To offer products to third parties
New York Life Investments has planned to expand its defined contribution investment only efforts by offering an lineup of value products to third parties. The company has introduced the new Guaranteed Interest Account, a stable value group annuity product issued by New York Life and backed by its general account.
The company said that the Guaranteed Interest Account and another group annuity stable value offer and the its Anchor Account are available as products to third parties such as contribution platforms and intermediaries. Its general account is managed by New York Life Investments’ Fixed Income Investors Group. Stable value investments, often offered as part of an overall defined contribution plan menu, seek to provide participants with competitive yields and limited volatility.
Don Salama, senior managing director of New York Life Investments’ retirement plan businesses, said: There is a lack of capacity in the stable value market today. Sponsors and advisors are clamoring for stable value products with the backing of a solid financial institution for their participants.
Jeff Keller, managing director of New York Life Investments’ DCIO group, said: We feel it’s the perfect time for us in the stable value arena. In light of the recent recession and market turmoil, defined contribution plan providers and intermediaries want to know their stable value provider is in top financial shape and will make good on its guarantees. New York Life is well positioned to capitalize on retirement plans’ focus on quality.