Trending...
- Yonkers Fire Commissioner Robert Sweeney to Resign from Department
- Thru-hikers Launch New Nature Streaming TV Channel for Nature Lovers
- PRA Health Sciences Merger Investigation: Halper Sadeh LLP Announces Investigation Into Whether the Sale of PRA Health Sciences, Inc. Is Fair to Shareholders; Investors Are Encouraged to Contact the Firm – PRAH
NEW YORK--(BUSINESS WIRE)--MetLife, Inc. announced today that its subsidiary, Metropolitan Tower Life Insurance Company, has entered into an agreement with Lockheed Martin Corporation (NYSE: LMT) to provide annuity benefits to approximately 13,500 retirees and beneficiaries in Lockheed Martin's defined benefit (DB) pension plans, representing pension obligations of approximately $1.4 billion.
Lockheed Martin, through its master retirement trust, purchased a group annuity contract from Metropolitan Tower Life Insurance Company in December 2020. The transaction will not change the amount or timing of the monthly pension benefit received by the corporation's retirees and beneficiaries. Metropolitan Tower Life Insurance Company, rather than Lockheed Martin, will be responsible for making these monthly payments. No action is needed by retirees or beneficiaries. Lockheed Martin and MetLife will provide details to retired participants and beneficiaries whose ongoing payments will be made by Metropolitan Tower Life Insurance Company. This is the second pension risk transfer transaction Lockheed Martin has signed with MetLife. In 2019, MetLife assumed approximately $1.9 billion in pension obligations for approximately 20,000 of the company's retirees and their beneficiaries.
More on Nyenta.com
"With this transaction we are looking forward to continuing our work with Lockheed Martin to provide guaranteed lifetime income for their retirees as well as benefits to the retirees' spouses and beneficiaries," said Graham Cox, executive vice president and head of Retirement & Income Solutions at MetLife. "MetLife is a leading pension risk transfer (PRT) provider. By taking on these pension obligations, we will help Lockheed Martin provide its retirees and beneficiaries with financial security."
The PRT market rebounded in the second half of 2020 and MetLife expects to see this trend continue in 2021. MetLife's 2020 Pension Risk Transfer Poll found that while most plan sponsors reported that their companies have been broadly impacted by COVID-19, 81% said the pandemic would neither decrease the likelihood of transacting nor cause a delay in transacting.
MetLife, through Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, is a market leader in the pension risk transfer industry, managing benefit payments of approximately $3 billion a year for about 720,000 annuitants. Metropolitan Life Insurance Company issued its first group annuity contract in 1921 to fund a defined benefit plan. MetLife's Retirement & Income Solutions Customer Solutions Center team has been recognized by J.D. Power for providing "An Outstanding Customer Service Experience" for the Live Phone Channel. MetLife's Retirement & Income Solutions (RIS) business includes U.S. Pensions, Institutional Income Annuities, and Structured Settlements in addition to other institutional products.
More on Nyenta.com
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. For more information, visit www.metlife.com.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 114,000 people worldwide and is principally engaged in the research, design, development, manufacturing, integration and sustainment of advanced technology systems, products and services.
Forward-Looking Statements
The forward-looking statements in this news release, such as "looking forward" and "will," 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.
Lockheed Martin, through its master retirement trust, purchased a group annuity contract from Metropolitan Tower Life Insurance Company in December 2020. The transaction will not change the amount or timing of the monthly pension benefit received by the corporation's retirees and beneficiaries. Metropolitan Tower Life Insurance Company, rather than Lockheed Martin, will be responsible for making these monthly payments. No action is needed by retirees or beneficiaries. Lockheed Martin and MetLife will provide details to retired participants and beneficiaries whose ongoing payments will be made by Metropolitan Tower Life Insurance Company. This is the second pension risk transfer transaction Lockheed Martin has signed with MetLife. In 2019, MetLife assumed approximately $1.9 billion in pension obligations for approximately 20,000 of the company's retirees and their beneficiaries.
