MetLife Retirement and Savings has launched a fixed deferred-income annuity that protects near-retirement employees and retirees against longevity risk.
The annuity that provides guaranteed lifetime income and generates income starting at a later age. It is a voluntary benefit offered in the workplace.
The MetLife Inc. unit started offering it Wednesday.
The annuity is funded with after-tax contributions and offers a steady stream of income beginning 15 or 20 years after the initial purchase.
It offers the flexibility to change the time at which payments start at any time, income options that cover someone else in the event of death, and a withdrawal option. It also features a death benefit payable to the beneficiary if the participant dies during the accumulation phase.
