MetLife announced that its new MetSelect product is designed to offer the additional flexibility often demanded by small- and mid-sized companies from benefit plan vendors. MetLife said it would offer MetSelect through its distribution channels of financial advisors and brokers.
According to the MetLife announcement, MetSelect offers:
- a flexible plan design with the ability to administer a variety of defined contribution programs including 401(k), profit sharing, money purchase, and age-weighted/cross-tested
- an investment selection from a lineup of more than 90 investment options from over 20 fund managers. Each plan may include up to 30 investment options
- online access with a Web site for plan sponsors, participants, producers, and TPAs (with plan sponsor consent) to access detailed account information, transaction capabilities, plan demographic reports, and participant education
- education and communication materials
- automated enrollment allowing participants to enroll online through the Internet and a voice response unit.