Pros
I think that the starting pay, at least, is quite competitive. There are a variety of jobs, in IT, actuarial, and the data areas, and you can (in theory, at least) easily transfer if not happy where you are. For those pursuing a career as an actuary, it is an excellent place to start -- very good educational benefits, and raises for passing exams. In general, you don't have to worry about layoffs -- jobs are pretty secure. People have noted that the average salary increase is about 3%, which is true, but annual bonuses are paid at an average of 5% or so. I believe the benefits package is in general at least average.
Cons
While the stock price has gone up 10% a year for the last two years, and senior management is cashing in stock options at $30 per share profit, benefits for staff are being cut (e.g., pensions eliminated) and so far there's been no positive impact on our salaries or bonuses. The company nickel-and-dimes its employees -- lights replaced slowly, cold water in the bathrooms and pantries, replacing individual paper towels with dispensers, etc. Too much in the way of micromanagement -- senior management does not provide a lot of room for upper management to operate. Inequities in compensation, based on inequities in the way revenue is allocated -- great for some, but not for others. Cookie-cutter one-size-fits-really-none performance evaluation system, poor HR software. No sick time, just paid-time-off. Telecommuting extremely limited. The Jersey City location not very easy to drive to, although there is parking near the building.