Staples Inc., Framingham, Mass., hired NYL Benefit Services to provide bundled services for its $25 million 401(k) plan, said Reg Butts, corporate director of human resources.
Seven investment options are included; three are from parent company New York Life Insurance and four from outside managers. NYL will administer a company stock option. NYL also will provide daily valued record keeping, trust, compliance and administrative services, as well as employee communications and investment education.
Staples had used quarterly valued record keeping from ADQ, which was acquired by New York Life in 1994. Staples is the first company to test NYL's Client Access product, a private network that delivers real-time plan and participant data to Staples' benefits staff.
