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Unlike other target-date funds, these will be highly diversified, investing in multiple sectors within U.S. and international equity, fixed income, real estate investment trusts, commodities, treasury inflation protected securities and market-neutral strategies.
The funds-of-funds will invest in MainStay and outside funds.
“We believe it is critical for plan sponsors to select target-date funds that incorporate a broad diversification of asset classes, managed by experienced investment professionals who employ active risk management,” said Don Salama, senior managing director and head of New York Life Retirement Plan Services.
“This target-date series is not only built to last, but to perform their job in an uncertain, long-term market environment,” added Tony Elavia, senior managing director and chief investment officer of EIG and lead portfolio manager of the MainStay Retirement Funds.
