MetLife Retirement Income Insurance QLAC

Lifetime Income

MetLife Retirement Income Insurance® QLAC

5 Minutes Dec 07, 2021

A Fixed Deferred Income Annuity for a More Secure Financial Future

Even though 59% of employees are concerned about outliving their savings,1 you can help your plan participants retire confidently knowing they will never outlive their savings.

Add a MetLife Retirement Income Insurance® (RII) Qualifying Longevity Annuity Contract (QLAC) offering to your retirement plan. RII QLAC is a fixed deferred income annuity, designed to provide employees with guaranteed lifetime income.2 We provide this product as a defined contribution (DC) plan distribution option. Deferred annuities are often referred to as “longevity insurance” because they provide income later in retirement; typically between the ages of 80 to 85. Employees benefit by being able to guarantee their income at a later age and exclude the portion of the plan balance used to purchase MetLife RII QLAC in required minimum distribution calculations.2

Product Features

  • Minimum purchase amount: $10,000
  • IRS limits purchase amount to the lesser of 25% of the participant’s balance or $145,000
  • Income start date can be deferred up to age 85
  • Reduces required distribution, which translates into less reportable income
  • Contains no cash value or commutation benefit
  • Income payment frequency: monthly, quarterly, semiannually or annually
  • Income payment method: check or direct deposit

Key Benefits

For Employers

Valuable
Guaranteed income solutions can be a tool for workplace management by helping employees confidently retire.
Flexible
Partial distributions allow remaining assets to stay in the plan, providing liquidity to complement guaranteed income needs. Employees can choose a variety of options, including providing benefits for loved ones after death.
Simple
Easy implementation customized to your plan’s needs, no portability concerns, and no requirements for an expensive or timely build with your recordkeeper.
Read More

For Employees

Protection
Consistent, predictable income payments, that are guaranteed for life.
Choice
A range of income payment options and features help meet individual needs, so employees can ensure that both they and their loved ones are provided for.
Low-Cost
Competitive rates, based on institutional pricing, with no hidden fees or commissions.
Service
Award-winning employee educational program and access to superior customer service.
Read More

Payment Options for Participants

Lifelong Income for You®: Guarantees that a participant will receive fixed payments for as long as they live.2

Lifelong Income for Two®: Guarantees that the participant and a spouse (or significant other) will receive fixed payments for as long as at least one of them lives.4

Additional features3

Pre-Commencement Return of Premium Guarantee: Ensures that, should the participant pass away before income payments begin, the dollar amount paid to purchase the annuity will be refunded to the participant’s beneficiary.2

Return of Premium Guarantee: Also known as a cash refund, this ensures that, should the participant pass away after income payments begin, but before he or she has recouped the dollar amount paid to purchase MetLife RII QLAC, we will pay the difference to the participant’s beneficiary.2

Inflation Protection: In an effort to protect the participant’s income payments from an increased cost of living, this increases the participant’s income payment amount each year by their choice of 1%, 2% or 3% annually.2

Our Advantage

The MetLife enterprise ranks #1 in sales and assets of institutional income annuities.5 For over 45 years, the Institutional Income Annuities team has developed, evolved and refined a disciplined approach to creating guaranteed income solutions. We’ve done so by accumulating decades of knowledge, listening intently to our customers and putting our clients first. This combination of experience and empathy, paired with our financial strength, results in a committed partner with a proven ability to anticipate market shifts and successfully navigate them.

Please Contact a Member of our Team for More Information:

Patrick Goessling
Sales Director, Western Region
314-930-8564
patrick.goessling@metlife.com

David Nastasi
Sales Director, Eastern Region
610-684-5695
david.nastasi@metlife.com