New York Life Contributes More Than 8,000 Volunteer Hours During Month of Service
NEW YORK, N.Y., October 23, 2012 – New York Life’s annual Month of Service in September resulted in more than 1,700 employees and agents volunteering in their local communities nationwide. Volunteers worked on 132 community projects to support the childhood bereavement theme and gave more than 8,000 hours of service – the equivalent of 4.6 people working full-time for an entire year. The estimated monetary value of this volunteer time is more than $174,000.*
“I applaud all of the New York Life people who participated in our Month of Service,” said Chris Park, president of the New York Life Foundation. “This is the second year our agents and employees from across the country have come together to give their time and talent to illustrate the company’s continued commitment to improving the lives of young people and their families coping with loss.”
Throughout September, New York Life agents and employees volunteered at bereavement camps for children; raised funds for bereavement organizations; beautified bereavement centers; and created comfort items for grieving children.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life's Web site at www.newyorklife.com for more information.
*Independent Sector calculates the hourly value of volunteer time based on the average hourly wage for all non-management, nonagricultural workers as determined by the Bureau of Labor Statistics, with a 12 percent increase to estimate for fringe benefits. http://www.independentsector.org/volunteer_time.
**Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, May 21, 2012. See www.money.cnn.com/magazines/fortune for methodology.
***Source: Individual Third Party Ratings Reports as of 6/22/12.
****New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.