NEW YORK LIFE INSURANCE COMPANY
NEW YORK LIFE INSURANCE COMPANYNylic Retirement Plan – Summary PlanDescription for Agents with Nylic ContractsMay 19, 2011
This is a Summary Plan Description (SPD) of the Nylic Retirement Plan (“Plan”)for agents of New York Life Insurance Company (“New York Life” or the“Company”).The provisions described in this SPD apply only to eligible agents who initiallycontracted with the Company prior to January 1, 1991 and have Nylic Contracts.The provisions of this SPD do not apply to Company employees, or agents whoinitially contracted with the Company after December 31, 1990 (“Post-1990Agents”). The Nylic Retirement Plan benefits for eligible Post-1990 Agents aredescribed in a separate SPD.This SPD reflects the terms of the Plan as in effect May 19, 2011.Specific benefits, options, requirements and exclusions will be determined only bythe terms and conditions contained in the relevant Plan documents. In the event ofany conflict between (1) the Plan documents and (2) any of the information in thisSPD, the provisions of the Plan documents will govern. New York Life reservesthe right to change all or any of the provisions described herein, and to alter,amend, revoke, eliminate, suspend, terminate or cancel the Plan in whole or in partat any time without any notice to, or consent of, Agents, retirees, their dependentsor beneficiaries.
TABLE OF CONTENTSEligibility for Nylic Retirement Plan BenefitsIn GeneralPlan CostFor More InformationPage1111What Service MeansVesting ServiceBreak in ServiceParental LeaveFamily and Medical LeaveMilitary Service222333What Determines Your Retirement BenefitsAccrued BenefitBest of Both Worlds ParticipantsEarnings Related BenefitPensionable EarningsFrozen Accrued BenefitAccrued Benefit for Best of Both Worlds ParticipantsNylic YearsNylic Count InsurancePersisting InsuranceTarget Life Nylic Count InsuranceTarget Life Persisting InsurancePre-1991 Plan Normal Retirement DateOld Formula BenefitLegal Limits on Your Qualified BenefitExcess Benefit Plan444557991012121213131415Obtaining an Estimate of Your BenefitObtaining an Estimate of Your Benefit1919Eligibility for Retirement BenefitsNormal RetirementLate RetirementEarly RetirementDisability RetirementWhen Disability Retirement Benefits End212121212325If You Leave Active Agent Service Before RetirementDeferred Vested BenefitHow Your Benefit Is DeterminedWhen Vested Benefits Can Be Paid26262626
When Benefits Are Not PaidIf You Return to Active Service2626How Nylic Retirement Plan Benefits Are PaidAnnuity PaymentsSingle Life Annuity75% Joint and Survivor Annuity50% Joint and Survivor AnnuityChoosing a Payment MethodRequired Minimum DistributionsLump Sum Payment for Small Benefits2828282828292929Benefits If You Die Before RetirementSurviving Spouse BenefitsTime and Form of Payment303030When you Decide to RetireRetirement Procedures3131Tax InformationFor Your InformationBenefits Are Taxable Income323232Situations Affecting Your Nylic Retirement Plan BenefitsActions on Your PartAmendment or TerminationDistribution of BenefitsMergers, Consolidations, or TransfersRecovery of OverpaymentsAssignment of BenefitsPower of Attorney and GuardiansPension Benefit Guaranty Corporation (PBGC)No Agent Contract33333333343434353536Claims ProcedureAuthority of Plan AdministratorInitial Claims Decision for Retirement BenefitsAppealing the Denial of a Benefit ClaimLegal Actions3737373839Special Rules for Agents who become EmployeesAnd Employees who become AgentsServiceEligibility for Benefits404040
Spouse’s Annuity40Additional Information Provided by New York LifeInsurance Company41Statement of ERISA RightsERISA Rights4444Glossary46Appendix A – Old Formula Benefit for Best of Both WorldsParticipants – Calculation Based on Senior Nylic FormulaIn GeneralNormal Retirement After 20 but Less than 25 Nylic YearsNormal Retirement After 25 or More Nylic YearsNormal Retirement with Fewer than 20 Nylic Years5050505664
