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MetLife Solutions Group

Phone: 908-276-9942

Market Watch

Employee Benefits

 

Sections:

Group Life & Health Solution

Dental Insurance

Disability Insurance

Long-Term Care Insurance

Qualified Retirement Pension & Profit Sharing Plans

401(k), 403 (b), 457 (b) Plans

Section 125 Plans

SEP & Simple IRAs

Roth IRAs (Payroll Deduction)



MetLife Solutions Group offers a full range of products and services to build a customized benefits program for your business objectives and needs. We develop funding strategies to maximize value by collaborating with you and your employees to find cost-effective levels of coverage.

We also work one-on-one with your employees to help them connect workplace benefits to their total financial landscape, and help them create a sound financial strategy for the future.


Group Benefits Help Increase Employee Retention and Loyalty

Employee Benefits Image

Source: 9th Annual Study of Employee Benefits Trends, 2011


60% of employees cite non-medical benefits such as life, dental, and disability as a factor driving their loyalty towards their employer.4


Employee retention is a top benefits strategy for employers.

  • Benefits are a way to make employees less likely to seek jobs at other companies offering less comprehensive benefits.

  • Employees who report that they are satisfied with the benefits they receive through work are more than three times as likely to indicate that they are highly satisfied with their current job.4


Offering benefits through the workplace can help employees attain appropriate levels of protection for their families and themselves, and reduce the impact of financial stress.

  • 78% of employers say that financial stress contributes to health costs at their company.

  • Employees regularly cite their ability to pay bills during a period of sudden income loss as a top financial concern.4



 

Group Life Solution

MetLife sets itself apart by offering a comprehensive Group Life portfolio that uniquely addresses the needs of our three key audiences—Group Client, Participant, and Beneficiary. MetLife’s robust product portfolio provides multiple solutions to help employers offer the right benefits and employees to obtain adequate coverage today and as their needs evolve.

Group LifeImage



MetLife is the leading provider of Group Life Insurance, with a 26% market share in 2009.1 We provide benefits to over 90 of the top one hundred FORTUNE 500® companies—and 52 of these are Group Life customers.2 MetLife serves 25,000 Group Life customers, covering more than 38 million participants.3 Our financial strength and experience allow us to offer several group term life insurance options (based on individual state requirements).


Basic Term Life

One-year renewable group term life insurance that provides a scheduled benefit or multiple of earnings amount to an employee’s beneficiary in the event of the employee's death.


Supplemental Term Life

Offers employees the opportunity to buy flexible amounts of life insurance at group rates. This option allows each individual to meet his/her need for additional amounts of insurance at little or no cost to you.


Dependent Term Life

As an enhancement to our Basic Term Life plan, we offer Dependent Life insurance for employees who wish to purchase term life insurance for their spouses and/or children at group rates.


Accidental Death and Dismemberment (AD&D)

Provides 24-hour-a-day, 365-day-a-year coverage for your employees in the event of severe injuries, paralysis or death resulting from accidents on or off the job.

Like most group life insurance policies, MetLife group policies contain exclusions, limitations, reductions of benefits and term for coverage. Please contact us for costs and complete details.


Footnotes:

1 Based on total group life direct premiums collected in 2009 (in-force). Includes Term, GUL and GVUL. LIMRA International, December 2009.

2 FORTUNE 500®, 1/1/10. FORTUNE 500® is a registered trademark of FORTUNE® magazine, a division of Time, Inc.

3 MetLife Internal Customer Data, as of 1/31/10.


In addition, MetLife offers valued-added benefits such as Will Preparation2, MetLife Estate Resolution ServicesSM3, Travel Assistance with Identity Theft Solutions4 and Concierge services. For more information and our complete listing of services, please visit Additional Benefits.


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Dental Insurance

Give your employees something to beam about with competitive dental benefits from MetLife Solutions Group. We offer employers of all sizes a wide variety of cost-effective, flexible benefit plan designs to help you meet your company’s benefits objectives from both a cost and value perspective – with plans employees appreciate. We are continually integrating the latest market trends, clinical research and practice protocols into our standard plans to offer solutions to help you meet your goals.


