December 13th, 2006 Tree of Life Mandates NYLIM to Administer $100 Million 401k Plan
Tree of Life (see company description below) has appointed the New York Life Investment Management LLC (NYLIM) firm to administer and manage its $100 million nest egg 401k plan and provide bundled services. Operating in St. Augustine, Florida, USA, Tree of Life is a world known distributor of organic and natural food products.
Keith Morrison, Director, Compensation and Benefits at Tree of Life quotes, "We wanted a recordkeeper to partner with us and to be tuned in and responsive to our needs. We walked out of our finals meeting with NYLIM knowing this was their niche and that they’d take good care of our plan. The NYLIM team was focused, flexible and very engaged. The plan’s conversion was by far the smoothest I’ve ever been through."
Tree of Life wants to provide unique investment diversification strategies to its workforces' 401k retirement plans. Tree of Life acknowledged that the investment portfolios of its workforce was not properly diversified and subject to greater risk. It is therefore entrusting this task to the New York Life Investment Management LLC (NYLIM) firm to diversify its investment portfolios and get greater returns on retirement assets. Tree of Life is committed to help its employees reach their retirement goals and not run out of money upon retirement.
Mahoney & Associates assisted Tree of Life in evaluating and choosing the New York Life Investment Management LLC (NYLIM) to manage its $100 million 401k plan balance as well as develop a unique investment diversification strategy. Director of Mahoney & Associates, Marc Zimmerman quotes, "Clearly, the mapping strategy has worked well given that 90 percent of the assets that were mapped to AllianceBernstein target-date funds are still in those funds now."