New York Life Offers Advice Service for Taft-Hartley Plans

New York Life Retirement Plan Services introduced a tailored advice service designed specifically for union clients and their members.

The service, OnTarget Personal Advisor, couples online access to research, education, and advice services through Morningstar Retirement Manager with New York Life’s participant services, including automatic rebalancing, targeted participant communications, and participant service support for member-directed plans, according to a press release.

Morningstar Associates acts as a fiduciary for the investment advice it provides through Morningstar Retirement Manager.

The service is designed specifically to meet the unique complexities Taft-Hartley members face in retirement planning, including contribution amounts by multiple employers, contributions in hourly figures, pension information from multiple employers and, in many instances, their own 401(k) contributions. Available without charge to union providers, the service will be made available to New York Life’s Taft-Hartley clients over the next several weeks.

“Because this service takes into account the unique needs of union members and plans, we expect it to become an invaluable retirement planning tool for our union participant base,” said Buck Bucci, director and head of Taft-Hartley Services at New York Life Retirement Plan Services, a division of New York Life Investments, in the release.



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