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Retirement Income: Key Considerations
Peg Knox, with the Defined Contribution Institutional Investment Association (DCIIA), says DC plans need to evolve to prepare participants to convert their assets into retirement income.
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Having evolved meaningfully over the past 40 years, today’s defined contribution (DC) plans now enable participants to accumulate and invest retirement assets even more easily than in the past. DC plans also most often allow participants to retain assets in-plan throughout retirement. Yet research indicates that most of them are ill-prepared to convert their assets into retirement income.
The conclusion for DC plan sponsors seeking to assist these participants is clear: The next step is to evolve plan design and investments by adding a benefit distribution focus to offerings and communications and/or by adding services to better address the needs of those near or in retirement. Plan participants have also identified this as an area of need.
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MetLife, Inc.: MetLife Completes $5 Billion Longevity Reinsurance Transactions with Rothesay
MetLife, Inc. announced today that its subsidiary, Metropolitan Tower Life Insurance Company, has closed its second and third longevity reinsurance transactions with Rothesay Life Plc, reinsuring approximately $5 billion of pension liabilities associated with two U.K. bulk annuity transactions completed in the fourth quarter of 2020. We are pleased to expand our relationship with Rothesay and build on our previous success to execute the latest two transactions very quickly and efficiently, said Jay Wang, senior vice president and head of Risk Solutions for MetLife s Retirement Income Solutions business. With these transactions, we will continue to execute on our strategy, using our actuarial expertise and history managing longevity risk to expand our footprint within the U.K. longevity reinsurance market.
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