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NEW YORK--([ BUSINESS WIRE ])--New York Life today announced that it has awarded The American College $5,000,000 to establish a new 12-course Professional Doctorate in Business Administration, the only one of its kind. The American College will begin accepting applications for the PhD program in October.

"Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)"

aNew York Life is proud to establish this much-needed doctorate program to enhance the services provided by financial professionals. This doctoral program, with an unrivaled curriculum of financial literacy and retirement planning, is designed to create world-class scholars whose research and teaching will provide financial professionals with the advanced information needed to better serve the people who are counting on them,a said Chris Blunt, president of New York Lifeas Insurance Group. aNew York Life has a long-term commitment to being the most professional sales force in the industry and we are proud to be forging new ground with the nationas leading non-profit educator of insurance and financial professionals to create a program that will benefit the entire industry.a

aThe need for professional financial representatives is great. Baby Boomers, who number about 77 million and who started turning 65 years old last year, are facing a retirement that has drastically changed from the retirement of generations before them. Without the promise of a pension and the certainty of a healthy Social Security benefit, many retirees need to more actively manage their income and pre-retirees need to better prepare for retirement. Many are in need of financial guidance and seek a knowledgeable professional,a added Mr. Blunt, who is a member of the Board of Trustees of The American College.

aThe development of the doctoral program at The American College is sponsored by New York Life. Thanks to their generous support, knowledgeable academics, dedicated to better understanding the issues associated with financial services and retirement income, will have the opportunity to create and disseminate the results of advanced research. This new knowledge could have a profound impact on consumers and help millions of Americans achieve financial security during their golden years,a stated Dr. Larry Barton, CAP, president and chief executive officer, The American College.

Applicants must have a bacheloras degree from an accredited school and meet other qualifying requirements. Once students are accepted, The College will identify two cohort groups, each made up of 15 people, who will move through the coursework together on a mutually supportive basis. One cohort group would begin studies every six months and the first residency is currently scheduled for July 2013. Doctoral scholars will participate in three one-week residencies at The American Collegeas campus in Bryn Mawr, PA, as well as at least one intensive debrief with faculty prior to their dissertation defense. Students are required to complete one course per quarter online over 12 quarters in addition to the residencies.

In 2007, New York Life donated $2 million to establish the New York Life Center for Retirement Income at The American College to help address the demand for sound retirement income solutions among retired Americans. The gift provided permanent support for programming and research at The College.

The American College is the nationas largest non-profit educational institution devoted to financial services. Holding the highest level of academic accreditation, The College has served as a valued business partner to banks, brokerage firms, insurance companies and others for more than 85 years. The American Collegeas faculty represents some of the financial services industryas foremost thought leaders.

For more information about the PhD program, contact Nancy Krapf at 610-526-1202 or visit [ www.TheAmericanCollege.edu ]

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moodyas Investors Service (Aaa), Standard & Pooras (AA+).** Headquartered in New York City, New York Lifeas family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Lifeas Web site at [ www.newyorklife.com ] for more information.

*Based on revenue as reported by aFortune 500 ranked within Industries, Insurance: Life, Health (Mutual),a Fortune magazine, May 21, 2012. See [ http://www.money.cnn.com/magazines/fortune/fortune500/2012/faq/ ] for methodology.

**Source: Third Party Ratings Reports as of 6/22/12.

***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.