Metlife Retirement Benefits Service Center

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What Are The Eligibility Criteria For Pension Plans

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The eligibility criteria for pension plans vary from one scheme to another. In general, however, these are some commonly required eligibility conditions that need to be satisfied:

  • Theres a minimum age you need to attain to invest in this plan.
  • Theres also an upper age limit beyond which you cannot purchase a pension plan.
  • A minimum premium or purchase price is payable by the investor who wants to buy a pension plan.
  • Similarly, some plans also have a clause about the minimum and maximum vesting age allowed.

Life Insurance And Accidental Death And Dismemberment Insurance

The PEBB Program offers life insurance through MetLife . This web page is a summary of benefits only. For more detailed information, please review the MetLife Certificate of Coverage.

As part of your benefits package, you receive at no cost to you $35,000 of life insurance coverage and $5,000 of accidental death and dismemberment coverage. You have the option to buy additional coverage by enrolling in the supplemental plans offered.

We recommend you name your beneficiary for this coverage even if you are not electing any additional optional coverage as you have the Basic employer-paid coverage.

Remember you are eligible for coverage as long as youre eligible for PEBB benefits.

Optional life and AD& D insurance available through MetLife

*Guaranteed issue is the amount of coverage an employee may select when initially eligible for coverage, within the required deadlines below, without submitting a statement of health for carrier approval.

When can I enroll?

You may enroll no later than 31 days after your eligibility date for PEBB benefits for the following coverage, without providing evidence of insurability:

  • Optional Life Insurance for Employees up to $500,000.
  • Optional Life Insurance for Spouse or State-Registered Domestic Partner up to $100,000.
  • Optional Life Insurance for Children, all amounts Guaranteed Issue in increments of $5,000 up to $20,000.

You must provide evidence of insurability to MetLife if you:

How do I enroll?

How much insurance do I need?

Integrate With Hr Comms:

Lastly, benefits information and stories should be integrated into other HR communications, such as those addressing PTO and scheduling policies or cultural matters, reinforcing that benefits are an essential feature of the ongoing employee experience and not something to consider only once a year. Such communications can also demonstrate employers commitments to employees overall well-being.

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What do Retirement Solutions provide?

Savings Opportunity

Plan early on with a pension plan so you can retire with a sizeable corpus of savings to fulfill your needs even in the later stages of life.

Annuity

Receive regular payouts after your retirement on a monthly, quarterly or yearly basis & meet day-to-day expenses.

Cover for your spouse

Being one of the best retirement plans in India, our pension plans protects you and your spouse with a joint annuity option.

Guaranteed Income

In your second innings, having a source of income is invaluable. Keep earning long after retiring from work with our annuity plans.

Tax Benefits

Your pension plan can get you tax benefits under sec 80 C, I-T Act, 1961 from the moment you start paying premiums! Availing this benefit can help you save more with your retirement pension scheme.

Why Should I Opt For Retirement Solutions

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  • In order to lead a comfortable life post-retirement, you need to plan and save up well in advance
  • Financial self-sufficiency is a boon that will help you in your second innings.
  • Retirement goals like the desire to pursue hobbies, go on a world tour, move to another city, or remodel your home can only be fulfilled if you have retirement solutions that help you meet the financial requirement of these goals.
  • Nuclear family structures are common in todays day and age. So, it is imperative to be prepared to look after yourself to ensure that there are no changes in your lifestyle.

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What Is The Right Time To Buy A Retirement Solutions

Its best to invest in Retirement Solutions as early as possible. The earlier you invest, the more premium you can pay, and correspondingly, the bigger your retirement corpus will be. Purchasing a pension plan early also allows you to pay your premiums comfortably and makes you eligible for tax benefits for a longer period. So, if you havent already invested in a retirement plan, now might just be the best time to do so.

Can I Continue My Life Insurance Coverage After Employment Ends

If you are eligible for portability or conversion due to termination or other reasons, MetLife will send you information and an application. When porting or converting your employee life insurance coverage, your coverage will become an individual policy that is not tied to the PEBB Program. Contact MetLife directly at 1-866-548-7139 with any questions.

Portability Provision

Under the Portability Provision, you can apply to continue all or part of your active employee basic life, supplemental life, and dependent life insurance.

You must be actively enrolled and apply within 60 days from when your coverage ended to have the opportunity to continue your coverage through portability.

Dependent child and spouse or state-registered domestic partner life insurance may be continued, even if you choose not to continue your life insurance.

Any amount of life insurance not ported may be converted.

Conversion of Life Insurance Provision

You may apply to convert your basic life, supplemental life, spouse or state-registered domestic partner, or dependent child life insurance to an individual policy. The amount of the individual policy will be equal to the amount of life insurance you or your insured dependents had on the termination date of the policy you are converting.

You have 60 days to apply for conversion coverage after your PEBB employee life insurance ends.

