New York Life Adds Transaction Capabilities to App

New York Life Retirement Plan Services added new transaction functionalities to its mobile application for retirement plan participants.

New York Life Retirement Plan Services announced key enhancements to its mobile application, MyLifeNow, allowing plan participants to use the app to change contribution percentage rates and enroll in their plan’s auto-increase capability.

Participants in 401(k) plans administered by New York Life can alter their pre-tax, after-tax, and Roth contributions via their smartphones. New York Life rolled these features out to its 401(k) clients at the end of 2014, and intends to proactively market this enhanced mobile app capability to 401(k) participants throughout 2015.

“In an increasingly mobile world, we want to meet participants where they are every day,” says Patrick Murphy, CEO of New York Life Retirement Plan Services. “Because smartphones are now ubiquitous, we developed this tool to make it easy for our 401(k) participants to interact with their retirement plans easily and securely.”

New York Life Retirement Plan Services, a division of New York Life Investment Management LLC, offers bundled retirement plan solutions and defined contribution investment only products throughout the United States.