarial work, investment management, recordkeeping, trust, participant communications, and investment consulting, under one roof.

Portfolio Complete allows enhanced corporate financial planning, as well as an increased ability to forecast contributions, make asset allocation decisions, and meet liability objectives.  Plan sponsors working with financial intermediaries will benefit from a select universe of high-quality investment options and a broad range of investment managers with diverse styles.  Ongoing investment and fiduciary support will be provided by Morningstar Associates.  

"This extension of our relationship with Morningstar will provide pension plan sponsors and their financial intermediaries with an unprecedented level of customized service and a better way to manage the risks in their plans--often at a cost savings," said Barry Schub, senior managing director of NYLIM Retirement Plan Services.  

"NYLIM Retirement Plan Services is extremely progressive in its approach to the bundled defined benefit marketplace.  We will work with plan sponsors and financial intermediaries to ensure that investments are evaluated on their individual merits and in the context of the portfolio as a whole," said Patrick Reinkemeyer, president of Morningstar's institutional investment consulting group, a unit of Morningstar Associates.  "Our goal is to offer a comprehensive and affordable service that can ultimately benefit employees by enhancing the value of their plan assets."

Under this new program, NYLIM Retirement Plan Services, Morningstar Associates, and any financial intermediary will:

  • Gather information using an investment preference profile that defines the sponsor's business and its plan economics; and  
  • Walk the defined benefit plan sponsor through a detailed investment process to identify plan needs, risk tolerances, and corporate strategies.  

Morningstar Associates, in conjunction with any financial intermediary, will use its investment consulting expertise to:

  • Compile the appropriate asset allocations for the plan, referencing plan liabilities;   
  • Create or revise an investment policy statement for the plan;   
  • Select from the universe of high-quality managers a group that works well in combination;   
  • Monitor each pension plan to ensure that the selected asset classes and managers continue to meet high standards of quality and adhere to predetermined guidelines.

Asset classes will span the spectrum from large-capitalization growth to alternative investments, and investments can include commingled funds, collective trusts, separate accounts, and institutional mutual funds.  

In August 2002, NYLIM Retirement Plan Services and Morningstar Associates announced Portfolio Complete for defined contribution plans.  As a key feature of the defined contribution service, Morningstar Associates acts as an investment advice fiduciary to those plan sponsors that adopt its recommended investment lineup.  Morningstar Associates performs a variety of services ranging from investment lineup construction to ongoing investment monitoring. 

About Morningstar Associates, LLC
Morningstar Associates, LLC, is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc., a global investment research firm.  Morningstar Associates' Institutional Investment Consulting group provides fund selection, evaluation and analysis, portfolio design, asset allocation, and monitoring services for a number of leading corporations and financial services institutions.    

About NYLIM Retirement Plan Services
NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC, oversees more than 1,500 comprehensive defined contribution, defined benefit, and deferred compensation plans as of August 31, 2003.  With offices in Norwood, Massachusetts, and Parsippany, New Jersey, NYLIM Retirement Plan Services administers retirement programs for small, medium, and large companies, unions, and individuals throughout the United States, and is widely recognized for its leadership in bundled defined contribution and bundled defined benefit plans.

With more than $170 billion in assets under management as of August 31, 2003, New York Life Investment Management LLC and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients.  NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments.

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NYLIFE Distributors Inc., 169 Lackawanna Avenue, Parsippany, NJ 07054.

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