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How To Calculate Retirement Corpus In India

Retirement corpus refers to the pool of money that your investments have grown to form over the years. This is the amount of funds required to get you through your post-retirement life. To calculate the corpus needed to maintain your quality of life after retirement, you need to follow these steps:

  • Calculate the number of years left until you intend to retire .
  • Identify the number of years to come after youve retired .
  • Account for inflation by applying the inflation rate on your current annual expenses to arrive at your annual cost of living post-retirement.
  • Multiply your annual cost of living after retirement by the number of post-retirement years, and you have your retirement corpus.

What Happens If I Surrender My Pension Plan Before Maturity

MetLife UAE Reviews – DO NOT INVEST A PENNYIN SAVINGS PLAN

When you surrender your pension plan before maturity, the financial institution pays you a surrender value, which is generally a predetermined percentage of the premiums paid by you. This surrender value thus received is treated as income in your hands, and therefore, its taxable at the applicable slab rate. Additionally, you become ineligible for all the benefits originally stated in the plan.

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Top Retirement Plans For You

  • PNB MetLife
  • Financial security through regular income
  • Cover for spouse
  • Income & Protection till 100 years of age
  • Guaranteed Lumpsum at Maturity
  • Waiver of Premium on Death under Family Care Benefit
  • Option to accumulate and partially or fully withdraw survival benefits
  • Multiple Income Options available Super Income, Smart Income & Future Income
  • For A New house owner
  • Guaranteed Benefits
  • Guaranteed Additions & Boosters to boost your corpus
  • Higher Premium Rewards
  • Retirement Solutions, also known as pension plans, allow the policyholder to allocate a part of his/her savings to accumulate over a specific period. Once the policyholder retires, these plans help him/her in having a steady flow of income.

    In India, retirement planning is gaining a lot of importance, ever since people have realized the significance of being financially independent.

    Here are the highlights of Retirement Solutions:

    • It is advisable to plan for your retired life from an early age to get maximum benefits.
    • Use the retirement calculator to estimate the amount you would need to invest now, to lead a comfortable life, post-retirement. There is an algorithm with factors like inflation rate, retirement age, the present cost of living etc. to derive an approximate figure.
    • You receive regular payouts post your retirement which is called annuity. An annuity can be received on a monthly, quarterly or yearly basis, depending on your policy type.
    • An affordable premium has to be paid to get these benefits.

    Investigation Includes Fiduciaries That Purchased Metlife Products

    DOLs investigation extends beyond MetLife to the plan sponsors and other parties involved in the risk transfers. ERISA specifically authorizes DOL to bring a civil enforcement action when the purchase of an annuity contract violates ERISAs fiduciary rules. Even if MetLife isnt subject to ERISAs fiduciary rules after the transfer , DOL believes documents related to MetLifes remediation plan may still be relevant to the agencys investigation of possible fiduciary breaches by the plan fiduciaries that purchased MetLifes annuity products. The court could resolve the dispute on these grounds and avoid the more thorny issues about the possible continuation of ERISA coverage after a GAC has been purchased.

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    Metlifes Flawed Missing Annuitant Practices

    In 2017, MetLife publicly disclosed that it failed to adequately search for more than 13,700 missing group annuitants whose defined benefit plan benefits had been transferred to the company. The affected individuals had not started their pensions when their former plan sponsor purchased a GAC. MetLife sent these individuals two letters one at age 65 and the other at age 70-1/2. If an individual failed to respond to both letters, MetLife assumed that the person would never respond and was not entitled to benefits.

    MetLife discovered the problem after voluntarily conducting an internal review of its missing annuitant procedures. According to MetLife, the error affected fewer than 2% of their group annuitants, and the majority of the affected individuals were covered by GACs issued before 1990. MetLife stopped accepting deferred vested participants in risk transfer transactions at the end of 2015. After disclosing the error, MetLife worked with the New York Department of Financial Services to develop a remediation plan with procedures for identifying and locating individuals owed benefits. MetLife also paid fines of $19.75 million to NYDFS and $10 million to the US Securities and Exchange Commission.

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    By submitting your details, you agree to PNB MetLife’s Privacy Policy and authorize PNB MetLife and/or its authorized service providers to verify the above information and/or contact you to assist you with the policy purchase and/or servicing. The approval / authorization provided by you herein will supersede all earlier authorizations / approvals / disapprovals / registrations made by you in this regard.

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    What Are The Tax Benefits In Case I Opt For A Pension Plan

    Investing in pension plans in India make you eligible for tax benefits, as specified in the Income Tax Act, 1961. Section 80CCC of this Act provides that premiums paid as part of contributions towards Retirement Solutions and pension plans can be deducted from your total taxable income. The maximum amount of deduction permissible is Rs. 1.5 lakhs. So, your tax liability also reduces correspondingly.

    As for withdrawals made from the corpus fund at maturity, the tax benefits are generally limited to the portion thats immediately paid out to the policyholder at the vesting age. In most cases, this is one-third of the corpus fund, and its entirely tax-free.

