PolyOne Appoints NYLIM Retirement Plan Services to Manage Its 401k
NORWOOD, MA, October 7, 2003 -- NYLIM Retirement Plan Services, a division of New York Life Investment Management (NYLIM), announced today it has been appointed by PolyOne Corporation (NYSE:POL) to manage that company's $283 million defined contribution plan.
PolyOne, based in Avon Lake, Ohio, is the world's largest polymer services company with more than 7,200 employees in North America, Europe, Asia, and Australia. This benefit plan covers the corporation's employees in North America.
"Part of our mission is to set the industry standard for operating excellence and unequaled expertise," said Kenneth Smith, Chief Human Resource Officer at PolyOne. "We accomplish that mission by providing our employees with top-drawer support, such as our benefit plans. NYLIM's excellent retirement planning products and services help us help our employees."
"A large retirement plan such as PolyOne's requires the right mix of people, products, and know-how to keep it running smoothly. We are thrilled that PolyOne has chosen us for those reasons and we look forward to a productive and long-lasting relationship," said Tom Clough, Managing Director of NYLIM Retirement Plan Services.
McDonald Financial Group, Cleveland, Ohio, managed the request for proposal process.
"As PolyOne's investment advisor, we needed a provider that could offer flexibility and a customized approach that would fit PolyOne's needs and culture. After a thorough, comprehensive search process, it was clear NYLIM could meet these expectations and more," said Tricia Kelley, Senior Vice President at McDonald Financial Group.
About PolyOne
PolyOne Corporation, with revenues approximating $2.5 billion, is an international polymer services company with operations in thermoplastic compounds, specialty resins, specialty polymer formulations, engineered films, color and additive systems, elastomer compounding and thermoplastic resin distribution. Headquartered in Cleveland, Ohio, PolyOne has employees at manufacturing sites in North America, Europe, Asia and Australia, and joint ventures in North America, South America, Europe, Asia and Australia. Information on the Company's products and services can be found at http://www.polyone.com.
About McDonald Investments
McDonald Investments Inc., a KeyCorp Company, is a full-service investment consulting, investment banking, and brokerage and investment advisory firm headquartered in Cleveland, Ohio. The company was started in 1924. In November of 1998, McDonald & Company was acquired by KeyCorp and is now a wholly owned subsidiary.
McDonald Investments acts as an independent investment management and consulting organization, with over 600 Financial Advisors. The firm has more than 60 offices nationwide. McDonald Investments' Retirement Services Department and the Managed Assets Group are based in Cleveland, Ohio, consisting of 51 dedicated corporate retirement plan professionals.
About NYLIM Retirement Plan Services
NYLIM Retirement Plan Services administers more than 1,500 comprehensive defined contribution, defined benefit and deferred compensation plans as of July 31, 2003. NYLIM Retirement Plan Services oversees retirement programs for small, medium and large companies, unions, and individuals throughout the United States, and is widely recognized for its leadership in bundled defined contribution and bundled defined benefit plans.
With more than $170 billion in assets under management as of July 31, 2003, New York Life Investment Management LLC and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments.
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