MetLife Assumes Post-Retirement Life Insurance Liabilities For 8,000 Avaya Retirees
07 Ottobre 2021 - 03:00PM
Business Wire
MetLife, Inc. (NYSE: MET) announced today that its subsidiary,
Metropolitan Life Insurance Company, entered into an agreement in
the first quarter of 2021 to assume responsibility for about $190
million of Avaya’s post-retirement life insurance obligations
covering approximately 8,000 retirees.
Using existing plan assets, Avaya, through its Post Retirement
Life Insurance Benefits Trusts, purchased retiree life insurance
buyout contracts from Metropolitan Life Insurance Company to cover
eligible retirees. The buyout transaction will not change life
insurance benefits for Avaya’s retirees and their beneficiaries.
With the transaction, Metropolitan Life Insurance Company, rather
than Avaya, will be responsible for life insurance costs, benefit
payments and recordkeeping. No action is needed by retirees or
beneficiaries. Avaya and MetLife have provided additional
information to covered retirees whose benefits will be paid by
Metropolitan Life Insurance Company.
“With this transaction, we look forward to continuing our
long-term relationship with Avaya and providing security to their
retirees,” said Jay Wang, senior vice president and head of Risk
Solutions for MetLife’s Retirement & Income Solutions business.
“MetLife is a leader in providing retiree life insurance funding
and buyout solutions. By taking on these retiree life insurance
obligations, we will help Avaya reduce its financial liabilities
while securing these benefits for retirees and beneficiaries.”
MetLife, through its subsidiary Metropolitan Life Insurance
Company, has been providing retiree life insurance funding
solutions for more than 60 years and is a market leader for
post-retirement and welfare benefits’ solutions.
Avaya was advised on the deal by SageView Advisory Group.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 markets globally and
holds leading positions in the United States, Japan, Latin America,
Asia, Europe, and the Middle East.
About SageView Advisory Group
SageView Advisory Group is an SEC Registered Investment Advisory
firm (RIA) serving retirement plan sponsors and individuals
throughout the United States since 1989. SageView advises on
401(k), 403(b), 457, defined benefit and deferred compensation
plans. SageView is headquartered in Newport Beach, California with
25 offices nationwide.
SageView Advisory Group, LLC is a Registered Investment Advisor.
Advisory services are only offered to clients or prospective
clients where SageView Advisory Group, LLC and its representatives
are properly licensed or exempt from licensure. Past performance is
no guarantee of future results. No advice may be rendered by
SageView Advisory Group, LLC unless a client service agreement is
in place.
For more information about SageView, visit
www.sageviewadvisory.com or call (800) 814-8742.
Forward-Looking Statements
The forward-looking statements in this news release, which
contain words such as “will” and “look forward” are based on
assumptions and expectations that involve risks and uncertainties,
including the “Risk Factors” MetLife, Inc. describes in its U.S.
Securities and Exchange Commission filings. MetLife’s future
results could differ, and it has no obligation to correct or update
any of these statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211007005245/en/
MetLife Contact: Judi Mahaney jmahaney@metlife.com
212-578-7977
Grafico Azioni MetLife (NYSE:MET)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni MetLife (NYSE:MET)
Storico
Da Mar 2023 a Mar 2024