New York Life Foundation Commits to Aiding Children of Westchester
WESTCHESTER COUNTY, N.Y., October 26, 2004 — New York Life Insurance Company today officially opened its new campus in Westchester County with a ribbon cutting ceremony at the 383,000 square foot site, which is located on 76 acres and houses nearly 1,000 employees. The landmark Westchester building, which has been renovated to reflect the needs of the company's employees, includes a redesigned employee dining room on the first floor; an on-site back-up child care center; a fully functioning Employees' Health Department which includes an emergency room; and a Fitness Center with a variety of equipment and a room for classes.
"New York Life is proud to join the Westchester business community," said Sy Sternberg, chairman and chief executive officer of New York Life. "This campus plays a vital role for our company, and it offers our employees a wide array of both personal and professional benefits that will allow them to continue the preeminent service to which our clients are accustomed. As is part of the culture and values of our company, we are more than just occupying a building in this area. We are a part of this community and are making a commitment today to help at-risk children in Westchester."
The New York Life Foundation today announced five grants totaling $65,000 to the Jewish Council of Yonkers, the YMCA of Tarrytown, the Kensico Little League, Family Services of Westchester and The Volunteer Center, all of which support programs for children in Westchester County. These preliminary contributions lay the groundwork for a more expansive grant program to benefit local nonprofit community service organizations beginning next year. In addition, the company has already initiated various volunteer activities for its employees, agents and retirees in the community.
"We are very excited about establishing our presence in Westchester County. Hundreds of employees were involved in bringing this project to fruition and the company is stronger for their efforts. We are confident that this additional campus will directly contribute to our company's future success," said Frederick J. Sievert, president of New York Life.
"New York Life is a leading global company, and we are proud to welcome them to Westchester County," said Andrew Spano, Westchester County Executive. "Their commitment to this community is reflected through the people who work in this incredible facility and their efforts to support critical programs that will improve the lives of children in this area. We are fortunate to have New York Life in Westchester and look forward to their growing role in this community."
Life and Annuity Operations on Westchester Campus
New York Life's Life and Annuity operations comprise the company's individual life insurance and annuity businesses, which accounted for more than $6.7 billion in adjusted operating revenue in 2003. The business line sells a diverse mix of products through New York Life and its affiliates including whole life, universal life and term insurance, and both fixed and variable insurance and annuity products. The majority of all life insurance and annuities are sold through New York Life's career agency system, with the balance distributed through supplemental channels. Individual Policy Services, a portion of which will be located at the site, provides administration and customer service to New York Life's four million individual policyholders through five regional service centers and the Home Office in New York City.
The new campus also houses the Northeast zone office of the New York Life Agency system. New York Life has a total of 10,700 licensed agents in the United States.
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.
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. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management, retirement planning and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
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|New York Life Celebrates the Opening of Its New Westchester County Campus|