The aerospace giant will transfer liabilities to the insurer, roughly 20,000 retirees and current workers.
Firm assumed annuitants were dead or unreachable if they didn’t respond to two mailings.
Many businesses are looking to unload all retirement assets within five years, MetLife survey shows.
Insurer failed to pay 13,500 pensioners incorrectly labeled as ‘presumed dead.’
Transaction is largest risk transfer in US since Verizon/Prudential deal.
Insurer links pension predicament to ‘material weakness in internal control and financial reporting.’
MetLife says it is fully committed to rectifying the situation.
Grocery-anchored and experiential-based retail, creative office space offer good opportunities.
Beginning August 1, 51,000 participants will receive benefit payments from MetLife.