Tower Automotive Chooses New York Life Benefit Services to Manage Its 401k Plan.

Business Editors

NORWOOD, Mass.--(BUSINESS WIRE)--Aug. 31, 2001

New York Life Benefit Services LLC (NYLB), a leading retirement plan provider and consultant, announced today its selection by Tower Automotive, Inc. (NYSE: TWR) to run that company's $300 million defined contribution plan.

Tower Automotive, a maker of components and systems for automotive OEMs based in Grand Rapids, Mich., has 10,000 participants in its 401(k) plan.

"NYLB provides a complete solution for us," said Richard Burgess, who leads human resources for Tower Automotive. "Along with its excellent 401(k) product, NYLB also offers many other services we need. Its ERISA consulting group and other areas of expertise, for instance, allow a seamless extension of our internal capabilities, ultimately providing our people with outstanding service and support."

Burgess also referenced the strong culture fit between Tower Automotive and NYLB, stressing a similar professionalism and work ethic.

The request for proposal process was managed by the Cusack Retirement Team, Tower Automotive's retirement plan consultants and investment advisors. The Cusack Retirement Team is a group of professionals at McDonald Investments in Grand Rapids, Mich., specializing in corporate retirement plan analysis, investment advisory services, and plan communication and education for participants.

"NYLB has a very solid platform which exceeded our expectations in almost every service and investment category we analyzed for Tower Automotive," said Joe Horlings, a partner in the Cusack Retirement Team and a first vice president at McDonald Investments.

"Selling our services through the broker/dealer channel is a new direction for our company," said Mark Strazzeri, national sales manager for NYLB. "Many plan sponsors want to work with local independent consultants to make changes in their retirement plans. We understand this dynamic and are working to enhance our relationships in this marketplace. We are so pleased to have been chosen by Tower."

NYLB specializes in comprehensive defined contribution, defined benefit and deferred compensation plans. It is an affiliate of New York Life Investment Management LLC (NYLIM). NYLIM offers specialist capabilities in institutional asset management, investment advisory services, real estate, alternative investments, retirement services and guaranteed products.