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 the simplest 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.
MetLife's fixed income annuities can help employers deliver an income solution.
Products & Services
MetLife Guaranteed Income Program (MGIP)
A fixed income annuity that offers guaranteed income payments that last a lifetime.
Nearly 45% of retired households will lack the adequate retirement income for basic retirement needs.- MetLife Retirement Income IQ Test, 2011
MGIP provides guarantee income from employees' 401(k), profit sharing, cash balance or other tax advantaged retirement savings plan.
Enhances your benefits package
Offers administrative support and services that make it easy to offer this benefit
Gives employees peace of mind knowing that their retirement plan can provide reliable and stable guaranteed income as long as they live.
A fixed deferred income annuity that protects individuals against outliving their income. For those nearing retirement or are already retired, MetLife Retirement Income Insurance provides a set amount of guaranteed income to start in later years, when other retirement income sources may have run out.
Retirement Income Insurance works well as part of an overall retirement strategy, allowing individuals to manage their assets more efficiently today, and can:
Help provide financial independence later in life
Make it easier for individuals to plan for retirement, knowing they have income that will begin coming in at a later age
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)
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.