MetLife Works with Fidelity Investments® to Offer Guaranteed Lifetime Income through New Retirement Solution

Core Insights - A significant concern for retirees is the risk of outliving their savings, with 71% of U.S. employees expressing this worry, an increase from 60% two years ago [1] - MetLife is collaborating with Fidelity Investments to introduce the MetLife Guaranteed Income Program®, a fixed immediate income annuity, through Fidelity's Guaranteed Income Direct solution [1][2] Company Initiatives - The SECURE Act of 2019 has facilitated the offering of lifetime income solutions in the workplace, leading to increased interest among plan participants and actions from plan sponsors to implement these products [1] - MetLife's guaranteed income offering aims to enhance access to immediate income annuities, allowing plan sponsors to provide retirement income options within defined contribution plans [2] Product Features - The Guaranteed Income Direct solution allows participants to purchase an immediate income annuity through an insurer chosen by their employer, while unutilized funds remain in the plan [2] - MetLife emphasizes simplicity in offering income annuities, making it easier for plan sponsors to provide guaranteed income and for participants to annuitize their savings [3] Financial Security - A guaranteed income stream can assist retirees in budgeting for daily expenses and mitigate the risk of rapidly depleting their savings [3] - Research indicates that one in three retirees (34%) who opted for a lump sum from their defined contribution plan deplete their savings within an average of five years [3] Collaboration and Expertise - MetLife has extensive experience in retirement income solutions and is committed to ensuring financial security for retirees, collaborating with Fidelity Investments and Micruity to enhance retirement outcomes [4] - Micruity's Advanced Routing System (MARS™) improves data sharing among stakeholders, facilitating the transition from retirement savings plans to income plans [5] Company Overview - MetLife, Inc. is a leading financial services company providing insurance, annuities, employee benefits, and asset management globally, with operations in over 40 markets [6]