New York Life Has New Participant Program

New York Life Retirement Plan Services has introduced a new participant program called MyLifeNow.

According to a news release, among the elements in the offering are a new participant enrollment package and a new Web site, to be launched in the fourth quarter of 2010.

Sponsors can review participant behavior through reporting metrics that track and benchmark progress as participants move through a continuum of action steps suggested by New York Life.

Tthe program suggests participants take steps such as enrolling in their retirement savings plan, increasing their deferral rate, or diversifying their assets.

“MyLifeNow is all about engaging our participants in a positive way, breaking down savings into single steps that are easy to understand, and as importantly, easy to act upon,” said Deanna Garen, managing director of strategic marketing. “Traditional education and communication models don’t work. Asking participants to deprive themselves now, to reap benefits at some point in the future, doesn’t resonate.  We need to be empowering, not overwhelming.”