MetLife Guaranteed Income Program is a fixed immediate income annuity designed to provide employees with guaranteed lifetime income. Employees can purchase this product with savings from their 401(k), profit sharing, cash balance, or other tax-advantaged retirement plans. This product completes the retirement cycle for individuals by turning some or all of their assets into a secure income stream.
For employers
Simple & easy
As a plan distribution option, there are no portability concerns and no expensive or timely build with your record-keeper. Fixed income annuity products are easy to implement for plan sponsors and easy to understand by employees.
Low cost
Employees benefit from institutional pricing of lifetime income products at no additional cost to plan sponsors.
Complementary
Partial distributions allow remaining assets to stay in the plan, providing for liquidity and guaranteed income needs.
Advocacy
Maximize successful retirement outcomes with customizable communications and award-winning education that is backed by superior customer service.
For employees
Security
Consistent, predictable income payments that are guaranteed for life and protect against longevity risk.
Choice
A range of income payment options and features to meet different income needs.
Educational tools
Access to Metlife’s comprehensive retirement education program, including online modeling tools.
Service excellence
Access to toll-free guidance from our retirement income specialists
Payment options
Lifelong Income for You
This payment type guarantees that the participant will receive fixed payments for as long as he or she lives. Use an annuity payout calculator to solve your lifetime income.
Lifelong Income for Two
This payment type guarantees that the participant and another person, typically a spouse, will receive fixed payments for as long as at least one of them lives.
Lifelong income with a guarantee period
This payment type guarantees an income for life with the assurance that should the participant (or participant and another person, with Income for Two) die during the selected period (between 5 and 30 years), payments will continue to a beneficiary for the time remaining.
Metlife Life Insurance is also an inexpensive way to leave a death benefit to beneficiaries.
Income for a guaranteed period only.
This payment type guarantees an income for a specified period only (between 5 and 30 years), with payments continuing to a beneficiary should the participant die during the selected period.
Additional features
Return of premium guarantee
Also known as a cash refund, this feature ensures that should the participant pass away after the income payments begin, but before they recouped the dollar amount paid to purchase the MGIP, we will pay the difference to the participant’s beneficiary.
Inflation protection
In an effort to protect the participant’s income payments from an increased cost of living, this feature increases the participant’s income payment amount each year.
Participants can choose to have payment amounts increase by 1%, 2%, or 3% annually or based on changes in inflation.
Pension-Alternative
If you’re seeking a pension-like income in the future, but want more flexibility, check out an income rider. Annuities with an income rider provide guaranteed income for life with a death benefit for beneficiaries along with much more flexibility, access, growth potential, and control.
