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MetLife has launched the MetLife retirement income insurance qualifying longevity annuity contract (“QLAC”). The company said that this deferred income annuity is designed specifically for the institutional market and that it is available for qualified defined contribution (“DC”) retirement plans.

“Like all deferred income annuities, our new retirement income insurance QLAC is designed to provide income for the latter part of retirement and creates a guaranteed income stream when other retirement income sources are most likely to run short,” said Roberta Rafaloff, the vice president of institutional income annuities/corporate benefit funding in MetLife’s institutional retirement group. “As the leading provider of institutional income annuities and first company to introduce longevity insurance into the marketplace in 2004, MetLife has been focused on solutions to address longevity risk for a long time. By incorporating this new option as part of their plan, sponsors can help participants ensure more successful retirement outcomes.”

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