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MetLife, Inc. (NYSE: MET) has expressed support for the recently signed SECURE 2.0 Act, included in the Omnibus government funding package. The legislation increases premium maximums for qualifying longevity annuity contracts (QLACs), enhancing access to guaranteed income for retirees. It also provides more funding options for employers regarding retiree medical and life insurance liabilities, effectively reducing financial risks on their balance sheets. MetLife sees these changes as crucial for enabling Americans to retire confidently.
Positive
Increases premium maximums for QLACs, enhancing retirees' guaranteed income access.
Employers gain more funding options for retiree liabilities, mitigating balance sheet risks.
Negative
None.
Retirement Legislation included in the “Omnibus” Government Funding Package
NEW YORK--(BUSINESS WIRE)--
MetLife, Inc. (NYSE: MET) issued the following statement today from Graham Cox, head of MetLife’s Retirement & Income Solutions group, on the Setting Every Community Up for Retirement Enhancement Act of 2022, also known as SECURE 2.0, being signed into law as part of the “Omnibus” government funding package:
“We commend Congress on the enactment of the Setting Every Community Up for Retirement Enhancement Act of 2022, also known as SECURE 2.0. By increasing the premium maximums for qualifying longevity annuity contracts (QLACs), it ensures that individuals will have greater access to guaranteed income streams later in life. Additionally, employers will have more options to fund their retiree medical and life insurance liabilities. This allows them to protect their retirees’ coverage while removing the risk from their balance sheet. With these provisions, this legislation takes additional strides to help all Americans live confidently in retirement.”
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 build a more confident future. 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.
