Retirement
401(k) Plan for Defined Benefit Participants
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 prior to Jan. 1, 2007, and participate in a defined benefit plan, your employer provides you a dollar-for-dollar match of up to 2% of your contributions plus fifty cents on the dollar on the next 4%, i.e. a maximum employer match of 4% if you contribute at least 6%.
If you were hired after Jan. 1, 2007, (or prior to Jan. 1, 2007, and do not participate in a defined benefit plan), please see the Defined Contribution Plan section.
How to Enroll in the Defined Contribution / 401(k) Plan
To enroll or increase or decrease your contributions, go to MyLifeNow, at mylife.newyorklife.com. You may contribute from 1% to 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 User ID and PIN/Password.
Vested at 100% After 4 Years
You are vested 100% for the amount you contribute to your 401(k) account. For the employer 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.