New York Life Appoints Retirement Income Chief
November 30, 2008
New York Life Insurance Company has appointed senior vice president Chris Blunt to run a new organization, Retirement Income Security (RIS), that consolidates the firm’s income annuities, investment annuities, long-term care insurance, and mutual fund distribution businesses.
The mutually-owned insurer also placed its life insurance manufacturing and marketing operations under the direction of senior vice president Mark Pfaff, who has run the Agency Department since 2006. Pfaff and Blunt are members of New York Life’s executive management committee.
The newly-created RIS is expected to have consolidated revenue of more than $2 billion for 2008, including revenue from income annuities, investment annuities, long term care insurance and retail mutual funds.
“The retirement security challenge is massive, with 77 million Baby Boomers heading into retirement joining the millions of Americans who are already there,” said Blunt. “The current financial crisis has shown how very costly a wrong move can be to individuals in, or near to, retirement.”
Blunt graduated from the University of Michigan and the Wharton School of the University of Pennsylvania. He joined New York Life in 2004. Mr. Pfaff received a B.A. from Manhattan College. He joined New York Life in 1985.
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