Eligibility for Nylic Retirement Plan BenefitsIn GeneralIn general, if you are an active full-time Eligible Agent of New York Life,you are eligible to participate in the Plan on the effective date of your firsteligible contract with the Company.Ineligible Individuals. You are not eligible to participate in the Plan if: You elected not to be a participant in the Nylic Retirement Planwhen it was introduced in 1982; You are a common law employee, other than a Training AllowanceSubsidy (“TAS”) Agent; You are an Agent operating under a 9 X 5 Agent’s Contract; You are operating under an Introductory Contract with theCompany (up to a maximum of 120 days); You are operating under a Corporate Sub-Agent or Business AgentContract with the Company; You are operating under a Broker’s contract with the Company; You are operating under a college intern contract with theCompany; or You are a non-resident alien and received no earned income fromNew York Life that constitutes income from sources within theUnited States.Plan participation is not considered a contract between New York LifeInsurance Company and the Plan participant.Plan CostNew York Life pays the full cost of the Nylic Retirement Plan.For MoreInformationIf you have questions about your Plan benefits, use this Summary PlanDescription as your first reference. If you have specific questions aboutyour benefits under this Plan, please call the Benefits Center via the NewYork Life InfoLine at 1-888-513-INFO(4636) and follow the prompts forassistance. You can also obtain your benefit information on theAonHewitt Your Benefit ResourcesTM (“YBR”) website athttp://www.resources.hewitt.com/newyorklife.1
What Service MeansVesting ServiceIn general, you vest in or earn rights to a retirement benefit after you havecompleted at least five (5) years of Vesting Service.You earn a year of Vesting Service for each 12-month period of service youcomplete beginning as of the earlier of (1) the effective date of your firsteligible contract with New York Life, or (2) the date on or after January 1,1982 on which you became a common law or statutory employee of NewYork Life Insurance Company or any other entity that is a member of thesame controlled group of corporations as New York Life (generally, thisincludes service with New York Life or any of its subsidiaries), and ending onthe date you terminate service with the Company.Any portion of a calendar month counts as a full month of service forpurposes of determining Vesting Service. However, if your first NylicAnniversary occurred prior to January 1, 1982, then you are not entitled tovesting credit for your first contract month. (To determine your first NylicAnniversary, see the definition of “Nylic Years” below in this SPD).For example, if your contract effective date is January 1, 1980, your firstNylic Anniversary would have been January 31, 1981. For the period fromJanuary 1, 1980 through January 31, 1981, you were credited with 12 monthsof Vesting Service under the Plan.Break in ServiceYou will incur a Break in Service if your Agent’s contract is terminated andyou do not resume service with the Company (either by reinstating yourAgent’s contract or becoming an employee of New York Life or any of itssubsidiaries) within twelve (12) months of your termination date. If youresume service within twelve (12) months of terminating service, theperiod between your termination date until you either reinstate yourAgent’s contract or become a New York Life employee will be counted indetermining your years of Vesting Service.If you transfer from an Agent to become an employee of New York Life orany of its subsidiaries, your subsequent service as a New York Lifeemployee will not result in a Break in Service, and will count as VestingService.If you do incur a Break in Service, and you subsequently resume servicewith the Company as either an Agent or employee, you will receive creditunder the Plan as follows: If you are Vested when you Incur a Break in Service. If you areentitled to a Deferred Vested Benefit at the time you terminate2
service (because you have already completed at least five years ofVesting Service), then your pre-Break period of service will countfor purposes of determining your years of Vesting Service. If you are Not Vested when you Incur a Break in Service. If youare not entitled to a Deferred Vested Benefit at the time youterminate service, then your pre-Break service and any benefitsaccrued during such service will only be restored if either:1) Your Break in Service does not exceed the greater of (i) fiveyears or (ii) your period of service prior to your initial terminationdate; or2) Following your return to service, you complete a period ofservice of at least five (5) years.If you commence receiving Retirement Benefits during a Break in Service,payment of your Retirement Benefit will cease if you resume service underan eligible Agent’s contract or you become an employee of New York Lifeor any of its subsidiaries (unless you are age 65 or over at the time youbecome an employee). Upon your subsequent retirement or termination,your Retirement Benefit