Competitive Grants Program Funds Organizations Where New York Life Employees, Agents and Retirees Volunteer

NEW YORK, Oct 7, 2004 — The New York Life Foundation today announced that it awarded 40 individual $5,000 grants totaling $200,000 to nonprofit organizations throughout the country that provide services to children.

"New York Life agents, employees and retirees are volunteering to make a difference in their local communities. We are delighted to provide these grants nationwide to complement their outstanding volunteer work and to support organizations that improve the lives of children," said Sy Sternberg, chairman and chief executive officer of New York Life and chairman of the New York Life Foundation.

These grants were awarded through the Foundation's Competitive Grants Program which encourages New York Life employees, agents and retirees to apply for funding at nonprofit organizations where they volunteer their time. Qualifying projects bolster the Foundation's Nurturing the Children initiative, which focuses on aiding young people.

Celebrating its 25th anniversary in 2004, the New York Life Foundation (www.newyorklifefoundation.org) is the major vehicle through which New York Life Insurance Company channels contributions to national and local nonprofit organizations. Through its Nurturing the Children initiative, the Foundation supports organizations, programs and services that target young people, particularly in the areas of mentoring, safe places to learn and grow, and educational enhancement opportunities. Through Volunteers for LIFE, its national community involvement initiative, New York Life also encourages volunteer participation by its employees, agents, and retirees.

Contacts:
Lisa Fels
New York Life
212-576-7937

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