Retirement
401(k) Plan
Our Defined Contribution Retirement Plan is generous, competitive and flexible. All regular full-time and regular part-time employees are eligible to participate in the Defined Contribution / 401(k) Plan*.
If you were hired after Jan. 1, 2007, your employer provides you a dollar-for-dollar match of up to 6% of your contributions, plus a fixed 3% contribution of your eligible compensation whether or not you contribute. This employer match and fixed contribution also applies if you were hired prior to Jan. 1, 2007, and do not participate in a defined benefit plan. (Other “grandfathered” employer contributions may apply depending on your employer and date of hire prior to Jan. 1, 2007.)
If you were hired prior to Jan. 1, 2007, and participate in a defined benefit plan, please see the Defined Benefit Plans section.
'Your Retirement' Newsletter for Defined Contribution Participants
The newsletter includes articles on retirement plan funding, a Q&A on plan funding, how defined benefit plans are funded and more.
How to Enroll in the Defined Contribution / 401(k) Plan
To enroll, increase or decrease your contribution, or waive participation in the plan, go to MyLifeNow, New York Life’s website, at mylife.newyorklife.com. You may contribute from 1 – 75% of your eligible compensation on a combined pre-tax, Roth after-tax, or traditional after-tax basis. If accessing MyLifeNow for the first time, you will need to establish a User ID and PIN/Password.
Automatic Enrollment at 3% Pre Tax
If you do not make an election to participate in the 401(k) plan within 45 days of your hire date, we will automatically enroll you in the plan at a 3% pre-tax contribution rate. Unless you elect otherwise, we will increase your contribution by 1% each year after your anniversary date of hire up to a maximum of 15%.
Fixed Employer Contribution
Even if you choose not to contribute any of your money, your employer will contribute an amount equal to 3% of your total compensation into your 401(k) account. This is called the fixed employer contribution.
Vested at 100% After 4 Years
You are vested 100% for the amount you contribute to your 401(k) account. For the employer match and fixed contribution portion of your 401(k) account, you are vested at a rate of 25% each year of employment, and fully vested after four years.
* In addition, temporary employees who work at least 1000 hours in a calendar year will be eligible to participate in the plan beginning Jan. 1 of the next year.