Metlife Annuity Customer Service – With the continued transition from defined benefit (DB) pension plans to defined contribution (DC) plans, workers are expected to take more responsibility for ensuring that their savings last into retirement, regardless of market conditions. Help your employees prepare for the long haul, even in uncertain times.
Today’s unpredictable financial situation has created uncertainty and anxiety among workers. Employees are asking if and when they can retire, and they’re looking to employers for help.
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Workers and retirees say it’s important for retirees to have a permanent source of income.
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As financial health becomes a priority for employees, employers can take important steps now to help them prepare for retirement.
A fixed income pension provides employees with a guaranteed and predictable income cover to meet their financial needs during retirement.
It is designed as a voluntary offering at no cost to participants with the benefit of enterprise pricing.
The 2022 paycheck or pot of gold review will focus on the “big retirement decision,” whether employees can use their accumulated savings as a retirement check or a “pot of gold” — or a combination of the two.
Crowfly Positions Factored Structured Settlements As Structured Settlement Annuities To Solicit Investors
Insights from the 20th Annual US Employee Benefits Survey explore how the changing retirement landscape has affected American workers and how organizations can help.
* All guarantees are subject to the financial capacity and ability of Metropolitan Life Insurance Company or Metropolitan Tower Life Insurance Company to pay claims.
**Group Annuity Contracts at Metropolitan Life Insurance Company (MLIC), 200 Park St. New York, NY 10166 or Metropolitan Tower Life Insurance Company (MTL), 5601 South 59th Street, Lincoln, NE 68516, two branches may be served. From Company (“”). Like most group annuity contracts, group annuity payments include certain limitations, exclusions, and conditions for maintaining them. Ask the agent for full details and fees.
Research, February 2021. CITE Research (www.citeresearch.com) conducted an online survey of 200 HR decision makers. The employer survey was conducted between February 5 and 25, 2021. Employer respondents were screened for working in human resources, participating in company retirement benefit decisions, and working for a company that offered a 401K plan.
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Research, February 2021. CITE Research (www.citeresearch.com) conducted an online survey of 600 employees nearing retirement. The employee survey was conducted between February 5 and 10, 2021. Employee respondents were surveyed regarding retirement or planning to retire within the next five years, ages 56-75, and access to a 401K plan through their employer.
, its agents and representatives cannot provide legal, tax or accounting advice and this content should not be construed as such. You should consult your own qualified legal, tax and accounting advisors as necessary. Annual products may not be available in all states. Contact your representative for more information.
Any tax discussion is for general information purposes only and does not purport to be complete or cover all situations. Metropolitan Tower Life Insurance Company, its agents and representatives are not authorized to provide legal, tax or accounting advice, and this document should not be construed as such. You should consult your own qualified legal, tax and accounting advisors as necessary. Metropolitan Tower Life Insurance Company annuity products may not be available in all states. For more information, contact your Burj Metropolitan Life Insurance Company representative. A recent $25 million fine against financial services and insurance giant MetLife underscores the need for more federal protections for investors. MetLife agreed to pay the fine to resolve allegations that the company sometimes overcharged customers’ variable annuity contracts and that the company didn’t notify customers that replacements would affect their existing variable annuity features. The result is that customers have to pay more every year and some of the features of their investment are lost or reduced.
The Financial Industry Regulatory Authority has issued a multi-million dollar fine against MetLife after raising more than 35,000 claims for replacement contracts offered by MetLife representatives. Inspectors found that 72 percent of the contracts contained at least one error, which understated the value of the replaced contract.
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FINRA President Richard Ketchum said, “The understanding of the advisors who are offering these products … the understanding of the fees and what people are paying for their existing contracts and the contracts they’re transferring … just wasn’t there.” And explained this error. … It happened over and over again.”
Ketchum said MetLife did not promote the options, but failed to properly monitor its activity and ensure that brokers had accurate information about the options products. However, FINRA said MetLife sold at least $3 billion in variable annuities between 2009 and 2014 and received $152 million in commissions from the products.
Others in the financial industry say the troubled sales are a small fraction of MetLife’s more than $50 billion in total annual variable sales between 2009 and 2014. Consumer advocates say they are agents, financial advisers and others licensed to sell products. Insurers have a financial incentive to push alternative annuities because they pay a 5 to 7 percent initial sales commission.
“The reputation of these mistakes is generous,” said Peter Mugi, a securities and investment fraud attorney at the Levin Papantoniio law firm in Pensacola. Full disclosure would reduce the number of annual transactions and cost authors millions in commissions and fees. 72% of contacts have no errors. Instead, the system is designed to put authors’ profits ahead of their clients.
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Supporters of tougher regulations hope a new federal law will help. The US Department of Labor is implementing the Conflict of Interest and Conflict of Interest Act, which will take effect in 2017. 401 requires all professionals to recommend what is best for clients when making recommendations. k) plan assets, individual retirement accounts or other eligible funds set aside for retirement;
Brokers are now subject to a less stringent suitability standard. Instead of paying commissions on products sold in their retirement accounts, the fiduciary law requires them to collect fixed fees from customers. Advisors who still want to receive commissions and other products will have the option of “termination of the best interest contract”, the advisor is obliged to work better for the client and receive reasonable compensation, or the client can sue in court. . It also requires information about costs and potential conflicts of interest.
“This legislation will make a bigger difference than the industry expected,” said John Anderson, CEO of SEI Consulting Network’s Practice Management Solutions. The court of public opinion may ultimately play a role in reducing or eliminating commission products.
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