Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
New York Life announced that Annamaria Banaszek, Craig DeSanto and John DiRago have been elected senior vice presidents of the company, reporting to Chris Blunt, president of the Insurance Group.
As head of the Group's Wealth Management Department, Banaszek is responsible for wealth management and investment advisory services, including Eagle Strategies. Banaszek joined New York Life in 2001 as a director in the Finance area of New York Life Investments and held several roles of increasing responsibility. She was elected managing director for New York Life Investments in 2006 and vice president for New York Life in 2008. Banaszek then served as chief administrative officer in Retirement Income Security (RIS) Third Party Distribution from 2008 to 2010 before becoming chief administrative officer of RIS in 2010. She was elected first vice president in 2011 and appointed to her current role in April 2012. Prior to joining New York Life, Banaszek held progressively more responsible roles at Coopers & Lybrand, Citibank and Deutsche Bank and is a Certified Public Accountant in New York State.
DeSanto is responsible for the Group's life insurance product management, including managing all accounting P&L for life products sold through the company's career agency system, identifying segmented market opportunities and developing product strategies and solutions to address targeted consumer/market needs. He also oversees the Group's life insurance product development and implementation, and manages the company's in-force product lines.
DeSanto joined New York Life in 1997 as an actuarial summer intern in the Financial Management Department and returned to the company in 1998 as an actuarial assistant in the Individual Life Department. He held multiple roles with increasing responsibility focused on product development and financial management for various life insurance and annuity product lines, and was named corporate vice president in 2007. From 2008 to 2011 he worked as vice president and actuary in the Advanced Markets Network Department managing the company's institutional insurance business. In 2011 he was elected first vice president and actuary and became head of the affluent market business, where he was responsible for all product development, compliance and marketing activities related to the Affluent Market Initiative, including leading Eagle Strategies.
DiRago is responsible for leading the Group's Service Department, overseeing approximately 2,100 new business and customer service professionals across the country. DiRago joined New York Life in 1990 in the Individual Policy Services Department and has held numerous service positions with increasing management responsibility. He was promoted to assistant vice president in 2000, corporate vice president in 2003, and from 2004 to 2005 he served as chief of staff for the Individual Life Department. He worked in the Agency Department from 2005 to 2006 and was elected vice president in 2007 and first vice president in 2010.
New York Life Insurance Company is a mutual life insurance company and life insurer.
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