will be reduced by the actuarial equivalent of thevalue of the benefit payments you previously received, if any.Parental LeaveIf you are a TAS Agent, parental leave means you are not in active servicedue to: Your pregnancy;The birth of your child;The adoption of your child; orCaring for your child immediately following birth or adoption.If you take a parental leave, you will receive credit for Vesting Service forthe period of your leave; however, you must return to service followingyour parental leave to receive this Vesting Service credit.Family andMedical LeaveIf you are a TAS Agent and take a period of leave under the Family andMedical Leave Act (FMLA), which includes leave related to care for afamily member with serious health conditions or because of your serioushealth conditions, you will receive credit for Vesting Service for the periodof your leave; however, you must return to service following your leave inorder to receive this Vesting Service credit.MilitaryServiceSpecial rules may apply to participants on military leave (includingbenefits if the participant dies during qualified military service). If you aretaking a military leave, please call the New York Life InfoLine at 1-888513-INFO (4636) for further information.3
What Determines Your Retirement BenefitsAccrued BenefitYour Accrued Benefit under the Plan is the amount you will receive at yourNormal Retirement Date (or, if you retire after your Normal Retirement Date,the date of actual retirement). In general, your Accrued Benefit is calculatedby adding: your Frozen Accrued Benefit, if applicable, plusyour Earnings Related Benefit for years after 1990;unless you are a “Best of Both Worlds Participant” as defined below. If youare a Best of Both Worlds Participant, your Accrued Benefit under the Plan isdescribed below under the section regarding “Accrued Benefit for Best ofBoth Worlds Participants.”Best of BothWorldsParticipantsYou are a “Best of Both Worlds Participant” if your initial contract date is priorto January 1, 1991, and on July 2, 2004, you were: An Agent operating under both an Agent Contract and a Nylic Contract; A common law employee of New York Life Insurance Company whopreviously was an Agent operating under both an Agent Contract and aNylic Contract; A former Senior Nylic Agent whose severance from service occurred afterDecember 31, 1990; A former Agent receiving a Disability Retirement Benefit who retired aseligible to receive such benefit after completing more than 15 Nylic Years;or Not providing service to the Company as an Agent or a common lawemployee, but after July 2, 2004, you reinstated your Agent Contract andNylic Contract.You are not a Best of Both Worlds Participant if: You had no service as an Agent prior to 1991 (i.e., you have a P7, N8 orN9 Agent’s contract); You separated from service prior to July 2, 2004 with fewer than 20 NylicYears of service (see the definition of “Nylic Years” below); You separated from service prior to January 1, 1991; or4
Your being a Best of Both Worlds Participant would cause the Plan to failnondiscrimination requirements under Internal Revenue Code section410(a)(4), even if you meet one of the Best of Both Worlds criteria listedabove.Earnings Related For each plan year after December 31, 1990, your Earnings Related BenefitBenefitis an annual amount that is calculated by multiplying the sum of yourPensionable Earnings credited for each year by 2.75%.PensionableEarningsPensionable Earnings means the compensation described below that isearned from the Company or the Company’s controlled group subsidiarieswith respect to:(1)(2)The following Eligible Products (including policies and riders): Traditional Ordinary Life Insurance, excluding Single Premiumor Term Insurance products (including policies and riders); Universal Life, including NYLIAC Pinnacle Products withapplications on or after May 16, 2005, but excluding products(including policies and riders) which are not priced to reflect thecost of providing benefits under the Plan including, but notlimited to: Corporate Sponsored products or any variation, including,but not limited to, Corporate Sponsored Universal Life,Corporate Sponsored Variable Universal Life, CorporateExecutive Series Universal Life, and Corporate ExecutiveSeries Variable Universal Life; Single Premium products or any variation, including (but notlimited to) Asset Preserver, Single Premium VariableUniversal Life products, Single Premium Universal Life,Instant Legacy and Legacy Creator; Private Placement products or any variation, includingPPVUL; Bank Owned Life Insurance products or any variation; Pinnacle products with applications dated prior to May 16,2005; and Lifetime Wealth Strategies - Variable Universal Life. Disability Income, excluding Employees Disability IncomeProducts; and Periodic Premium Annuity and Group Plus Products.Product series under lines of business (other than the EligibleProducts above) introduced after December 31, 2009 paid to5
