MetLife to Provide Annuity Benefits to Nearly 12,000 Dow Retirees and Beneficiaries
February 08 2021 - 11:00AM
Business Wire
~ Pension risk transfer agreement covers
approximately $700 million in pension obligations ~
MetLife, Inc. announced today that its subsidiary, Metropolitan
Tower Life Insurance Company, has entered into an agreement with
Dow (NYSE: DOW) to provide annuity benefits to approximately 12,000
retirees and beneficiaries in Dow’s defined benefit (DB) pension
plans, representing pension obligations of approximately $700
million.
“We are pleased to expand our relationship with Dow, which has
once again selected MetLife as a trusted partner to provide
guaranteed lifetime income to their retirees, as well as benefits
to the retirees' spouses and beneficiaries,” says Melissa Moore,
senior vice president and head of Annuities at MetLife. “MetLife
and Dow share common values and are both focused on ensuring secure
futures for these individuals.”
Dow purchased a group annuity contract from Metropolitan Tower
Life Insurance Company in November 2020. The transaction will not
change the amount of the monthly pension benefit received by the
corporation’s retirees and beneficiaries. Metropolitan Tower Life
Insurance Company, rather than Dow, will be responsible for making
these monthly payments. No action is needed by retirees or
beneficiaries. Dow and MetLife will provide details to retired
participants and beneficiaries whose ongoing payments will be made
by Metropolitan Tower Life Insurance Company.
“Our retirees are an integral part of the Dow community so we
wanted to find a partner we trusted to ensure that they received
their earned benefits,” says Bryan Jendretzke, Global Benefits
Director at Dow. “In MetLife, we found that trusted partner.”
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 markets globally and
holds leading positions in the United States, Japan, Latin America,
Asia, Europe and the Middle East. For more information, visit
www.metlife.com.
About Dow
Dow (NYSE: DOW) combines global breadth, asset integration and
scale, focused innovation and leading business positions to achieve
profitable growth. The Company’s ambition is to become the most
innovative, customer centric, inclusive and sustainable materials
science company. Dow’s portfolio of plastics, industrial
intermediates, coatings and silicones businesses delivers a broad
range of differentiated science-based products and solutions for
its customers in high-growth market segments, such as packaging,
infrastructure and consumer care. Dow operates 109 manufacturing
sites in 31 countries and employs approximately 36,500 people. Dow
delivered sales of approximately $43 billion in 2019. References to
Dow or the Company mean Dow Inc. and its subsidiaries. For more
information, please visit www.dow.com or follow @DowNewsroom on
Twitter.
Forward-Looking Statement
The forward-looking statements in this news release, such as
“future,” and “will,” are based on assumptions and expectations
that involve risks and uncertainties, including the “Risk Factors”
MetLife, Inc. describes in its U.S. Securities and Exchange
Commission filings. MetLife’s future results could differ, and it
has no obligation to correct or update any of these statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210208005572/en/
MetLife Contact: Judi Mahaney jmahaney@metlife.com
212-578-7977
MetLife (NYSE:MET)
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