Morningstar Associates, a registered investment advisor and independent investment consultant, will assume fiduciary responsibility for companies using Portfolio Complete.
NYLIM Retirement said this is the largest undertaking of any retirement plan provider, as it will be offered to all of NYLIMs 1,500 plan sponsors and new clients. NYLIM also said this is the first time a 401(k) plan provider has offered Morningstars investment counseling and fiduciary services to its entire client base.
"We are excited to offer the outstanding capabilities and fiduciary support that only a company of Morningstars stature can provide," said Barry Schub, senior managing director of NYLIM Retirement Plan Services. "Given the increasing focus on defined contribution plan investments, NYLIM feels the time is right to offer its plan sponsors a fundamentally different type of investment support."
NYLIM will begin offering the new service in the fall.
Citistreet noted at the time that the new advice model was the result of an advisory opinion issued in December by the