The ongoing shift from defined benefit (DB) plans to defined contribution (DC) plans requires employees to assume more responsibility for saving and generating income to last throughout their retirement. However, DC plans generally lack the guaranteed source of lifetime income that DB plans provide, so employees must now replicate this income stream on their own.
Offering a fixed income annuity is a simple way to enable your plan participants to secure a fundamental layer of retirement income. By serving as the fixed income component of a well-balanced portfolio, income annuities provide a reliable level of income that cannot be outlived.
Gallup's Annual Economy and Personal Finance Survey, 2015
U.S. Department of Labor, Top 10 Ways to Prepare For Retirement, 2010
Society of Actuaries Annuity 2000 Mortality Table D (50% Male and 50% Female mortality blend)
Products & Services
MetLife is pleased to offer the following suite of institutional income annuity products available on our platform.
MetLife Guaranteed Income Program® (MGIP)
A fixed income annuity that offers guaranteed income payments that last a lifetime.
The MetLife Guaranteed Income Program® provides you with:
A series of consistent, predictable income payments that are guaranteed for as long as you live
A stream of income that can help cover essential expenses during retirement
The option to add inflation protection and/or a cash refund for additional protection of your money and loved one
A deferred fixed income annuity that allows individuals to protect against outliving their income. It is targeted to those who are nearing retirement or are already retired and also can:
Complement your current retirement plan offering by providing a way for people to provide income later on in life
Expand your benefit offering and provide administrative support and services that make it easy to offer
Improve your company’s image by providing a leading-edge benefit
Executive Income Program
In addition to these products, our platform includes the Executive Income Program designed to provide income solutions to non-qualified Executive programs. The program offers an immediate annuity that can be used to provide SERP or other non-qualified executive income benefits due at separation from service, or at a specified date.
Supplemental Executive Retirement Plans, Non-qualified Deferred Compensation (NQDC) plans and Executive Bonus (Sec. 162) plans are common approaches to attracting and retaining key executives. MetLife's Executive Income Program is an affordable annuity solution to address both corporate and executive benefit needs, balancing benefit security with financial objectives:
Satisfies the benefit obligation with guaranteed income payments
Meets the financial and longevity risks of the program
Protect the benefits from a change in management control (if setup to do so)
The MetLife suite of institutional income annuities, of which these products are a part, is intended to constitute a platform under the Department of Labor rule (Definition of the term "Fiduciary"; Conflict of Interest Rule—Retirement Investment Advice) published on April 8, 2016.
Resources & Education
Clients have access to an array of information, tools and guidance to help you and your employees reach both of your goals.
Customized, hands-on program designed to train retirement benefit associates within your company about the need for retirement income and the specific benefit options available under your plan. In turn, they can better help employees evaluate their options.
Series of interactive webinars on specifc retirement topics, such as retirement risks, Social Security and women in retirement. Webinars can be customized to your company's specific needs and objectives.
The Guaranteed Lifelong Income Center delivers powerful online education and interactive planning tools to employees. The site provides decision support and account management tools that can help employees create personal retirement income plans.