New York Life Retirement Plan Services, a division of New York Life Investments, introduces a tailored advice service designed specifically for union clients and their members.
This new service, “OnTarget(SM) Personal Advisor,” couples online access to extensive research, education and advice services through Morningstar Retirement Manager(SM), with New York Life’s participant services that include automatic rebalancing, targeted participant communications and participant service support for member-directed plans. Morningstar Associates acts as a fiduciary for the investment advice it provides through Morningstar Retirement Manager.
OnTarget Personal Advisor is a service designed specifically to meet the unique complexities Taft-Hartley members face in retirement planning. These challenges include contribution amounts by multiple employers, contributions in hourly figures, pension information from multiple employers and, in many instances, their own 401(k) contributions.
The new service, available without charge to union providers, will be made available to New York Life’s Taft-Hartley clients over the next several weeks. New York Life worked in conjunction with Morningstar Associates to create the Taft-Hartley-specific service, and is the only retirement plan provider currently offering the tailored service through Morningstar Associates.
“We are very excited to be an innovator with this important advice product for Taft-Hartley plans and their members,” says Buck Bucci, director and head of Taft-Hartley Services, New York Life Retirement Plan Services. “Because this service takes into account the unique needs of union members and plans, we expect it to become an invaluable retirement planning tool for our union participant base.”
“Developing a retirement strategy is complicated — determining how much you will need in retirement and what asset allocation is most appropriate to help meet retirement needs is not intuitive,” says Patrick Reinkemeyer, president, Morningstar Associates, LLC. “Planning in a Taft-Hartley environment is even more complex, so we are very excited to launch this service with New York Life Retirement Plan Services.”
L.D.