Traditional pension benefits are rare among companies today
We are proud to offer the NYLIC Retirement Plan
Cash Balance pension benefit
We are proud to offer you the NYLIC Retirement Plan cash balance formula.
Description
The NYLIC Retirement Plan is a qualified defined benefit plan that can provide vested participants with a monthly income for life upon retirement.
Benefits
The benefits are currently 6% of Pensionable Earnings for less than 10 years of service, 7% for 10 years or more but less than 20 years, and 9% for 20 years or more.
Your benefit will vest after 3 years of Vesting Service.
Highlights
Benefit entirely funded by the company
Full vesting after 3 years of Vesting Service
Lump Sum and Annuity payout options
Eligibility
As of the effective date of your N10 contract with the company if you are an active, full time New York Life Agent
*Pensionable earnings are generally commissions from certain eligible products and product series. For a more complete description of “pensionable earnings,” please refer to the Summary Plan Description when available for the NYLIC Retirement Plan.
401(k) Savings Plan:
A powerful way to invest for your retirement
Build a strong foundation of savings
Participant Contributions
Up to 15% of eligible commissions
Variety of contribution types available: Pre-tax, After-tax, Roth, and Catch-up
Investment Options
Plan offers a range of investment options for participants to direct the investment of their accounts
Matching Contributions
When you save up to 5%, we match up to 4% (at the Board of Directors' discretion). Deferrals are always 100% vested and matching contributions vest after 3 years of Vesting Service
Health Coverage:
Medical, Dental, Vision, Prescriptions, and More
Health coverage for full-time eligible Agents
Medical: Plan options that include preventive care, prescription drug coverage, and additional health support.
Dental: Plan options that cover preventive, basic, and major services.
Vision: Coverage for routine eye care, including exams, glasses, contacts, and savings opportunities.
Accounts to Help You Save
Health Care Flexible Spending Account (HC FSA):
Use pre-tax dollars for eligible health care expenses. (Not available to newly-contracted agents.)
Health Reimbursement Account (HRA):*
Company-funded account available to eligible Agents enrolled in the Active Medical Option to help offset eligible out-of-pocket medical prescription costs.
Additional Support:
Virtual care for non-emergency medical needs.
Digital physical therapy support.
Employee Assistance Program: Confidential short-term counseling and emotional well-being resources.
* The HRA is a hypothetical book-keeping account. No actual funds are set aside in an account for any individual participant, and all HRA payments come from the Company’s general assets. Upon termination of service, HRA balances are generally no longer available.
Income Protection:
Life Insurance
Long-Term Disability Insurance
Accidental Death and Dismemberment Insurance
Life Insurance
Non-contributory life: If eligible, you will automatically be enrolled; coverage amounts for Agents no longer under a TAS Agreement are determined by your sales production (e.g., First Year Commissions).
Contributory life insurance: If eligible, you can enroll and will be responsible for paying the full cost of this coverage.
Long Term Disability
If eligible, coverage designed to replace a portion of the income you would lose if you became totally disabled:
Choose to replace either 50% or 60% of your sales production (e.g., First Year Commission).
Death & Dismemberment
If eligible, you have the option to enroll in Accidental Death & Dismemberment insurance:
Choose between six coverage options ranging from $50,000 to $300,000.
This is necessarily brief and provides only general descriptions of the benefits available to eligible Agents under the applicable plans. Eligibility requirements and plan provisions vary by contract type and production levels. Specific terms, such as eligibility and benefits, are determined only by the terms and conditions contained in the relevant plan documents. In the event of any conflict between the information herein and the provisions of the plan documents, the plan documents will govern. The Company reserves the right to amend or terminate the benefit plans described herein at any time and for any reason.
