Prudential And Metlife Entrusted To Fulfill $16b In Pension Obligations For 100000 Ibm Retirement Plan Participants And Beneficiaries
Prudential has been selected to participate in a $16 billion pension risk transfer transaction with International Business Machines Corporation , the second-largest pension risk transfer ever in the U.S. market. Under the terms of the agreement, The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. , and Metropolitan Life Insurance Company , a subsidiary of MetLife, Inc. , will each insure 50% of the pension benefit payments for each of the approximately 100,000 IBM plan participants and beneficiaries included in the transaction.
Prudential will act as the lead administrator in providing protected retirement income payments to this full population of retirees and their beneficiaries included in the transaction beginning Jan. 1, 2023. MLIC will settle the liabilities under its group annuity contract directly with Prudential.
The Retirement Strategies team at Prudential protects financial outcomes for more than 2 million customers through its lines of Individual Retirement Strategies, including Prudential FlexGuard, FlexGuard Income and PruSecure, and Institutional Retirement Strategies, including U.S. Pension Risk Transfer, International Reinsurance, Institutional Stable Value and Structured Settlements.
Your Pension Benefits Are Safe And Easy With Us
The MetLife family of companies has been a leading provider of insurance and financial services around the world.1 We offer solutions and guidance to help you navigate life’s twists and turns.
Our U.S. based customer solutions team is available to answer questions and provide the support you need to manage your benefit.
View and manage your benefit online, anytime through the MyBenefits portal.
1 Group annuity contracts can be issued by Metropolitan Life Insurance Company, 200 Park Ave. NY, NY 10166 or Metropolitan Tower Life Insurance Company, 5601 South 59th St., Lincoln, NE 68516. Like most group annuity contracts, MetLife group annuities contain certain limitations, exclusions and terms for keeping them in force. Ask a MetLife representative for costs and complete details.
Metlife Guaranteed Income Program Immediate Annuity
MetLife Guaranteed Income Program fixed immediate income annuity provides employees with guaranteed lifetime income.
MetLife Guaranteed Income Program is a fixed immediate income annuity designed to provide employees with guaranteed lifetime income. Employees can purchase this product with savings from their 401, profit sharing, cash balance, or other tax-advantaged retirement plans. This product completes the retirement cycle for individuals by turning some or all of their assets into a secure income stream.
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