More on Nyenta.com
- Lodia Nutrition, Fermentalg join forces to develop the North American market
- Digital Cash Processing, Genmega Partner to Deliver Next Generation ATM Functionality
- Registration Opens For The 17th Annual 72 HOUR SHOOTOUT Filmmaking Competition
- Nationally Syndicated Radio Show "Radio Bassment" Launching Daily Programming 7 Days a Week
- Amid Covid's Impact On Women, Companies Join Historic International Women's Day Benefit To Advance Gender Equity, Women In Leadership
"With this transaction we are looking forward to continuing our work with Lockheed Martin to provide guaranteed lifetime income for their retirees as well as benefits to the retirees' spouses and beneficiaries," said Graham Cox, executive vice president and head of Retirement & Income Solutions at MetLife. "MetLife is a leading pension risk transfer (PRT) provider. By taking on these pension obligations, we will help Lockheed Martin provide its retirees and beneficiaries with financial security."
The PRT market rebounded in the second half of 2020 and MetLife expects to see this trend continue in 2021. MetLife's 2020 Pension Risk Transfer Poll found that while most plan sponsors reported that their companies have been broadly impacted by COVID-19, 81% said the pandemic would neither decrease the likelihood of transacting nor cause a delay in transacting.
MetLife, through Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, is a market leader in the pension risk transfer industry, managing benefit payments of approximately $3 billion a year for about 720,000 annuitants. Metropolitan Life Insurance Company issued its first group annuity contract in 1921 to fund a defined benefit plan. MetLife's Retirement & Income Solutions Customer Solutions Center team has been recognized by J.D. Power for providing "An Outstanding Customer Service Experience" for the Live Phone Channel. MetLife's Retirement & Income Solutions (RIS) business includes U.S. Pensions, Institutional Income Annuities, and Structured Settlements in addition to other institutional products.
More on Nyenta.com
- Piedmont Lithium Participates in Range of Virtual Industry Conferences
- Microfiltration Membrane Market Trends, Segment Analysis and Forecast Report by 2030
- Hess to Participate in Credit Suisse Energy Summit
- Breaking Notice: Rosen, a Globally Recognized Law Firm, Encourages bluebird bio, Inc. Investors with Losses in Excess of $100K to Secure Counsel Before Important Deadline – BLUE
- Nano-technology alliance of Supreme Pharmatech and Professor M.R.Mozafari, a global nano technology expert
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. For more information, visit www.metlife.com.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 114,000 people worldwide and is principally engaged in the research, design, development, manufacturing, integration and sustainment of advanced technology systems, products and services.
Forward-Looking Statements
The forward-looking statements in this news release, such as "looking forward" and "will," 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.
Filed Under: Business
0 Comments
Latest on Nyenta.com
- Fashion Designer Minika Ko and NYC Arts Empire Host a Event to Celebrate International Women's Day
- Mastercard Incorporated Publishes Updated First-Quarter 2021 Operating Metrics on Company's Website
- New Voices Foundation to Hold $100,000 Virtual Pitch Competition for Women of Color Entrepreneurs
- Carole Demas, Sarah Rice and Ian Herman Together Again
- Identity Podcast The Importance of Black History
- Pandemic Compliance Services Provides Certified Pandemic Compliance Advisors And Covid-19 Compliance
- Meatless Farm Launches First Plant-Based Hot Dog That Tastes Like a Real Hot Dog
- Sandline Global Fortifies World-Class Executive Team: Glenn Hopper Joins as Chief Financial Officer
- Ponos Industries Extends Tender Offer for up to 1,000,000 Shares of Common Stock of Visa Inc
- GBKSOFT reveals the benefits of Building Websites with PHP in 2021?
- JT Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Notifies Jianpu Technology, Inc. Investors of Class Action and Encourages Shareholders to Contact the Firm
- AdvisorSmith Finds the States Most and Least Uninsured for Health Insurance
- Syxsense Announces Integration with Microsoft Office 365
- Iveric Bio to Present at the Cowen 41st Annual Health Care Conference
- ProStrategix Chosen as #3 Pay per Click Digital Advertising Agency by DesignRush
- Launch of Trace One E-Sourcing Will Boost Retailers' Private Label Speed to Market
- Chlorobenzene Market by Type, Application and Forecast Report by P&S Intelligence
- CTT Portugal Post, Portugal's Postal Operator, Selects Sprinklr to Accelerate its Digital Customer Experience Strategy
- BIN: Black Information Network and The Ad Council Team up With BIN Founding Partners Bank of America, CVS Health, Lowe's, McDonald's USA, Sony, 23andMe and Verizon for "It's Up To You" Vaccine Education Week
- Swati Singh's Debut Novel Available Now for Presale