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Corporate VP, Finance Operations
NYLIFE Securities, Inc.
White Plains, NY, United States
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New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life’s surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
Role Overview:
The Corporate Vice President oversees the management of the operations for agent accounting and tax functions. Responsible for maintaining approximately 30 SAP general ledger accounts related to agent ledgers. Develops the annual plan and oversees the agent wage and tax reporting process for agent and broker W-2 and 1099 tax forms.
Responsibilities:
• Ensures that all 12 daily and 30 monthly account reconciliations and the 35 monthly accounting and tax variance analysis jobs are performed timely and accurately.
• Oversees agent tax-withholding and annual issuing of agent W-2s and 1099s.
• Acts as liaison between Agency, Information Technology, Controllers, HR Benefits , Treasury and various Profit Centers in matters concerning new product and program developments.
• Oversees the documentation of agent accounting and tax project design specifications and test plans.
• Monitors and analyzes the performance of system and manual transactions.
• Reviews documented procedures and ensures team members are properly trained on all new systems and programs.
• Manage the audits of agent compensation for requests from NYL's auditors, Controllers, Price Waterhouse and the various state auditors.
• Prioritizes work and systems enhancements.
• Responsible for maintaining and improving financial and system controls for the unit.
• Keeps informed of tax law changes and directs systems changes related to this.
• Responsible for the development of staff members.
Qualifications:
• Bachelor Degree (Accounting)
• 10+ years relevant experience
• Detailed accounting and tax knowledge of the various agent contracts, compensation and benefit plans
• In-depth knowledge of IRS publications and expertise in local tax withholding rules
• Knowledge of "best practices" relating to system and procedural controls
• Detailed knowledge of the Company's products and organization
• Knowledge of the various agent contracts, compensation and benefit plans
SF:LI-LB1
EOE M/F/D/V
*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.