NEW YORK, N.Y., March 6, 2007 – The American College announced today that New York Life Insurance Company is donating $2 million to establish the New York Life Center for Retirement Income to help address the demand for sound retirement income solutions among retired Americans. The gift, to the nation’s leading non-profit educator of insurance and financial professionals, will provide permanent support for programming and research at the college.
New York Life is widely recognized as a leader in financial services education, having developed one of the most comprehensive training and development programs in the insurance industry. Coupled with product innovations like its new generation of Guaranteed Lifetime Income annuities that provide guaranteed monthly retirement paychecks for life, New York Life is taking a leading role in helping individuals in or near retirement achieve long-term financial safety and security.
The New York Life Center for Retirement Income at The American College will provide funding to support continuing education, the creation of an annual guide for retirement planners, and continuing research on the subject of the retirement income needs of Americans. Additionally, the Center will host a professor of Retirement and Finance, a doctoral fellow, and support staff for these positions. The Center will also partner with leading organizations that serve seniors, both within and outside the life insurance industry.
Fred Sievert, president of New York Life Insurance Company, said, “As traditional sources of retirement income, such as pensions, become less and less available, and Americans live longer, healthier lives, many retirees’ number one financial challenge is generating enough income to last their entire lives. In this environment, sound financial advice, backed by thoughtful research, has become more valuable than ever before.”
Mr. Sievert added, “With more than three quarters of the nation’s wealth under their control, our nation’s 44 million current and pre-retirees are the most affluent and least understood market for financial services, and the array and complexity of products available to retirees today has never been greater. The New York Life Center for Retirement Income will build upon The American College’s mission to provide educated guidance to advisors and their potential and existing clients on how to provide retirement income security and distribute income efficiently and effectively during their retirement years.”
“As 77 million baby boomers advance toward their retirement years, there is an increased need for sound academic scholarship into the full range of financial security issues,” stated Walt Woerheide, Ph.D., CFP®, vice president of academic affairs, dean, professor of investments and holder of the Frank M. Engle Distinguished Chair in Economic Security Research at The American College. “The creation of the New York Life Center for Retirement Income provides The American College with the vital resources necessary to expand the boundaries of knowledge and understanding and gain insight into the complex financial challenges facing today’s older Americans.”
“For 80 years, The American College has helped financial services professionals better serve their clients through our high-impact educational programs. This gift, made possible through the generosity of New York Life Insurance Company, reinforces The College’s position as the preeminent citadel of learning for the financial services industry,” stated Larry Barton, Ph.D., president and chief executive officer of The American College. “Combined with the expertise of our distinguished faculty, the Center will generate new knowledge beneficial to retirees and the financial services professionals that serve them.”
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, retirement income, investments 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.
Please visit New York Life’s Web site at www.newyorklife.com and GuaranteesMatter, a site dedicated to retirement issues, challenges, and solutions, at: www.newyorklife.com/guaranteesmatter/ for more information.
The American College is the nation’s leading non-profit educator of professionals in the insurance and financial services industry. Located in Bryn Mawr, Pennsylvania, The College is a public charity founded in 1927 and accredited by the Middle States Association of Colleges and Schools. The American College offers an array of specialized designation programs, Master of Science degrees in several disciplines and customized continuing education programs predominantly on a distance education basis for those pursuing a career in financial services. For more information, visit www.TheAmericanCollege.edu
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|New York Life Contributes $2 Million to Establish Center for Retirement Income at the American College|