NYLIM to offer target-date funds

New York Life will launch a series of five target-date funds called the MainStay Retirement Funds.
JUN 26, 2007
New York Life Investment Management today said it plans to launch a series of five target-date funds called the MainStay Retirement Funds. The target retirement dates will be 2010, 2020, 2030, 2040 and 2050. Each fund’s asset allocation will grow more conservative as it nears its target retirement date, Parsippany, N.J.-based NYLIM said in a release. The series will be managed by NYLIM’s equity investors group and will be primarily distributed to plan sponsors by New York Life Retirement Plan Services, a unit of NYLIM. The funds will be available for purchase on June 29, the firm said. “MainStay Retirement Funds will provide an exceptionally diverse asset allocation that will leverage both proprietary and non-proprietary investment products,” Don Salama, senior managing director and head of New York Life Retirement Plan Services, said in a statement. Because of the non-proprietary allocation, the funds may also include sub-sectors that many peer funds do not utilize such as commodities, REITS, TIPS and market neutral strategies, NYLIM said. MainStay Retirement Funds also will have a higher total equity allocation than most available retirement funds,the firm said.The recently announced MainStay130/30 funds would qualify as an equity allocation within each fund, NYLIM said. NYLIM managed more than $243 billion in assets as of April 30.

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