What Do I Do With My 401 After Retirement
You can either leave the money from your 401 in your former employers plan or you can roll over that money into an Individual Retirement Account or an annuity. Rolling over your 401 will give you more control over how your money is invested. This is also a good time to begin consolidating the various retirement assets you may have accumulated, making your retirement planning more manageable and easier to track.
New York Life Policies And Coverage
New York Life offers term, whole, variable universal and universal life insurance.
- Term life insurance: Coverage ranging from 10 to 20 years, with premiums locked in five-year increments
- Whole life insurance: Guaranteed lifetime coverage along with a continuously growing cash value options for paying monthly, quarterly or annually accrued dividends
- Variable universal life insurance: Long-term life insurance with a cash balance that has the ability to grow according to the market customers can adjust premiums as desired
- Universal life insurance: Long-term option for customers who are not interested in growing a cash balance
New York Life Retirement Plan Services Wins Multiple Industry Awards In 2012
WESTWOOD, Mass., Jan. 2, 2013 /PRNewswire/ New York Life Retirement Plan Services, a leading retirement plan provider to U.S. corporations and unions, is pleased to announce it has won several recent industry awards for 401k and defined benefit plan education and communications.
In late October, the firm won a Mutual Fund Education Alliance Star award for its introduction and education kit for defined contribution plan participants in large plans. According to MFEA, New York Lifes participant enrollment and welcome guide used bright colors, visual graphics, a clean layout and straightforward language to communicate with participants. MFEA states that these materials are really well done. MFEA is a national trade association for mutual fund companies that offer funds direct, through supermarkets or through third parties and financial advisors.
Additionally, the firm received multiple platinum and gold awards in early November from the MarCom Awards, an international competition for marketing and communication professionals. New York Life won platinum awards for its website and design/web multi-media games and gold awards for its HR materials and for its new website,
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New York Life Life Insurance
New York Life offers a wide range of life insurance policies with something for everyone. You can choose a shorter-term life insurance policy, or combine planning for your loved ones with your own investment or retirement needs by choosing a whole or universal life insurance policy from New York Life.
Westwood Mass July 9 2014 /prnewswire/
WESTWOOD, Mass., July 9, 2014 /PRNewswire/ — New York Life Retirement Plan Services , a leading provider of retirement plan solutions to U.S. corporations and unions, introduced today its new Retirement Readiness Dashboard, a tool to help plan sponsors and their advisors determine employees’ retirement readiness and model plan changes to increase these rates.
The Retirement Readiness Dashboard shows how prepared participants are for retirement when compared to industry peers and all other New York Life retirement clients, and allows segmentation by participant age, tenure, salary and division. The dashboard, which was rolled out across New York Life’s client base in May, also features interactive tools to model how adding features including auto enrollment, auto escalation or changes in corporate match will affect participant readiness.
“Empowering participants to retire with sufficient assets is likely the most important metric by which a sponsor can judge the plan’s success,” said Patrick Murphy, CEO of New York Life Retirement Plan Services. “We enable our sponsors and advisors to access core plan data and analysis, and then provide the consulting and expertise that allows them to act on it.”
About New York Life Retirement Plan Services
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What Are 401 Rollover Options
Most people choose to roll over or transfer their funds to an IRA or to the 401 plan of a new employer. A Roth IRA is another type of individual retirement account. The difference is that with a traditional IRA the money you put in isn’t taxed, but withdrawals are. With a RothIRA, the money you put in is taxed, but when you take it out the money youve invested isn’t taxed. If you have not reached age 59½, though, you may owe taxes and a 10 percent penalty on earnings. A much less popular option is to cash out your 401, but this comes with significant penalties income taxes must be paid, and if youre under age 59½ there will be an additional 10% penalty tax. When considering rolling over the proceeds of your retirement plan to another tax-qualified option, such as an IRA, please note that you may have the option of leaving the funds in your existing plan or transferring them into a new employers plan. You may wish to consult with your new employer, if any, to learn more about the options available to you under your plan and any applicable fees and expenses. You may owe taxes if you withdraw funds from the plan. Please consult a tax advisor before withdrawing funds.
John Hancock Acquires New York Life Retirement Business
Reported by
ManulifeFinancial Corporation announced that its U.S. Division, John Hancock Financial,and New York Life have entered into an agreement under which John Hancock willacquire New York Lifes Retirement Plan Services business.
Theacquisition will increase John Hancocks RPS assets under administration byapproximately 60%, accelerate its expansion into the mid-case to large-caseprivate sector retirement plan markets, and add both scale and expertise toJohn Hancock in a strategically significant line of business, the company said.
