In December, 2017 MetLife revealed that it had failed to pay approximately 30,000 people to whom it owed benefits resulting from pension de-risking transfers. Now, the Securities Exchange Commission (SEC) is looking into this failure to pay pensions. MetLife is also facing inquiries from several state insurance regulators, including the Superintendent of Financial Services in New York. MetLife shares took a hit after the company postponed its earnings report due to these unpaid pensions. While MetLife has claimed to be unaware of any intentional wrongdoing in connection with its failure to make payments to these people, this reinforces the need for legislation to protect retirees impacted in pension de-risking transfers. More information on Pension De-Risking can be found here.
If you are a retiree who believes you are missing payments from MetLife, please contact us at email@example.com or (203) 504-8425.