Massachusetts finds MetLife 'missing' pensioners, Galvin says

Two months after the insurer provided the names of those owed pension payments, the state has located the majority of them

Mar 1, 2018 @ 1:02 pm

By InvestmentNews

The Massachusetts securities regulator has found hundreds of retirees in the state who are owed pension payments by MetLife and whom the insurer said it had been unable to locate.

MetLife provided the names to Secretary of the Commonwealth William F. Galvin's office after its securities division opened an investigation in December. At the time, the insurer announced that it had failed to make payments to thousands of retired workers because it was unable to locate them. MetLife had acquired the obligation to pay the employees' pensions from their former employers.

Through its own searches, the state has been able to identify better addresses for a majority of the Massachusetts retirees affected, Mr. Galvin's office said in a release.

Once the retired workers receive their benefits, Mr. Galvin said his office "will seek to establish what meaningful efforts MetLife has made in the past to locate and pay these people, many of whom are likely living on fixed incomes."

The state's investigation found that some of the retirees involved are now deceased, and that their beneficiaries are likely entitled to payments from MetLife. The average age of those whose names could not be found by the insurer is 72.

Mr. Galvin said his office will provide the information it has gathered to MetLife, so that the company can immediately begin processing payments.

(More: Galvin charges Scottrade with DOL fiduciary rule violations)

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Transamerica's Boan: Crafting better retirement income conversations

Retirement income is a challenge for investors. How can advisers have better conversations about retirement income? Transamerica's Joseph Boan offers insights and tips for advisers.

Latest news & opinion

What's in a name? For TCA by ETrade, everything

Trust Company of America is gone, and there's big buzz over the name change. But turning the custodian into an industry powerhouse will take a lot longer — if it happens at all.

As Ameriprise case shows, firms on hook when brokers go bad ​

The SEC will collect $4.5 million from the brokerage firm for failing to supervise brokers who were ripping off clients.

10 highest paid professions in America today

These are the top-paying jobs in the U.S., according to Glassdoor.

Ameriprise to pay $4.5 million to settle SEC charges that five reps stole more than $1 million from clients

Agency censures firm for not protecting clients from thieving brokers.

SEC slaps Lockwood with $200,000 fine over unseen trading costs to clients

Clients were forced to pay fees in addition to the usual wrap charges, the regulator maintains.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print