New York Life Insurance Company 401(k) Review & Grade
New York Life Insurance Company Employee Progress Sharing Investment Plan
New York, NYFinance & Insurance12,828 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,918Employer $ per active participant
$10,802Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$5.0BNet plan assets, end of year
$262,049Average balance per account
Score breakdown
- Employer generosity22.5 / 5045th percentile for employer $ per participant
- Low cost20.7 / 2583th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score63 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 45th |
| Lower admin cost | 83th |
| Employee saving | 66th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- New York Life Insurance put in about $4,918 per active participant, below the typical peer ($5,179). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $63,080,248 |
| Participant (employee) contributions | $138,557,489 |
| Other contributions (incl. rollovers in) | $19,958,495 |
| Administrative expenses paid from the plan | $1,526,446 |
| Investment advisory & management fees | $1,525,610 |
| Other admin expenses | $836 |
| Benefits paid out | $313,342,923 |
| Net assets, start / end of year | $4.6B / $5.0B |
| Active participants, start / end of year | 12,949 / 12,706 |
| Participants with account balances | 19,038 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pricewaterhouse Coopers LLC |
Largest service providers (Schedule C)
| Alight Financial Advisors | $1,525,610 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009111701NAL0006501217001, received 2025-10-09, EIN 13-5582869, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.