Tools and resources
A beneficiary is the person or entity (such as a trust) whom you designate to receive the money in your savings and retirement plan accounts in the event of your death. Designating a beneficiary helps to ensure that your retirement benefits will be distributed according to your wishes in the event of your death.
Go to Your Benefits Resources (YBR) and select “Beneficiaries” under the “Savings and Retirement” tab to learn more and designate your beneficiaries.
No matter your age today, you can take steps to better prepare for your future. Use this checklist to help you chart your course in building your savings and retirement strategy.
Click on the link below to view links to a wealth of Agent Retirement Resources on Agency Portal:
Need some help making or managing your retirement plan? You’re not alone. Alight Financial Advisors, LLC (AFA)* through its partnership with Financial Engines®, offers two options for those looking for assistance in managing their retirement savings. They are:
- Online Advice: Gives you access to online tools that help you build your retirement plan, fine-tune your investment strategy for your 401(k) Savings Plan account, and get advice about which investments to choose. There is no charge associated with using this service. To access through Your Benefits Resources (YBR), select “Investment Advice” from the “Savings and Retirement” tab.
- Professional Management: Gain access to licensed professionals who will create and maintain a personalized investment strategy for your 401(k) Savings Plan account, put it into action, and keep it on track by investing your account on your behalf (you’ll receive quarterly updates). There is a fee for this service of no more than 0.6% of your managed account balance per year. It is paid from your plan account on a quarterly basis. Visit the “Investment Advice” link on Your Benefits Resources (YBR), or speak with an AFA Investment Advisor by calling 1-888-513-4636, selecting “401(k) Savings and Deferred Plans,” and then selecting the “Investment Advice” option. Advisors are available between 9 a.m. and 9 p.m. Eastern Time, Monday through Friday.
New York Life is not using New York Life Agents who are investment advisory representatives of Eagle Strategies, a New York Life company, for this process because ERISA imposes significant restrictions on investment advice arrangements between investment advisers (like New York Life’s Eagle Strategies) and related retirement plans (like New York Life’s own 401(k) Savings Plans). Thus, we cannot use any New York Life Agent to advise participants in New York Life’s own 401(k) Savings Plans on their 401(k) account balances. The advice services being offered through Alight are not subject to these restrictions. In addition, as noted above, the advice being offered through Alight is strictly limited to 401(k) account balances. We want to ensure that all New York Life Agents and Employees are able to make informed decisions about their 401(k) retirement savings and want to provide the resources to do so, should they need help.
The 401(k) Savings Plan (“Plan”) has hired Alight Financial Advisors, LLC (AFA) to provide investment advisory services to plan participants. AFA has hired Financial Engines Advisors, L.L.C. (FEA) to provide sub-advisory services. AFA is a federally registered investment advisor and wholly owned subsidiary of Alight Solutions LLC. FEA is a federally registered investment advisor and wholly owned subsidiary of Financial Engines, Inc. New York Life, the Plan, AFA and FEA do not guarantee future results. Financial Engines® is a registered trademark of Financial Engines, Inc. All other marks are the exclusive property of their respective owners.
© 2023 Edelman Financial Engines, LLC. All rights reserved. Used with permission.
Alight Financial Advisors, LLC (AFA) provides independent and unbiased investment advice through its partnership with Financial Engines. Neither sells investments or receives commissions based upon their recommendations.
Visit Your Benefits Resources (YBR) and from the “Savings and Retirement” tab, select “Retirement Process” to learn how to initiate your retirement.