NORWOOD, Mass. - New York Life Benefit Services Inc. is introducing a service allowing 401(k) participants to interact with their accounts over the Internet.
Under the program, NYL's nearly 270,000 client participants may review or change their portfolio investments and monthly contributions model, apply for loans, obtain updated statements and calculate projected retirement benefits over an encrypted Internet connection.
Information available from the Participant Access program will be updated daily.
The existing voice-response and participant telephone service center will continue to provide account information over the phone.
New York Life Benefits Services intends to introduce a similar Internet-based capability for defined benefit clients this year.
That, combined with the new 401(k) service, will provide participants with a comprehensive source for retirement data and planning, according to Joel Disend, president and chief executive officer.
MetLife offers Informed(k)
NEW YORK - Metropolitan Life Insurance Co. introduced a 401(k) program for small businesses called Informed(k).
The program will provide small plans with a broad array of investment options from several fund families including lifestyle funds and MetLife's guaranteed interest options.
The program also includes participant education and communications including pre-packaged enrollment kits.
In addition, sponsors may select from several levels of additional services beyond the investment and communications programs based on differential pricing.
Educational videotape available
SAN FRANCISCO - A new educational videotape explaining the power of a 401(k) plan and investments has been developed by Money In$ights.
The educational tape, "401(k): Your Road to Retirement Security," features Pamela Krueger, a financial journalist and San Francisco TV station producer.
The tape leads viewers through a concise straight-forward and extensive description of 401(k) plans and investments.
The tape includes a presentation by Stephen J. Butler, president of Pension Dynamics Corp., Lafayette, Calif.
The tape is designed to help plan sponsors increase plan participation and meet employee education needs. The video is available for $395 per copy, with discounts based on volume. The video can be ordered by calling (800) 858-6663.
SPARK issues guidelines
WINDSOR, Conn. - The Society of Professional Administrators and Recordkeepers has developed a guide to help plan sponsors conduct requests for proposals when changing 401(k) service providers.
The "RFP Guide for Plan Sponsors" was designed to serve as a tool to help companies expedite the process of screening and selecting vendors to handle the record keeping for 401(k) or other defined contribution plans.
The guide includes suggestions for identifying potential vendors, a set of standardized screening questions and an evaluation matrix to assist the plan sponsor rate responses and make a final decision.
