Micruity and MetLife Expand Collaboration to Enhance Access to Retirement Income Solutions
~ Digital Retirement Platform will deliver education and planning tools alongside increased accessibility to annuity products for defined contribution plans ~
NEW YORK, June 20, 2024
Micruity, a recognized leader in retirement technology solutions, announced today an expansion of its collaboration with MetLife, Inc. (MetLife), a leading provider of institutional income annuities.
The two firms will collaborate on the development of MetLife's Universal Digital Retirement Platform, an education, planning, and annuity purchasing tool that seamlessly and securely connects to existing employment benefit, third party administrator (TPA) and recordkeeping systems.
This latest collaboration deepens the existing relationship between the two firms and will fill a critical gap in the American retirement income landscape by empowering defined contribution plan participants to make more informed choices as they approach retirement.
MetLife's 2024 Qualifying Longevity Annuity Contract Poll found that 91% of plan sponsors are concerned that future retirees will run out of money in their retirement. This new tool will help plan sponsors to address these concerns, by making it seamless to offer robust educational resources on a broad range of retirement income-related topics as well as expanding access to immediate income annuities, allowing plan sponsors to easily offer these solutions within their defined contribution (DC) plans.
Micruity CEO, Trevor Gary, expressed excitement about Micruity's growing strategic relationship with the insurance leader, "the enhanced collaboration with MetLife is another milestone in our mission to deliver simple, accessible, retirement income solutions."
"Our flexible infrastructure means that we can efficiently build out new products and enhancements for our clients, iterating on components we previously configured for MetLife on Fidelity's Guaranteed Income Direct ('GID') and State Street Global Advisors IncomeWise platforms," Gary added.
The rapidly evolving retirement income ecosystem requires adaptability and flexibility to meet the challenges of current and future retirees. Micruity's innovative platform delivers plug-and-play data infrastructure, logic layer, and connectivity for insurers, asset managers and recordkeepers to streamline operational complexities and deliver a simple, seamless plan participant experience.
With over 40 years in the institutional income annuities market, MetLife works with plan sponsors to expand access to guaranteed lifetime income solutions, which empower plan participants to confidently transition into retirement. MetLife's Institutional Income Annuities business is well known for its innovation, and this collaboration is another step forward in streamlining and simplifying how plan sponsors can offer lifetime income solutions in their DC plans.
Roberta Rafaloff, vice president and head of Institutional Income Annuities at MetLife emphasized the strategic value of this relationship, "by augmenting the retirement planning tools available to plan participants through Micruity's integrations, we are making it easier for participants to learn about and access retirement income solutions like our MetLife Guaranteed Income Program and MetLife Retirement Income Insurance QLAC."