Traditional pension benefits are rare among companies today
We are proud to offer the NYLIC Retirement Plan
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 2.75% of your pensionable earnings*
Highlights
Benefit entirely funded by the company
Full vesting after 5 years of service
Annuity payout options
Eligibility
As of the effective date of your first eligible full-time 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 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 first-year and renewal commissions and service fees
Variety of contribution types available: Pre-tax, Roth, and catch up
Investment Options
Plan offers a range of investment options for participants to direct the investment of their accounts
Company Contributions
Annual discretionary company contribution for eligible agents (based on a percentage determined by the Board of Directors of the net renewal commissions, net renewal premiums and cash values for the plan year on specified policies where a participant is the original writing Agent)*
* The Board of Directors determines annually whether to make a contribution and the basis on which contributions are made.
Health Coverage:
Medical, including fertility, Dental, Vision, Prescription Drugs, and More
Health: Coverage for full-time eligible Agents
Medical: Two options offered through Aetna that include medical benefits (100% coverage for in-network preventative care), prescription drug coverage and fertility.
Dental: Two options that each cover preventative and basic care. One of the options also covers major care (e.g., root canals and repairs).
Vision: Covers routine eye care, such as exams, glasses, and contacts.
Accounts to Save Money
Health Care Flexible Spending Account (HC FSA):
Use pre-tax dollars to pay for eligible expenses, including medical, dental, and vision
HCFSA is not available to newly contracted agents
Health Reimbursement Account (HRA):*
Company funded account available to Agents who elect the Active Medical Option to offset out-of-pocket eligible medical and drug expenses.
You can also earn HRA funds by completing healthy activities.
Other
Teladoc: Agents enrolled in NYL medical coverage can talk to board-certified doctors for non-emergency care via phone or video.
Hinge Health: Agents enrolled in NYL medical coverage can access digital physical therapy for convenient care, whenever, wherever.
Employee Assistance Program: Free short-term counseling for emotional health support.
* 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. 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.
