MetLife Grows Retirement Income Offering with Liquidity Feature
MetLife has introduced a new liquidity feature for its immediate income annuity, the MetLife Guaranteed Income Program (MGIP).
The firm says its design offers defined contribution plan participants a way to convert savings into income while maintaining flexibility early in retirement.
The Annuity Cancellation Option allows participants to cancel their annuity within the first three years of receiving payments and receive a refund of premiums paid, minus benefits already received, with no cancellation or surrender fees.
“Participants want dependable income they can count on, along with the flexibility to adapt as their needs evolve,” said Roberta Rafaloff, head of Institutional Income Annuities at MetLife. “The Annuity Cancellation Option helps address both by giving participants added options and control early in retirement, helping them make one of the most important financial decisions of their lives.”
MGIP is designed to help defined contribution plan participants convert their retirement savings into guaranteed income for life. The program offers payment options tailored to individual needs, including lifetime income or income for a specified period. Participants can also elect features that provide additional protection, such as ensuring remaining value is paid to a beneficiary, or options to help income keep pace with rising costs over time.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news.