Massachusetts finds MetLife 'missing' pensioners, Galvin says

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)