MetLife Assumes Post-Retirement Life Insurance Liabilities For 8,000 Avaya Retirees
MetLife, Inc. (MET)
Last metlife, inc. earnings: 2/5 04:15 pm
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US:NYSE Investor Relations:
investor.metlife.com
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) announced today that its subsidiary, Metropolitan Life Insurance Company, entered into an agreement in the first quarter of 2021 to assume responsibility for about $190 million of Avaya’s post-retirement life insurance obligations covering approximately 8,000 retirees.Using existing plan assets, Avaya, through its Post Retirement Life Insurance Benefits Trusts, purchased retiree life insurance buyout contracts from Metropolitan Life Insurance Company to cover eligible retirees. The buyout transaction will not change life insurance benefits for Avaya’s retirees and their beneficiaries. With the transaction, Metropolitan Life Insurance Company, rather than Avaya, will be responsible for life insurance costs, benefit payments and recordkeeping. No action is needed by retirees or beneficiaries. Avaya and MetLife have provided additional information to covered retirees whose benefits will be paid by Metropolitan Life Insurance Compan
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MET
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- 1/31/24 - Miss
MET
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- 4/3/24 - Form 4
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- MET's page on the SEC website