NU Online News Service, April 29, 2004, 12:43 p.m. EDT – MetLife Inc., New York, has introduced a deferred income annuity aimed at the worksite benefits market.[@@]
The company is marketing the new MetLife Personal PensionBuilder annuity as a kind of portable, employee-owned, employee-funded defined benefit savings program.
If purchasers die before they retiree, MetLife will pay death benefits to the beneficiaries.
If purchasers live long enough to retire, MetLife guarantees that it will pay them a specific income benefit amount for life.
MetLife will base the death benefits and income benefits on worker contributions and an annual interest rate on plan assets of at least 3%.