Insurance and financial services conglomerate New York Life Insurance Co. is donating $2 million to establish the New York Life Center for Retirement Income at Bryn Mawr, Pa.-based financial educator The American College.The company said that the purpose of the endowment was to help address the demand for sound retirement income solutions among retired Americans. The gift to the nonprofit educator of insurance and financial professionals will provide permanent support for programming and research.

Specifically, the facility will provide funding to support continuing education, the creation of an annual guide for retirement planners, and continuing research on the subject of the retirement income needs of Americans.

Additionally, the new center will host a professor of retirement and finance, a doctoral fellow, and support staff for these positions. The center will also partner with leading organizations that serve seniors, both within and outside the life insurance industry.

Fred Sievert, president of New York Life, said, "As traditional sources of retirement income, such as pensions, become less and less available, and Americans live longer, healthier lives, many retirees' No. 1 financial challenge is generating enough income to last their entire lives. In this environment, sound financial advice, backed by thoughtful research, has become more valuable than ever before."

He added, "With more than three quarters of the nation's wealth under their control, our nation's 44 million current and pre-retirees are the most affluent and least understood market for financial services, and the array and complexity of products available to retirees today has never been greater. The New York Life Center for Retirement Income will build upon The American College's mission to provide educated guidance to advisors and their potential and existing clients on how to provide retirement income security and distribute income efficiently and effectively during their retirement years."

"As 77 million Baby Boomers advance toward their retirement years, there is an increased need for sound academic scholarship into the full range of financial security issues," said Walt Woerheide, Ph.D, CFP, vice president of academic affairs, dean, professor of investments and holder of the Frank M. Engle Distinguished Chair in Economic Security Research at the college.

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