Insurance Industry Veteran to Head New Retirement Income Initiative
NEW YORK, N.Y., November 9, 2005 — New York Life Insurance Company today announced that Paul Pasteris has joined the company as senior vice president in charge of Retirement Income. He will be responsible for directing New York Life's retirement income business, which is focused on leveraging New York Life's financial strength, innovation and leadership position as the country's largest mutual life insurer, to provide products and services that will help address America's retirement challenge.
Pasteris joins New York Life after seventeen years with Massachusetts Mutual Life Insurance Co. For the past two years, he was President of MassMutual's Financial Products Division. Prior to that he led the company's mergers & acquisitions department, and before that he was head of corporate strategy.
"For millions of Americans, the retirement income challenge is incredibly daunting," said Ted Mathas, executive vice president and co-head of U.S. Insurance Operations. “"New York Life is uniquely positioned to help Americans deal effectively with this challenge. With Paul's outstanding experience building organizations and achieving ambitious goals, he is ready to help New York Life expand our retirement income business on our foundation of financial strength, stability and permanence. Under Paul’'s seasoned leadership our goal is to provide solutions that will help consumers, during every stage of life, achieve the peace of mind that guaranteed lifetime income can provide."
New York Life's retirement income business includes lifetime income product offerings such as the Lifetime Income Annuity. This product, which attained 154% growth in 2004, was recently enhanced with a new feature that adds longevity protection and gives consumers the ability to personalize their retirement income according to their unique needs.
"The retirement income challenge is massive, with 77 million Baby Boomers heading into retirement along with the millions of Americans who are already there," said Mr. Pasteris. "I'm thrilled about the opportunity to work with New York Life on an issue where so much is at stake for so many people, and where our work can make such a difference in people's lives. I am looking forward to helping New York Life use its strengths to find new, innovative ways to help Americans plan for retirement income they can rely on, no matter what."
Pasteris graduated from Duke University in 1980 with a degree in management sciences. He and his wife Trudy have three 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. 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 and retirement plan 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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|Paul Pasteris Joins New York Life as Senior Vice President|