MetLife Works with Fidelity Investments® to Offer Guaranteed Lifetime Income through New Retirement Solution
2024年2月27日 - 11:26PM
ビジネスワイヤ(英語)
One of the challenges facing retirees as they approach the next
phase of their lives is ensuring that their savings last through
retirement. In fact, MetLife research found that a majority (71%)
of U.S. employees are concerned about outliving their retirement
savings, up from 60% just two years ago. To address these concerns
and help retirees enjoy a more confident future, MetLife is working
with Fidelity Investments® to offer the MetLife Guaranteed Income
Program®, a fixed immediate income annuity, through Fidelity’s new
retirement income solution, Guaranteed Income Direct.
The passage of the Setting Every Community Up for Retirement
Enhancement (SECURE) Act in late 2019 removed the fiduciary
barriers to offering lifetime income solutions through the
workplace. As a result, MetLife research indicates growing interest
in these products among plan participants and an increasing number
of plan sponsors taking actions to implement them.
The availability of MetLife’s guaranteed income offering through
Fidelity’s Guaranteed Income Direct solution is designed to help
expand access to immediate income annuities by allowing plan
sponsors to easily offer retirement income options within their
defined contribution (DC) plans. This solution enables participants
at all savings levels to purchase an immediate income annuity
through an insurer selected by their employer and annuitize any
portion of their savings. All funds not used to purchase the
annuity remain in the plan.
“At MetLife, we believe simplicity should be the guiding
principle when offering income annuities, and this solution makes
it simple for plan sponsors to offer guaranteed income and simple
for plan participants to annuitize their savings,” says Melissa
Moore, senior vice president and head of Annuities at MetLife.
“Having a guaranteed stream of income can help retirees budget for
their day-to-day expenses and protect against depleting their
savings too quickly.”
By being able to obtain a guaranteed stream of income through
their employer, plan participants can take an important step in
creating a financially secure future. In contrast, retirees who
choose to receive their savings as a lump sum rather than annuitize
can face significant obstacles, including the risk of depleting
their money too quickly and needing to fund a portion of their
retirement years with no income other than Social Security.
Unfortunately, this is a reality for many—a MetLife study found one
in three retirees (34%) who took a lump sum from their DC plan,
depleted the lump sum in 5 years, on average.
“MetLife has a long history and deep expertise in offering
retirement income solutions. We are committed to ensuring financial
security for retirees and are pleased to be working with Fidelity
Investments and middleware provider Micruity, who share our
dedication to enabling positive retirement outcomes,” says Moore.
“Through Guaranteed Income Direct, Fidelity has brought a powerful
new solution to this market and this innovation makes vital
protection products more accessible to employees.”
About Micruity
Micruity is a data infrastructure company on a mission to
improve retirement income security. The Micruity Advanced Routing
System (MARS™) facilitates frictionless data sharing between
insurers, asset managers, recordkeepers, and connected stakeholders
through a single point of service that lowers the administrative
burden and enhances the user experience of retirement income
products, enabling plan sponsors to turn retirement savings plans
into retirement income plans at scale.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers build a more confident future. Founded in
1868, MetLife has operations in more than 40 markets globally and
holds leading positions in the United States, Japan, Latin America,
Asia, Europe and the Middle East. For more information, visit
www.metlife.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240227103987/en/
MetLife: Judi Mahaney jmahaney@metlife.com 212-578-7977
MetLife (NYSE:MET)
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