Participants under arrangements providing that such compensationis includable for purposes of the Plan.Eligible Products do not include any other products issued by theCompany or any of its subsidiaries including, but not limited to, annuities,mutual funds, brokerage accounts, long-term care products and AssetAllocation Whole Life under the Lifetime Wealth Strategies IntegratedInvestment Account Program.Compensation Types Taken into Account as Pensionable Earnings.The compensation types taken into account as Pensionable Earnings withrespect to any of the eligible lines of business described in (1) and (2)above include: First year and renewal commissions; As of January 1, 2006, any amounts made as elective contributionsto your 401(k) Account under the Agents Progress-SharingInvestment (APSI) Plan, or the Flexible Spending Account, as wellas contributions to the Deferred First Year Commission Plan forNew York Life Agents or the Deferred First Year Commission Planfor New York Life Agents who are Accredited Investors; Senior Nylic Income or Drawing Nylic Income; As of January 1, 2002, payments under the Senior NylicAccumulation Plan for Agents (Agents’ “SNAP”); Premium Drawing Nylic; Quality Production Plan payments; Service Fees and Asset-Based Trails; and If applicable, any Senior Nylic Income, Drawing Nylic Incomeand/or Agents’ SNAP payments made to an active Agent after theAgent has begun receiving required minimum distribution paymentsfollowing the attainment of age 70½ (as described under the“Required Minimum Distribution” section of this SPD below) underthis Plan or payments under the Nylic 415 and 401(a)(17) ExcessBenefit Plan (“Excess Plan”); provided, however, that amounts paidunder this Plan and the Excess Plan are not Pensionable Earnings,even though they may reduce the amount of Senior Nylic Income orDrawing Nylic Income otherwise payable to the Agent.6
Exclusions. Pensionable Earnings do not include: Any training allowance or commission override paid under a TrainingAllowance Subsidy Plan Agreement (or any successor agreement); Any expense allowances or reimbursements, or any variation,including (but not limited to) Shared Success, Cooperative Advertisingand Show-Me-The-Money; Any amounts paid under the Life and Annuity Persistency Bonus Plan,as amended from time to time; Any recruiting overrides or any variation, including (but not limited to)Recruiting and Development Credits, Auxiliary Recruiting Credits andManagement Associate and District Agent overrides; Any amounts paid in a month in which an individual is not an EligibleAgent; Amounts attributable to sales after the Participant ceases to be anEligible Agent; and Amounts paid under this Plan to an active Agent who is 70½ years ofage or older, and begins to receive required minimum distributionpayments under this Plan (as described under the “Required MinimumDistribution” section of this SPD below) or amounts paid to an ActiveAgent under the Nylic 415 and 401(a)(17) Excess Benefit Plan. Theseamounts will not be included as Pensionable Earnings, even thoughthey may reduce the amount of an Agent’s Senior Nylic Income orDrawing Nylic Income payments.For purposes of the Plan, Federal law limits the amount of compensationthat can be taken into account to determine your benefit. For example, in2011 this maximum compensation level is 245,000.Frozen AccruedBenefitYour Frozen Accrued Benefit under the Plan, if any, is the amount that youaccrued under the Nylic Retirement Plan as of December 31, 1990, if youwere an eligible participant in the Plan any time prior to January 1, 1991.If you were a “Pre-1991 Senior Nylic Agent” on December 31, 1990 (i.e., youwere an active agent as of December 31, 1990 who had completed at least20 Nylic Years as of that date), your Frozen Accrued Benefit is the greater of:(1)the Senior Nylic Income payable to you as of December 31, 1990; or7
