WESTWOOD, Mass., March 17, 2014 /PRNewswire/ -- New York Life Retirement Plan Services (New York Life), a leading provider of retirement plan solutions to U.S. corporations and unions, is pleased to announce that it has ranked first across four 401(k) participant satisfaction categories, according to the National Association of Retirement Plan Participants (NARPP).
The NARPP study, "Improving Outcomes: Participant FELT Study," completed in October 2013, ranked New York Life first in overall satisfaction of participants, participant trust in their provider, confidence of participants and FELT score. The FELT score is a composite index of participant trust, confidence and financial literacy. New York Life was evaluated against 22 other retirement plan providers in this study, jointly conducted by NARPP, Boston Research Group and Stanford University. The study is based on interviews with 5,000 401(k) plan participants.
"We know that savings rates are crucial to successful retirement planning. What has been less understood, until now, are the qualitative factors that impact savings rates that are controlled or influenced by the plan provider," said NARPP Founder Laurie Rowley. "Employers and employees are relying on plan providers as partners in retirement planning, and now we have the FELT score to evaluate the effectiveness of providers in helping participants save."
"We are very pleased to have been recognized by NARPP," said Patrick Murphy, CEO of New York Life Retirement Plan Services. "It is our responsibility to empower participants to save effectively, and gaining their confidence and trust is vital to those efforts. Meeting the needs of our participants is critical to our success."
The National Association of Retirement Plan Participants is a San Francisco-based non-profit whose mission is to improve retirement savings outcomes for everyone. Through pioneering research, independent coalition building, and innovative educational programs, NARPP makes financial information transparent and universally accessible for the 145 million working Americans saving for retirement.
About New York Life Retirement Plan Services
New York Life Retirement Plan Services offers bundled retirement plan solutions and defined contribution investment only products throughout the United States. New York Life Retirement Plan Services, a division of New York Life Investment Management LLC, (New York Life Investments) administers $51 billion in bundled retirement plans as of December 31, 2013. With offices in Westwood, Massachusetts, Parsippany, New Jersey, and San Francisco, New York Life Retirement Plan Services is widely recognized for its leadership within the retirement plan industry.
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