MetLife Rolls Out TPA 401(k) Plan

March 31, 2003 ( - Small- and mid-sized employers now have a new third-party 401(k) plan to consider if they're in the market for a retirement plan.

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.