MetLife Resources offers several choices and tools to help you meet your retirement needs. You can review the benefits of each retirement savings program and decide which is best for you. Your choices include a variable annuity based program called Gold Track Select, a mutual fund based program called Mutual Fund Select Portfolios with a fixed account under the Gold Track Select Registered Fixed Account option, or a combination of both.
Gold Track Select, a variable annuity
Gold Track Select (GTS) Variable Annuity is a long-term retirement savings vehicle that may suit your individual needs and overall retirement strategy. GTS offers a wide variety of funding options. It features:
- Guaranteed Death Benefit1
- Various payout options
- Unlimited transfers (some restrictions apply; please see "Transfer" section in prospectus for more details)
- Automatic rebalancing
For a list of available GTS Variable Annuity funds, including performance, click here and select ‘0.80 DAC’ in the M&E drop down field above the table.
The following death benefit is available with GTS1:
- Prior to participant attaining age 75: the death benefit is the greater of a) or b) below, minus any applicable premium taxes, outstanding loan amounts and prior surrenders as of the date proof of death is received:
- the cash value of participant's individual account
- the total purchase payments under that participant's individual account.
- Age 75 and above: the death benefit is equal to the cash value of the participant's individual account, less any applicable premium taxes and loans outstanding as of the date proof of death is received.
Charges & Expenses
The annual mortality and expense charge is 0.80%. Each funding option charges its own fees and expenses. You will pay the fees and expenses for any of the underlying investment options selected.
Please see the prospectus for more information. Like most annuity contracts, GTS contains certain exclusions, limitations, termination provisions and terms for keeping them in force. See your representative for complete details.
Mutual Fund Select Portfolios (MFSP)
The Mutual Fund Select Portfolios (MFSP) is designed specially for retirement savings programs sponsored by healthcare, educational, governmental and other nonprofit employers and their employees. It features:
- Mutual funds purchased at NAV
- No additional administrative fees to participant accounts
- Unlimited transfers (some restrictions may apply; please see prospectus for each mutual fund)
Features of Your Plan
You are eligible to participate in your plan effective immediately.
The Internal Revenue Code ("IRC") limits the amount you can contribute in pre-tax dollars each calendar year. The federal general limit is $18.000 for 2015. If you participate in the Roth program, then the general limit and the catch-up limits apply to all salary reduction contributions, whether allocation to pre-tax amounts or after-tax Roth amounts.
If you are age 50 or older, the general limit contribution amount for 2015 may be increased by an additional "catch-up" contribution of $6,000. The general and the catch-up contribution may increase each year in accordance with a cost of living adjustment. Elective contributions may not exceed 100 percent of your compensation and there is an overall limit on aggregate contributions (including employer and employee contributions) that can be made to your employer’s plan, If you have questions about these limits, please contact your employer.
Cost of Participation
You pay Fund investment management fees, other expenses, 12b-1 fees and redemption fees (if any) on each mutual fund investment in your plan MFSP account. These fees and expenses vary by the Fund. Please refer to each Fund’s prospectus for a description of these fees and expenses
Metropolitan Life Insurance Company and/or its affiliates also receive compensation from the Funds and/or their affiliates with respect to participant account balances for certain recordkeeping, administration and distribution services, which also vary by Fund. Different Funds provide MetLife and/or its affiliates different amounts and types of compensation, which change from time to time. Accordingly, compensation received by MetLife varies over time based on the amounts and types of compensation paid by the Funds that are made available under the plan and participants’ account allocations in the various Funds.
Withdrawals from the 403(b) Tax-Deferred Account Program (TDA)
Since your 403(b) Tax-Deferred Account Program (TDA) is designed primarily to help you save for retirement, the IRS has placed restrictions on when money may be withdrawn from your account before you retire. You may withdraw money from your account. In-Service withdrawals are not permitted in the Texas Optional Retirement Program (ORP) unless you have attained age 701/2.
Always consult your tax advisor or investment professional about tax consequences of any withdrawals. Ordinary federal income taxes generally apply to taxable distributions. State income taxes may also apply. An additional 10% Federal income tax penalty may apply to distributions prior to age 5901/2.
With MFSP, you may allocate your contributions to Fixed Account through an annuity and to various mutual funds with no front-end sales charges. All mutual funds are purchased at net asset value, which means 100% of your contributions are deposited into your mutual fund selections.
Click below to review funds in PDF format.
1Death benefit is payable only if the participant should die prior to annuitizing the contract. All product guarantees in the GTS variable annuity are based on the financial strength and claims-paying ability of MetLife Insurance Company USA, Charlotte, NC 28277.
Morningstar categories/asset classes used with permission of Morningstar Associates, LLC (Morningstar), which is not affiliated with MetLife.
Mutual funds are sold by prospectus, which is available from your registered representative. Please carefully consider investment objectives, risks, charges, and expenses before investing. For this and other information about any mutual fund investment please obtain a prospectus and read it carefully before you invest. Investment return and principal value will fluctuate with changes in market conditions such that shares may be worth more or less than original cost when redeemed. Diversification cannot eliminate the risk of investment losses, and past mutual fund performance is not a guarantee of future results.
Gold Track Select Variable Annuity is offered by prospectus only, which is available from your registered representative. You should carefully consider the product's features, risks, charges and expenses, and the investment objectives, risks and policies of the underlying portfolios, as well other information about the underlying funding choices. This and other information is available in the prospectus, which you should read carefully before investing. The amounts allocated to the variable investment options of your account balance are subject to market fluctuations so that, when withdrawn or annuitized it may be worth more or less than its original value. Product availability and features may vary by state. The Registered Fixed Account Option (also known as the Gold Track Select Variable Annuity Fixed Account) is offered by prospectus only, which is available from your registered representative. Withdrawals from the Registered Fixed Account are subject to a market value adjustment. The market value adjustment may be lower or higher than your contract value.
Gold Track Select is issued on policy form number L-14666TX, L-14669TX and L-14672TX by MetLife Insurance Company USA, 11225 North Community House Road
Charlotte, NC 28277. MetLife Investors Distribution Company LLC (member FINRA) is the principal underwriter.
MetLife and/ or its affiliates receive fees from the fund families or their affiliates for administrative, distribution and recordkeeping services.
Securities, including variable products, are offered through MetLife Securities, Inc., 1095 Avenue of the Americas, New York, NY 10036 (member FINRA, SIPC).
MetLife Insurance Company USA, MetLife Investors Distribution Company, MetLife Securities, Inc. and Metropolitan Life Insurance Company are MetLife companies. MetLife Resources is a division of Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166.
Any discussion of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate.