The Met Managed GIC – Stable Value Fund is the newest addition to their fund offerings for products accessK, dailyaccess, and all private label partner products. The fund – available to DailyAccess clients – is composed primarily of bond funds, wrapped with a book value guarantee provided by MetLife, according to a news release.
The fund, which has an objective to offer a fixed rate of return that compares favorably with yields of intermediate investment grade corporate bond funds, is supposed to achieve its objectives through:
- combining a guaranteed credited rate with market participation
- quarterly reset of its underlying interest rate to reflect the performance of the investment portfolio
- participants’ asset transfer in or out of the investment, as allowed by the plan
- invested principal and accumulated daily interest for participant-directed withdrawals guaranteed by MetLife
- a co-mingled separate account available through group annuity contracts of MetLife.
Investments in the GIC require no minimum deposit. More information is available at www.dailyaccess.com .