Theresulting combined RPS businesses will consist of approximately $135 billion inassets under administration, 55,000 retirement plans and 2.5 million planparticipants. The firm says the combined business will create a top-15 providerof retirement plan services in the mid-case plan market. John Hancock RPS, a provider to small plans,ranked fourth by total recordkeeping plans in PLANSPONSORs Recordkeeping Survey.
PeterGordon, SVP and president of John Hancock RPS, told PLANSPONSOR, the businesswill be almost exclusively private sector retirement plansanything fromstart-ups to very large plans in excess of $1 billion in assets. The businesswill include private-sector small to large defined contribution plans,defined benefit plans, as well as Taft-Hartley plans. They are alladviser-distributed, he says.
Both transactions areexpected to close in the first half of 2015.
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Helping Create Peace Of Mind In Retirement Is What We Do
For generations, we have been protecting clients tomorrows. Creating better ways to save for and protect retirements has been at the center of our purpose for 176 years, guiding the financial decisions they need to achieve their financial goals.
Protecting assets and generating income for better retirement outcomes.
Planning retirement with confidence. Thats the difference when you partner with the industry leader in guarantees. Whether the goal is to accumulate wealth in the short term, create a reliable guaranteed income stream for life, or keep more of what you earn with tax-smart solutions, you can have peace of mind knowing that New York Life will deliver on its promises just as it has for 176 years.
Protecting assets and generating income for better retirement outcomes.
Planning retirement with confidence. Thats the difference when you partner with the industry leader in guarantees. Whether the goal is to accumulate wealth in the short term, create a reliable guaranteed income stream for life, or keep more of what you earn with tax-smart solutions, you can have peace of mind knowing that New York Life will deliver on its promises just as it has for 176 years.
Variable Universal Life Insurance
A New York Life variable universal life insurance policy is different from the standard universal life insurance policy. The universal life insurance policy is similar to a whole life insurance policy it earns interest. You can invest your variable universal life insurance policys cash value amount for more aggressive growth.
With the variable universal life option, youll be able to choose from a variety of investment firms to manage your cash value or New York Lifes model portfolio for a diversified mix based on your comfort level with risk.
If you dont foresee needing access to your cash value account until retirement, riding the market for long-term gains through New York Life insurances variable universal policy is a good choice. If youre uncomfortable with risk or see yourself needing the cash value amount in the next few years, a standard whole life or universal life policy may be a safer bet.
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New York Life Retirement Plan Services Broadens Defined Benefit Capabilities With Riskfirst
- 4 Jun 14
- News
RiskFirst , a market leading financial technology business that provides risk analytics and reporting to the defined benefit pensions market, is pleased to announce that New York Life Retirement Plan Services has integrated PFaroe into its defined benefit plan product offering.
PFaroe, RiskFirsts user-friendly web-based risk analytics platform allows on-demand stress testing of multiple scenarios, to assist plan sponsors in reviewing complex analytics of the risks in defined benefit plan assets and liabilities. Sponsors are provided with an analysis to review the probability of particular outcomes for their defined benefit plan. This robust reporting of both assets and liabilities is made possible through an alliance between RiskFirst and Winklevoss Technologies, a provider of defined benefit liability analytics.
Pension plans can represent an enormous liability to our plan sponsors and it is imperative that sponsors understand the exact nature of that liability. said Jeff Kobs, Director of Defined Benefit Product at New York Life Retirement Plan Services. Smart implementation of good technology is vital in the defined benefit arena. Making PFaroes reporting available to our clients empowers them to be more knowledgeable, nimble, and proactive.
About New York Life Retirement Plan Services
Are There Other Retirement Income Options Besides A 401
One example has already been discussed here: traditional pensions, which offer a fixed monthly benefit for the rest of your life. Another option is a Guaranteed Lifetime Income Annuity. This type of annuity, will provide a steady stream of income that’s guaranteed to last for the rest of your lifeno matter how long you live.1 If you purchase an annuity, you wont have to worry about the impact that a decline in the market would have on your payments.
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Is New York Life Insurance Good
New York Life insurance is an ideal option for families looking to purchase life insurance and financial planning services in one place. With access to personal financial professionals, customers have the ability to tailor plans and additional services to their needs. Though the company offers extensive coverage information on its website, customers must speak with a financial professional to get a quote.
Learn About Your Benefits
Your income in retirement will likely come from many sources. In addition to Social Security, you might have savings from other employers, and other assets, such as New York Life retirement benefits.
