The account had been a gem in the large plan business at MetLife, a business that it had purchased from Banker’s Trust. MetLife announced a decision to exit the large plan segment of its recordkeeping operation last October (see MetLife Exits Large Plan RK; Sheds Jobs ). That segment represented 26 clients and nearly 1 million participants – and 450 related positions at MetLife were to be eliminated as a result of the shift.
MetLife had recommended Hewitt as a preferred provider to its former clients. However, there was no automatic transfer, and the IBM business was officially put out to bid, according to sources.
Hewitt Associates, still in its quiet period following last week’s initial public offering, was unable to comment.
MetLife has continued to provide recordkeeping services to mid-sized and smaller plans.