NU Online News Service, Nov. 7, 2003, 10:13 a.m. EST – MetLife Inc., New York, has introduced the MetLife Personal IncomePlus variable income annuity.
The MetLife insurance subsidiary that issues the annuity is promising to pay holders income for life.
MetLife is marketing the annuity to employers as a voluntary, employee-paid employee benefit. An employer can make the annuity an option within its 401(k) plan or other retirement plan, or an employer can offer the annuity as an individual retirement account rollover option for money that has been distributed from the plan.
A retiree who will be buying the annuity by rolling retirement assets into the annuity in one lump sum must put in at least $25,000.
The new income annuity offers a menu of 35 variable investment options, and holders can transfer assets between variable-income and fixed-income options, MetLife says.