New York Life Retirement Plan Services Broadens Defined Benefit Capabilities with RiskFirst (formally PensionsFirst)
04 June 2014
RiskFirst (formally PensionsFirst), a market leading financial technology business that provides risk analytics and reporting to the defined benefit pensions market, is pleased to announce that New York Life Retirement Plan Services has integrated PFaroe into its defined benefit plan product offering.
PFaroe, RiskFirst’s user-friendly web-based risk analytics platform allows on-demand stress testing of multiple scenarios, to assist plan sponsors in reviewing complex analytics of the risks in defined benefit plan assets and liabilities. Sponsors are provided with an analysis to review the probability of particular outcomes for their defined benefit plan. This robust reporting of both assets and liabilities is made possible through an alliance between RiskFirst and Winklevoss Technologies, a provider of defined benefit liability analytics.
“Pension plans can represent an enormous liability to our plan sponsors – and it is imperative that sponsors understand the exact nature of that liability.” said Jeff Kobs, Director of Defined Benefit Product at New York Life Retirement Plan Services. “Smart implementation of good technology is vital in the defined benefit arena. Making PFaroe’s reporting available to our clients empowers them to be more knowledgeable, nimble, and proactive.”
Benjamin Reid, President of RiskFirst said: “We are very pleased that a market leader like New York Life has recognized PFaroe’s ability to provide a best-in-class asset, liability and risk analytics solution in a user-friendly format.”
About New York Life Retirement Plan Services
New York Life Retirement Plan Services offers bundled retirement plan solutions and defined contribution investment only products throughout the United States. New York Life Retirement Plan Services, a division of New York Life Investment Management LLC, (New York Life Investments) administers $51 billion in bundled retirement plans as of December 31, 2013. With offices in Westwood, Massachusetts, Parsippany, New Jersey, and San Francisco, New York Life Retirement Plan Services is widely recognized for its leadership within the retirement plan industry.