MetLife Unveils New Product, Corporate Reorganization

October 21, 2002 ( - MetLife has brought together its retirement and savings businesses into a new unit so it can better focus on distribution, recordkeeping and products for small- and mid-sized plans, the company said.

According to a MetLife media announcement, the MetLife Retirement Plans Group was formed by consolidating the retirement divisions of MetLife, GenAmerica Financial, and New England Financial.

At the same time, the Retirement Plans Group has introduced a new retirement plans product suite tailored to the small and mid-sized market.

The company said the new suite of retirement products includes the MetLife Premier 401(k) program.   The MetLife Premier Program provides administrative services, employee communications, advanced technology and investment options.  

The MetLife Premier program includes both a mutual fund version for mid-sized plans and a group annuity version for smaller plans, MetLife said.

Program Features

The company said its MetLife Premier programs offer :

  • the ability to administer a variety of defined contribution programs including 401(k), profit sharing, money purchase, age-weighted/cross-tested
  • a choice of 108 investment options from over 20 fund managers
  • a Web site for plan sponsors, participants and producers to access detailed account information, transaction capabilities, plan demographic reports
  • a participant education and communication program, including on-site enrollment support and customized enrollment kits
  • participant enrollment via the Internet and voice response unit.

The MetLife announcement said the company has also reorganized its sales force and is in the process of integrating the various recordkeeping platforms for MetLife Retirement & Savings.