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NY Life brings a little behavioral science to retirement

New York Life Retirement Plan Services (NYLRPS), a division of New York Life Investment Management, has introduced a program to help the firm and its ...

By Staff Writer | Updated on June 05, 2007

New York Life Retirement Plan Services (NYLRPS), a division of New York Life Investment Management, has introduced a program to help the firm and its clients understand and predict employee-planning behavior. Using cluster analysis, New York Life is able to categorize participants into six segments that are derived from a number of perspectives, including: attitudinal characteristics–whether the participant wishes to self-direct their account or delegate account management decisions; behavioral characteristics–how a participant wishes to manage their account, whether through direct and personalized contact with New York Life or self-service via the Web site; investment characteristics–whether the participant invests the majority of assets in the plan’s default fund or takes on risk in exchange for higher returns in international or growth investments; and demographic characteristics.

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