Five Steps to Creating Employee Retirement Security

MetLife Retirement & Income Solutions

Five Steps to Creating Employee Retirement Security

May 17, 2022

According to MetLife’s latest research, nearly all workers and retirees (95%) say it’s important for retirees to have a source of guaranteed income they cannot outlive.1 With the ongoing shift from defined benefit (DB) pension plans to defined contribution (DC) plans, employees are required to assume more responsibility for making sure their savings lasts throughout retirement. For some employees who are faced with financial uncertainty, they may need to delay their retirement; others are unsure of how to make their savings last. By adding an income annuity as a distribution option to your DC plan, your employees get access to solutions that can convert a portion of their savings into a source of guaranteed income that they will never outlive—empowering them to confidently retire on time.

Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019

Adding a guaranteed income annuity as a distribution option can complete the cycle of retirement savings. Similar to selecting a plan investment option, plan sponsors have a fiduciary responsibility for how each of the features in its plan design operates, and in the case of an income annuity feature, this would focus on the selection of the insurance provider of the guaranteed income contract. The DOL guidelines, amended by the SECURE Act of 2019, established a fiduciary safe harbor for selecting a lifetime income provider, making it even easier for you to confidently offer annuities as a distribution option. The steps listed below are a guide to the safe harbor requirements for plan fiduciaries to follow.

1. MetLife Evolving Retirement Model Study, February 2020.

Group annuity contracts are issued through Metropolitan Tower Life Insurance Company (MTL) or Metropolitan Life Insurance Company (MLIC). Like most group annuity contracts, MTL and MLIC group annuities contain certain limitations, exclusions and terms for keeping them in force. MTL and MLIC annuity products may not be available in all states. Contact your MetLife representative for more information.

Any discussion of taxes is for general informational purposes only and does not purport to be complete or cover every situation. MTL and MLIC, its agents and representatives may not give legal, tax or accounting advice and this document should not be construed as such. You should confer with your qualified legal, tax and accounting advisors as appropriate.

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The MetLife Retirement Income Insurance® QLAC has been approved in the District of Columbia and in all states, except Oregon and the territory of Puerto Rico.