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    Why Choose Retirement Plans In India By Pnb Metlife

    Retirement is a major turning point in ones life and it is always advisable to do some retirement planning ahead of time. Therefore, you should invest in a retirement plan well in advance to prepares you for all forthcoming responsibilities. Always plan considering your current standard of living, your assets and liabilities and the impact of inflation on them. You can check how much you would require by the time you retire with the help of our Retirement Calculator. Choose the most suitable plan for yourself that allows you to fulfil all your responsibilities and duties with ease.Plan now to enjoy a relaxed life later.

    Current Boeing And Subsidiary* Employees

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    Update home address in Worklife.

    Current Boeing and subsidiary employees unable to access Worklife online please call 1-866-473-2016 for assistance.

    * Does not apply to subsidiaries of MAR, BDS, BI& A, Insitu and Liquid Robotics whose employees and former employees will coordinate updates according to their respective site business processes.

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    What Are Supplemental Employee

    You may enroll in supplemental life insurance and supplemental AD& D insurance for yourself and your eligible dependents. Employee supplemental coverage is not available to retirees.

    Employees must enroll in supplemental life insurance to enroll dependents in supplemental life insurance. See Life insurance premiums for the cost of supplemental life and AD& D insurance.

    Types of supplemental coverage

    Increments of $10,000 up to $250,000.Supplemental AD& D insurance does not cover death and dismemberment from nonaccidental causes.

    Supplemental AD& D Insurance never requires evidence of insurability, and you can apply at any time.

    Increments of $10,000 up to $250,000

    Increments of $5,000 up to $25,000

    *Guaranteed issue is the amount of coverage an employee may select when initially eligible for coverage, within the required deadlines below, without submitting evidence of insurability to MetLife.

    To Update Your Life Insurance Beneficiaries

    After you have registered on the MetLife/MyBenefits website, follow these steps to update your U-M life insurance beneficiary information:

  • Log in using the user name and password you created during registration
  • Click Life Insurance Group Term Life under the Products & Services tab
  • Click Add/Update Beneficiaries. Follow the steps to designate a beneficiary for your life insurance.
  • For problems or questions with registration, please call MetLife Web Technical Support at 877-963-8932 .

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    How To Choose The Best Retirement Solutions

    The first step to choosing the best Retirement Plan for yourself and your spouse is to identify your post-retirement goals. Figure out how much of a monthly income youll need to sustain your quality of life when youve retired. With this done, compare the many pension plans available in the market and identify the ones where the benefits align with your goals. Thereafter, you can go ahead and choose the plan that fits into your budget and offers you the advantages youre looking for.

    Why Pnb Metlifes Retirement Solutions

    MetLife Retirement &  Income Solutions

    PNB MetLifes central focus is to provide customers with a wide array of plans, so they can find the perfect solution for the future. With a plethora of choices like the PNB MetLife Retirement Savings Plan, PNB MetLife Smart Platinum, and PNB MetLife Immediate Annuity Plan, among others, you can pick the one that best aligns with your post-retirement goals.

    Get your PNB MetLife Retirement Plan today!

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    Why Should I Choose Pnb Metlife For Investing In A Pension Plan

    When it comes to retirement and pension plans, PNB MetLife offers a plethora of choices. You can compare different solutions and pick the one that best suits your specific needs. If youre an employer looking to take care of the pension fund of your employees, we have a traditional employee benefits plan as well as a unit-linked employee benefits plan on our roster. There is also a group superannuation plan on offer. Alternatively, for individuals seeking to build a retirement corpus, PNB MetLife offers an immediate annuity plan as well as a retirement savings plan.

    In addition to the great choice of plans on offer, heres why you should choose PNB MetLife for investing in a pension plan:

    • Simple and minimal paperwork

    How Should I Choose The Perfect Retirement Solutions

    To choose the perfect retirement plan for yourself and your spouse, here are some factors to consider.

    • Your current age
    • The level of income you currently earn
    • The amount of income you wish to receive post-retirement
    • The maximum amount of premium you can afford to pay
    • The period for which you can pay this premium

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    Human Resources University Of Michigan

    The university provides a basic level of life insurance coverage at no cost to faculty and staff, with the option to add more coverage for yourself or your dependents at your expense.

    • University Plan – $30,000 of coverage for you paid for by the university . If your date of hire is prior to 1/1/2001 and you are not enrolled in the University plan, you will be required to provide a health statement that is satisfactory to MetLife.
    • Optional Plan – your choice of coverage in flat amounts of $5,000 or $50,000, or choose coverage from one to eight times your annual salary up to the plan maximum of $1.5 million. You pay the full cost for coverage under the Optional Plan .
    • Dependent Plan – coverage for your spouse or other qualified adult or your dependent children, paid for by you .

    Retired university faculty and staff who were participating in the University Plan on the date of their retirement are eligible for Retiree Group Term Life Insurance.

    All plans are administered by MetLife.

    Please note: If you choose a level of Life Insurance coverage for yourself or your eligible spouse or other qualified adult that requires completion of a Statement of Health, you will receive an email from MetLife. It is important to respond to this email because your chosen level of coverage is subject to approval by MetLife.

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