MetLife Settles with Massachusetts Over Unpaid Pensions
In late 2017, MetLife announced that it had lost track of some retirees. MetLife had assumed the responsibility of paying these retirees in a pension risk transfers done years ago, and disclosed that it followed a policy of trying to reach beneficiaries just twice. Once when they approached age 65, and again 5 1/2 years later when federal law required them to begin taking benefits. MetLife was charged with fraud in June 2018 by the Commonwealth of Massachusetts. The lawsuit was settled in late December with MetLife paying a $1 Million fine to Massachusetts. MetLife is making payment to the formerly “lost” annuitants with interest.