Murray Goes TRO with Nylim Retirement Plan Services

NORWOOD, Mass.--April 29, 2004--NYLIM Retirement Plan Services, a division of New York Life Investment Management LLC (NYLIM), announced that it has been appointed as total retirement outsourcing (TRO) provider for Murray, Inc., a leading manufacturer of lawnmowers, snow-throwers, go-karts, and other outdoor power equipment and recreational products.

Murray, Inc., based in Brentwood, Tenn., converted its $127 million pension to a bundled environment February 1, 2004. Its $32 million 401(k) plan is moving to the NYLIM Retirement Plan Services platform in April. Murray's pension plan benefits 4,600 participants and its 401(k) covers almost 1,600.

"Before, we had seven partners as opposed to one now. That told us there's got to be a better way," said Gary Watts, who served as Murray's director of taxes and retirement benefit accounting at the point Murray decided to outsource both of its retirement plans to NYLIM. Mr. Watts is now factory controller for the manufacturer.

"The people at NYLIM are wonderful to work with. They're right on top of every issue, the communication is great and we're very satisfied with the services we've received," said Janice Hardiman, retirement plans administrator for Murray.

"Many plan sponsors today are enjoying the benefits of outsourcing their whole retirement program and we are so pleased to have been chosen by Murray for this important role," said Tom Clough, managing director of NYLIM Retirement Plan Services.

About Murray, Inc.

For five generations, the people of Murray have combined hard work and a dedication to quality with a commitment to innovation and change. For today's consumers, the result is a brand new line of lawn tractors and walk-behind mowers, not to mention state-of-the-art snow-throwers, chipper shredders, GoKarts, SnoRacers and more. For more information, see Murray's website at www.murray.com.

About NYLIM Retirement Plan Services

NYLIM Retirement Plan Services oversees more than 1,500 comprehensive defined contribution, defined benefit and deferred compensation plans as of February 29, 2004. With offices in Norwood, Massachusetts, and Parsippany, New Jersey, NYLIM Retirement Plan Services administers retirement programs for small, medium and large companies, multi-employer plans, 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 $183 billion in assets under management as of February 29, 2004, New York Life Investment Management 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. For more information, visit NYLIM's website at www.nylim.com.