About nonqualified benefits.
The company provides two nonqualified plans to certain eligible employees that supplement the retirement benefits available through the qualified 401 Savings Plan and Pension Plan:
- The Excess EPSI Savings) Plan
- The Excess Benefit Plan
These plans provide supplemental benefits above the IRS limits. In addition, the company provides nonqualified deferred compensation plans to certain eligible employees.
Learn more: See if youre eligible for these benefits at Your Benefits Resources .
Our savings and retirement benefits are designed to grow with you as your career grows. Theyre also valuable, competitive, and one-of-a-kind, with special features that build off of each other to help you save more, faster.
Learn how:
- To get the most from your 401 Savings Plan and
- Your Retirement Plan works to help you achieve your financial goals or visit Your Benefits Resources at
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Who contributes to the Plan |
You and New York Life |
New York Life |
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Who is responsible for the investment risk |
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How to find more information |
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Pre-tax or Roth?
What about your current balances?
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Connect To Your Plan Details
Use these links to learn about your benefits, including your health incentives, retirement savings options, and tools and resources for using the plans. Find network doctors, manage your 401, track your health incentives, and learn how a health reimbursement account works with the health plan.
Note: A user name/ID and password is required to access your YBR account from the internet. Full access to the Aetna member website and Express Scripts is available once you are enrolled and you have set up a user name/ID and password. Learn more about using the Aetna member website in this tip sheet.
- Health Incentives
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Why Do People With 401s Retire Later
While there are many potential reasons for those with 401 plans to retire later, most of them can be boiled down to a single word: uncertainty. While traditional pensions promise retirees a fixed monthly benefit for the rest of their lives, 401s and other defined contribution plans offer no such guarantees.
Since the money we set aside in a 401 may have to last well into our 80s or 90s, it comes as no surprise that workers with these plans are delaying retirement in order to build the largest possible nest egg.2
How Much Do You Need For Retirement
With a 401, the burden of saving for retirement shifts from the employer to the employee. But how much money do we need? While financial experts routinely toss around figures that range between $1 million and $2 million, the amount we need to save depends greatly on the lifestyle we hope to lead.
New York Life is here to help you learn more about Guaranteed Lifetime Income Annuities or other retirement options.
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Success Of ‘made In Canada’ Deals Bodes Well For Manulife
The combined RPS businesses will have around US$135 billion in assets under administration, 2.5 million retirement plan members and 55,000 retirement plans.
Manulife is a major player in the pensions business in Canada, the United States, Hong Kong and Indonesia, Manulife president and CEO Donald Guloien said in a statement.
This transaction, similar to our recently announced acquisition of Standard Lifes Canadian operations, will significantly increase our retirement plans business overall. When completed, these transactions will each accelerate our strategy to grow our wealth and asset management businesses around the world.
Advisors Can Get Appointed To Offer Annuities
The first step to integrating our product solutions into retirement portfolios is to get appointed to sell with New York Life. Financial professionals who would like to be appointed are invited to access our enrollment instructions.
Connect With Us
In most jurisdictions, the policy form numbers are as follows : New York Life IndexFlex Variable AnnuityFP Series .Income annuities and deferred annuities are issued by New York Life Insurance and Annuity Corporation , 51 Madison Avenue, New York, NY 10010.Investments and insurance products are: Not FDIC/NCUA Insured | Not Insured by Any Federal Government Agency | Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any of its Affiliates | May Lose Value
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New York Life Retirement Plan Services Being Acquired By John Hancock
New York Life Investment Management will sell its New York Life Retirement Plan Services business, excluding the stable value business, to John Hancock Financial, said NYLIM spokeswoman Sarah Lazarus.
The deal is expected to close sometime in the first half of 2015. Terms of the transaction were not disclosed.
As part of the deal, John Hancock will merge New York Lifes business with John Hancock Retirement Plan Services. The combined business will cover 55,000 retirement plans and more than 2.5 million participants across the U.S.
This acquisition will increase John Hancocks defined contribution plan assets under administration by about $50 billion, to $135 billion.
New York Lifes stable value business, which is backed by the parent company, will remain at New York Life as a division of institutional annuities. The business will be named Stable Value Investments and be overseen by Alison Micucci, chief administrative officer and head of group annuities.
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Types Of Life Insurance Policies Offered
New York Life offers all types of life insurance available on the market: term, whole, universal and variable universal life. Below, our insurance editorial team outlined the ins and outs of these policies. However, when it comes time to choose, you may want to speak with a licensed insurance agent to help you figure out which policy type might be best for you.
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