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New York Life Foundation Grants $350,000 To Support Year Up

Two-Year Grant Supports Technical and Job Readiness Program for Underserved Youth

NEW YORK, N.Y., November 15, 2010 – The New York Life Foundation announced today a two-year, $350,000 grant to Year Up to support the organization's expansion in Chicago and Seattle. Year Up is a national organization that provides urban young adults, ages 18-24, with a combination of hands-on skill development, college credits, and corporate internships. New York Life Insurance Company is a corporate partner and currently sponsors Year Up students as company interns.

"With this generous support from the New York Life Foundation, we are able to provide more young adults in Chicago and Seattle with the opportunity to have access to the education, experience, and guidance needed to reach their potential and succeed in professional careers and higher education," said Gerald Chertavian, founder and chief executive officer, Year Up. "We are so pleased to have New York Life and the Foundation as partners in our movement."

"We are pleased to support Year Up's mission to provide young adults from lower income households with the training they need to begin careers and post-secondary education guiding them to success in their careers," said Chris Park, president, New York Life Foundation. As part of our corporate partnership, New York Life has proudly sponsored its second Year Up student this year."

Earlier this year, New York Life employed a Year Up student intern who was hired as a full-time employee this summer. The second Year Up student began interning at New York Life in August 2010.

According to Year Up, recent estimates suggest that there are 4.3 million "disconnected" Americans ages 18 to 24 -- that is, having only a high school diploma and neither employed nor enrolled in post-secondary education. A disproportionate number of these young adults are from minority backgrounds. These young people are at risk of never gaining the education and skills they need to obtain self- or family-supporting careers.

The program is made up of two phases. The first phase is "learning and development," in which the students attend classes and develop technical skills in either information technology or financial systems. In the second phase, students apply their skills and gain valuable professional experience during a six-month internship with one of Year Up's corporate partners. Currently Year Up has 160 corporate partners that provide Year Up with ongoing feedback about the preparedness of the interns and how they meet business needs. Completing the intensive, one-year program enables graduates to move into full-time employment and higher education.

About Year Up, Inc.
Year Up's mission is to close the Opportunity Divide by providing low-income young adults with the skills, experience, and support that will empower them to reach their potential through professional careers and higher education. Year Up achieves this mission through a high support, high expectation model that combines marketable job skills, stipends, internships and college credits. Our holistic approach focuses on students' professional and personal development to place these young adults on a viable path to economic self-sufficiency. Year Up currently serves more than 1,000 students a year at sites in Atlanta, Baltimore (College Based Pilot Program), Boston, Chicago, New York, Providence, San Francisco Bay Area, and the National Capital Region, and will be opening in Puget Sound in the year ahead. To learn more, visit www.yearup.org.

About The New York Life Foundation
Inspired by New York Life's tradition of service and humanity, the New York Life Foundation has, since its founding in 1979, provided more than $130 million in charitable contributions to national and local nonprofit organizations. Through its focus on "Nurturing the Children," the Foundation supports programs that benefit young people, particularly in the areas of safe places to learn and grow, educational enhancement opportunities and childhood bereavement. The Foundation also encourages and facilitates the community involvement of employees, agents, and retirees of New York Life through its Volunteers for Life program. To learn more, please visit the Foundation's Web site at www.newyorklifefoundation.org.

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New York Life Foundation Grants $350,000 To Support Year Up

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