MetLife Launches Variable Income Annuity for 401(k)s

February 24, 2003 ( - MetLife Retirement & Savings has introduced the MetLife Income Security Plan (MISP) offering income protections in a 401(k) plan.

The variable income annuity is offered in two versions.  One version is for assets that continue to be part of a 401(k) or non-qualified pension plan.   The other version is for assets that have been distributed from the pension plan and supplemental savings and are used by the participant to purchase the MISP via an individual retirement annuity or non-qualified annuity.

According to the company, MISP offers:

  • guaranteed lifetime income in retirement
  • c hoice of income types
  • Income for one, income for two, guarantee periods (spousalprotections)
  • fixed and variable funding options
  • 21 investment choices
  • an asset allocation service,quarterly account statements, call center support,and Web site planningtools.