Barclays chooses MetLife as annuity provider

Barclays Global Investors has selected MetLife as the income annuity provider in its SponsorMatch 401(k) program. MetLife is bringing in its deferred income annuity as an asset allocation option in a defined contribution plan. Launched last fall, Barclays’ SponsorMatch gives employees access to a hybrid investment that combines a target-date fund that uses institutional strategies with a deferred fixed income annuity element. This way, employer matches go toward a guaranteed income stream. As the employee ages, annuity allocation rises, meanwhile BGI manages the target-date fund so that participants get market gains and help secure income. Participants are automatically enrolled and can opt out of SponsorMatch.