NEW YORK - New York Life Insurance Co., New York, which has been locked out of the bundled 401(k) plan market by a lack of record-keeping capabilities, solved its problem by acquiring employee benefit consultant, ADQ Inc., Waltham, Mass.
ADQ has become a wholly owned subsidiary of New York Life and will provide record keeping, administration, consulting and employee communications and education to complement New York Life Asset Management's range of institutional investment vehicles. ADQ's current clients will continue to receive the same service, but new clients will likely need to use some New York Life investment vehicles, though options from outside managers will be permitted.
Specific service details are still being worked out, said Joel M. Disend, ADQ's president, but the fully bundled defined contribution plan service should be available by the end of the summer.
A bundled defined benefit plan service is also planned.