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MetLife Taps Retirement Plan Managed Account Firm

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A retirement plan account manager will be selling its services through a major insurer.

The MetLife Resources division of MetLife Inc., New York, has formed an alliance with ProManage L.L.C., Chicago, MetLife says.

ProManage will offer managed account services to MetLife employer clients that sponsor 401(k), 403(b) and 457 plans, MetLife says.

ProManage can take co-fiduciary responsibility for making allocation decisions for retirement plan participants who choose not to do their own investing, MetLife says.

ProManage says it has designed its service to meet the new federal qualified default investment alternative standards established in the Pension Protection Act of 2006.