New York Life Retirement Plan Services Realigns Sponsor Segments

The new structure organizes service team practice groups into four industry segments: Taft-Hartley; technology; finance and professional services; and manufacturing, materials, and retail. Each practice will have its own team of relationship managers, communications consultants, investment specialists, and ERISA consultants. The practice model maintains New York Life’s service team approach with plan sponsors while creating a core industry knowledge and expertise base within the practice models.

“The practice model reorients our perspective to be more in line with that of our sponsors,” said David Castellani, CEO of New York Life Retirement Plan Services, in the announcement. “Rather than just counseling clients on what makes a great plan, we aim to put that consulting in the context of the sponsor’s economic, competitive, and business realities. Our service team members will be experts in their core industries and will be able to advise their sponsors on how similar organizations approach retirement.”

Five industry veterans at the firm have been named to lead the initiative. Joan Driscoll, a 24-year industry veteran with 18 years of experience at New York Life, has been promoted to lead the new effort as Managing Director of Client Strategy and is a member of the firm’s 11-member senior leadership team, reporting to Castellani.

Leading the new industry practice groups will be: James Byrne, Director and Retirement Practice Lead for Taft-Hartley; Joseph DeStefano, Director and Retirement Practice Lead for Financial and Professional Services; Scott Francolini, Director and Retirement Practice Lead for Manufacturing, Materials and Retail; and Michelle Morey, Director and Retirement Practice Lead for Technology. Each of these executives will now report to Driscoll.