Joel M. Disend, Chairman and CEO, and John R. Quesnel, V.P. Professional Services, Retire From New York Life Benefit Services.

Business Editors

NORWOOD, Mass.--(BUSINESS WIRE)--Dec. 7, 2000

New York Life Benefit Services LLC (NYLB), a leading retirement plan provider and consultant, announced today the retirement of its chairman and chief executive officer, Joel M. Disend, and its vice president of professional services, John R. Quesnel.

Mr. Disend, 58, co-founded in 1970 and ran NYLB's predecessor, ADQ, Inc. Since 1994, when New York Life acquired ADQ, Mr. Disend has served as the subsidiary's president, chief executive officer and, most recently, chairman. After his retirement on December 31, 2000, he will remain as an NYLB consultant for the foreseeable future.

"As a pioneer in the area of benefits consulting, Joel has played an important role in the growth and development of the pension and 401(k) industries," said NYLB President Thomas A. Clough. "His contributions to many people's lives are not to be underestimated."

Mr. Disend is considered one of the leading experts in the country on the topics of employee benefits and retirement. He is a former director of the New England Employee Benefits Council and has lectured on employee benefits in front of the Federal Tax Institute, the New England Employee Benefits Council, and the Massachusetts Bankers' Association.

NYLB also announced the retirement of John R. Quesnel, vice president of professional services. Mr. Quesnel, 58, has been responsible for the ERISA consulting, compliance and client service departments at NYLB. He has been active in the pension actuarial and consulting field for 32 years and became a principal with ADQ, Inc. in 1976. An enrolled actuary, he is a member of the American Academy of Actuaries and a member of the Society of Pension Actuaries. He also will continue as an NYLB consultant.

NYLB has appointed Mark Niziak, counsel, to assume Mr. Quesnel's management responsibilities after his retirement at the end of the year.

Mr. Clough noted that NYLB has been transitioning both Mr. Disend's and Mr. Quesnel's responsibilities to its new management team over the last several months.

"As part of our succession planning, we have developed a terrific senior management team," he said. "This team, along with our dedicated staff, has been responsible for our current leadership position in the retirement services industry. We are fully confident that our team is well-positioned to ensure a seamless transition and continued success."

Last February, Mr. Clough was named president of NYLB and Joseph Henehan, chief financial officer, took on the additional role of senior vice president. Mr. Clough has now taken on Mr. Disend's executive activities and Mr. Henehan has adopted additional management duties.

NYLB, based in Norwood, Mass., specializes in comprehensive defined contribution, defined benefit and deferred compensation plans. NYLB is an affiliate of New York Life Investment Management LLC (NYLIM). NYLIM offers specialist capabilities in money management, retirement benefit services, real estate management and individual and institutional investment services. Securities are offered through NYLIFE Securities Inc., 51 Madison Avenue, New York, NY 10010.