MetLife (MET) Unit to Manage 3M's $2.5B Pension Obligations
METMetLife(MET) ZACKS·2024-06-15 02:46

MetLife, Inc.’s (MET) unit, Metropolitan Tower Life Insurance Company, recently inked a deal with the American multinational conglomerate, 3M. As a result, the MetLife subsidiary will assume defined benefit pension obligations of around $2.5 billion and deliver annuity benefits to roughly 23,000 retirees and beneficiaries of the 3M Employee Retirement Income Plan.A group annuity contract was bought from Metropolitan Tower Life this month. However, the monthly pension benefits received by retirees, their spo ...