MONY Launches Innovative Individual(k) That Includes Life Insurance
BISYS to Support Administration of New Turn-Key Offering
NEW YORK, NY, September 23, 2003 -- MONY Life Insurance Company, a wholly owned subsidiary of The MONY Group Inc. (NYSE: MNY), today announced the launch of its innovative turn-key Individual(k) plan that includes life insurance products, as well as fixed and variable annuities, for owner-only businesses.
The plan features a choice of funding options, including the MONY Variable Annuity, (which has a guaranteed minimum death benefit rider), the MONY Fixed Annuity, and the MONY Variable Universal Life and Interest Sensitive Whole Life products. The MONY Variable Annuity and Variable Universal Life Insurance products offer a diverse range of investment strategies. By integrating life insurance and annuities into the offering, MONY's Individual(k) enables plan owners to pay life insurance premiums with pre-tax dollars.
"MONY understands the retirement needs of small business owners," said Mary Read, CPC, QPA, Assistant Vice President of Marketing and Retirement Planning of The MONY Group. "We are proud to pioneer this innovative Individual(k) offering. With its tax deferral benefits, life insurance feature and diversified investment options, our product can help self-employed individuals successfully reach their retirement goals."
This turn-key offering will include everything needed to easily prospect for, market, implement, and maintain a plan, including: employer and financial advisor kits; sales support; customized marketing materials; product training; Web site content and support; plan installation services; and call center services. The product will be sold through MONY brokers, as well as MONY career agents, independent agents, brokerage general agencies and Trusted Advisors Corp, a subsidiary of The MONY Group.
MONY has selected BISYS, a leading provider of business process outsourcing solutions for the financial services sector, to provide administrative support for the offering. Ms. Read added, "BISYS is well-established in the marketplace for its industry know-how, technological breadth, high quality service and flexibility. We're pleased to have them provide the administrative support we need behind this exciting new offering."
About Individual(k) Plans
Individual(k) plans -- which are 401k plans for self-employed individuals -- became possible in 2002, as a result of changes to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). The changes made it easier for self-employed business owners to maximize contributions to their qualified retirement plans. The current rules allow pre-tax salary deferrals up to $12,000 plus a profit sharing contribution up to 25% for maximum annual contributions of up to the lesser of 100% of pay or $40,000. Plus, those age 50 and older can make additional catch-up contributions up to $2,000 in 2003 for total tax-deductible retirement savings of $42,000. With variable distribution options, "turn-key" features and funding flexibility, Individual(k) plans can have lower maintenance and fewer expenses than basic 401k plans.
About The MONY Group Inc.
MONY Life Insurance Company is a wholly owned subsidiary of The MONY Group Inc. (NYSE: MNY). The MONY Group, with $55 billion in assets under management and administration, is a financial services firm that manages a portfolio of member companies. These companies include MONY Life Insurance Company; The Advest Group, Inc.; Enterprise Capital Management; Matrix Capital Markets Group, Inc.; Lebenthal, a division of Advest, Inc.; and U.S. Financial Life Insurance Company. These companies manufacture and distribute protection, asset accumulation, and retail brokerage products and services to individuals, corporations, and institutions through advisory and wholesale distribution channels. Additional company information is available at www.mony.com.
About BISYS Retirement Services
BISYS is the nation's largest independent recordkeeper for small and mid-size retirement plans, offering every component of a sophisticated retirement plan infrastructure, including prototype plan design and maintenance, plan administration, forms and documents, customized marketing and sales support materials, reference resources, a toll-free help line for ongoing access to industry expertise and assistance, Web-based planning tools and content, staff training and development, and a turnkey administration and record keeping solution for Individual(k) plans. Through its relationships with 40 institutional clients, BISYS supports more than 15,000 company-sponsored 401k plans, representing approximately 1.2 million eligible employees, with its technology-driven retirement services. BISYS also supports approximately 400,000 employers and four million IRA holders with ERISA documents and related support services, and trains approximately 12,000 retirement industry professionals annually.
###
401khelpcenter.com, LLC is not the author of this press release and is not associated or affiliated with any firm or organization mentioned unless otherwise noted. Use of any information obtained from this press release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by 401khelpcenter.com, LLC.
