MetLife Inc. has introduced an Equity Index Plus separate account investment option for pension plan sponsors.[@@]
The option “fully replicates the performance of the S&P 500 Index and delivers a guaranteed enhancement if the contract is held to maturity,” MetLife says.
Metropolitan Life Insurance Company, the MetLife unit that will back the option guarantees, will offer the option through a group annuity contract, MetLife says.
Pension plan sponsors that invest a minimum amount in the option will get the “total rate of return of the S&P 500 Index (with dividends), plus an additional 0.10% annually for a 5-year contract and 0.05% annually for a 3-year contract if the contract is held to maturity,” MetLife says.