Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
New York Life announced it will donate $1,000,000 to aid Hurricane Sandy relief efforts, allocating $500,000 to the American Red Cross, $250,000 to the Mayor's Fund to Advance New York City and $250,000 for local recovery efforts in New York, New Jersey and Connecticut.
According to a release, New York Life will match contributions by its employees, agents and retirees to the American Red Cross or Feeding America, a network of food pantry organizations, with no limitation.
Ted Mathas, chairman and CEO of New York Life, said, "As communities throughout the region begin to rebuild following the devastation left by Hurricane Sandy, New York Life is committed to easing the suffering of storm victims. Our employees and agents, many of whom were directly affected by the storm, have already begun to donate to the relief efforts. Our thoughts are with all those affected by Hurricane Sandy and everyone working hard to support the recovery effort."
New York Life Insurance Company a mutual life insurance company.
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