You got it after 5 years.
very good pension plan as nopbody else offers tthis
this is super rare this days, but New York Life recognizes the value of it and offers it.
I do not know much about the program as I have been there less than a year. It is my understanding you can retire after 10 years.
its your and guaranteed by great company
Dollar to dollar matching for first 3% and 50% matching for the next 3%
The traditional defined benefit pension plan was converted to a cash balance plan recently. The good news is the company still funds the plan, the bad news is that the employee takes the risk in terms of how long the pension will last in retirement.
A field management position is eligible for the company retirement plan. It's nice to have it but the company changed the retirement plan (in the late 80's or early 90's from a Defined benefit plan to a group annuity. This change was really good for the company because it took the COLA away from the plan. So what this means is that the retirement plan is permanently fixed at the first year payment. So a retired employee will never receive an increase for the rest of their lives no matter what the Cost Of Living is. At todays life expectancy it is a hotible thing to look forward to. Thje cost of the Health insurance, dental insurance and Long term Care Insurance (which the company just raised the premium for. Everything will go up but our retirement plan because the company wanted more profit at the expense of their loyal employees. The company will not discuss this take away but as the years go by the retired loyal employee feels the crush of less and less real $$$ to live on. Thank you NEW YORK LIFE!! How about Mr. Ted Mathias the leader of the company taking a look at this travisty and retroactively making these retired employees benefit from in many casses their life long committment to THE COMPANY YOU KEEP. PLEASE STEP UP AND TAKE CARE OF THE ONES THAT TOOK CARE OF THE COMPAY FOR ALL THE YEARS THEY DID THEIR JOBS TO THE BEST OF THEIR ABILITY AND HELPED THE COMPANY GROW STRONG.
Based on how much whole life you sell. Also you have to be there hit production minimums for 5 years in order to qualify for it.
Unsure of when it would kick in-not sure it was still in place to current agents-