(2)your projected Normal Retirement Benefit based on your age andbenefit accruals under the Plan as of December 31, 1990. Thisamount was calculated as follows:(i) First, your Normal Retirement Benefit was projected for each line ofbusiness as if you had retired on your Pre-1991 Normal RetirementDate, and continued to produce new Nylic Count Insurance andTarget Life Nylic Count Insurance at the same rate and the samelevel of persistency as during your most recent 120 months ofservice prior to December 31, 1990;(ii) Second, the resulting income was multiplied by a fraction, thenumerator of which was the number of your full years and monthsunder your Nylic Contract as of December 31, 1990, and thedenominator of which was the number of years and months youwould have completed under your Nylic Contract if you stayed inactive service until your Pre-1991 Normal Retirement Date; and(iii) Third, the resulting amount was reduced using the reduction factorto reflect early commencement of benefits (prior to your Pre-1991Normal Retirement Age) that would be applicable to your age atDecember 31, 1990. (These factors are included in Table I of thisSPD below regarding “Factors to be Applied to Allow for EarlyPayment of Retirement Benefit (Including Disability) or DeferredVested Benefit”).If you were a Senior Nylic Agent prior to December 31, 1990 who terminatedyour Agent’s contract prior to December 31, 1990, and later reinstated yourAgent’s contract on or after January 1, 1991, then your Frozen AccruedBenefit was determined as described above for a Pre-1991 Senior NylicAgent.If you were not a Pre-1991 Senior Nylic Agent on December 31, 1990 (i.e.,you terminated your Agent’s contract prior to December 31, 1990 and youwere not a Senior Nylic on your termination date, or you were an active agentwho had not yet completed 20 Nylic Years as of December 31, 1990), yourFrozen Accrued Benefit was calculated by using your projected NormalRetirement Benefit as if you had terminated s
This is a Summary Plan Description (SPD) of the Nylic Retirement Plan (“Plan”) for agents of New York Life Insurance Company (“New York Life” or the “Company”). The provisions described in this SPD apply only to eligible agents who initially contracted with the Company prior to January 1, 1991 and have Nylic Contracts.
American General Life Insurance Company AGL U.S. Life Insurance Company AGC Life Insurance Company AGC Life U.S. Life Insurance Company The United States Life Insurance Company in the City of New York U.S. Life U.S. Life Insurance Company The Variable Annuity Life Insurance Company VALIC U.S. Life Insurance Company
New York Buffalo 14210 New York Buffalo 14211 New York Buffalo 14212 New York Buffalo 14215 New York Buffalo 14217 New York Buffalo 14218 New York Buffalo 14222 New York Buffalo 14227 New York Burlington Flats 13315 New York Calcium 13616 New York Canajoharie 13317 New York Canaseraga 14822 New York Candor 13743 New York Cape Vincent 13618 New York Carthage 13619 New York Castleton 12033 New .
Life Insurance Accidental Death Insurance. MAIL TO: Connecticut General Life Insurance Company Life Insurance Company of North America New York Life Group Insurance Company of NY . Yes No. 2. If claiming voluntary or employee-paid benefits, please provide all of the enrollment history for the employee and the dependent (if claiming dependent .
Life Insurance Company, The United States Life Insurance Company in the City of New York (USL) (including the company formerly known as First SunAmerica Life Insurance Company, which was merged into USL effective 12/31/2011), The Variable Annuity Life Insurance Company, and Western National Life Insurance Company (collectively referred to .
Greenwich Insurance Company (DE) XL Insurance America, Inc. (DE) XL Select Insurance Company (DE) XL Insurance Company of New York, Inc. (NY) XL Group Investments LLC (DE) XL Group Investments Ltd XL Specialty Insurance Company (DE) Indian Harbor Insurance Company (DE) * Redomesticated to Bermuda in 2016. Named changed to XL Group Ltd.
insurance, and, with RSA, a leader in the U.K. and Ireland. The insurance company subsidiaries of Intact Insurance Group USA LLC include Atlantic Specialty Insurance Company, a New York insurer, Homeland Insurance Company of New York, a New York insurer, Homeland Insurance Company of Delaware, a Delaware insurer, OBI
Berkley Regional Specialty Insurance Comp 31295 DE Carolina Casualty Insurance Company 10510 IA Clermont Insurance Company 33480 IA Continental Western Insurance Company 10804 IA Firemen's Insurance Com pany of Wash, D.C. 21784 DE Gemini Insurance Company 10833 DE Great Divide Insurance Company 25224 ND
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