New York Life Offers Advice Service for Taft-Hartley Plans

May 28, 2009 ( - New York Life Retirement Plan Services, a division of New York Life Investments, has introduced a tailored advice service designed specifically for union clients and their members.

This new service, “OnTarget Personal Advisor,” couples online access to research, education and advice services through Morningstar Retirement Manager with New York Life’s participant services that include automatic rebalancing, targeted participant communications and participant service support for member-directed plans, according to a press release. Morningstar Associates acts as a fiduciary for the investment advice it provides through Morningstar Retirement Manager.

The service is designed specifically to meet the unique complexities Taft-Hartley members face in retirement planning, including contribution amounts by multiple employers, contributions in hourly figures, pension information from multiple employers and, in many instances, their own 401(k) contributions. Available without charge to union providers, the service will be made available to New York Life’s Taft-Hartley clients over the next several weeks.  

“We are very excited to be an innovator with this important advice product for Taft-Hartley plans and their members,” said Buck Bucci, director and head of Taft-Hartley Services at New York Life Retirement Plan Services, in the announcement. “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.”

More information is at .