Products:


Preferred Provider Organization (PPO) plans, including:

  • Copay plans.1 Help lower your dental costs over time while keeping your employees satisfied with flexible plan design options and monthly premiums as low as $9–$12.

  • Graduating Dental Benefits.2 These benefits encourage participants to maintain their dental coverage with MetLife and provide enhanced coverage to help ALL participants achieve and/or maintain good oral health.

  • Full Service Dental for Retirees. You can enrich your company's retiree benefits with minimal administration and no benefit expense to your company.


SafeGuard Dental HMO Plans (California and Texas only).

SafeGuard Dental HMO Plans (Florida only).

Indemnity plans. MetLife also provides a traditional fee-for-service dental plan giving participants the freedom to visit any licensed dentist, no network, in the country for covered services.


Options

MetLife Dental Health ManagerSM,3 MetLife’s interactive, turnkey disease management solution specific to dental health that goes beyond education-only offerings.

Multi-Option features. Single, dual and multi-option features are available on MetLife DPPO and SafeGuard DHMO plans4.

Funding arrangements, including:

  • Voluntary and Employer-Sponsored options. MetLife offers a variety of voluntary dental plan designs utilizing MetLife DPPO5 and SafeGuard DHMO.

  • Fully Insured and Self-Funded6 options

With MetLife Group Dental benefits, you can feel confident you’ll receive a good value for your dental benefit dollars. Speak to your insurance broker or MetLife representative today to get started with a plan that fits your budget and employees’ needs.

Dental benefit plans are available to employers based upon group size, underwriting and state requirements.


Footnotes:

1 MetLife PDP Copay plans are only available to groups with 500 or more eligible employees. Copay plans are not available in all states.

2 Available for groups with 10 or more eligible employees, excluding Copay plans and Full Service Dental for Retirees.

3 Available for groups with 500 or more eligible employees, excluding Full Service Dental for Retirees and SafeGuard DHMO benefit plans. Other restrictions may apply. Please contact MetLife for complete details.

4 DHMO/DPPO or DPPO/DPPO plans are available for groups with 25 or more eligible employees. DHMO/DHMO plans are available for groups with 10 or more eligible employees.

5 Available for groups with 10 or more eligible employees.

6 Self-funded programs are available to organizations with 500 or more eligible employees. DHMO plans are not offered on a self-funded basis.

Group dental insurance policies featuring the MetLife Preferred Dentist Program ("PDP") are underwritten by Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166

Dental HMO plans are available in CA, FL and TX only, through a domestic company in the applicable state named SafeGuard Health Plans, Inc. The SafeGuard companies are part of the MetLife family of companies. "Dental HMO" is used to refer to products that may differ by state of residence of the enrollee, including but not limited to: "Specialized Health Care Service Plans" in California; "Prepaid Limited Health Service Organizations" as described in Chapter 636 of the Florida statutes in Florida; and "Single Service Health Maintenance Organizations" in Texas.

Like most group benefit programs, benefit programs offered by MetLife and its affiliates contain certain exclusions, exceptions, waiting periods, reductions, limitations and terms for keeping them in force. Please contact us for costs and complete details.


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Disability Insurance

MetLife’s Group Disability offerings can help you manage financial risk and maximize workforce productivity while offering your employees a measure of financial security by helping to protect their incomes.

  • Our flexible suite of total disability solutions is designed to help you meet your benefits objectives and budget constraints, regardless of the size of your business.

  • Our proven claim and service model ensures accurate claim management and delivers award-winning service.1

  • We focus on workforce productivity, providing tools and resources that support employee health and which can help reduce absences and decrease the incidence of disability.

  • Our consultative approach provides you with insights and resources to help optimize benefits offerings.

MetLife’s comprehensive suite of flexible products and services are designed to address the disability and absence needs of employees and employers of all sizes.


Disability Products and Services

  • Short Term Disability (STD)

  • Long Term Disability (LTD)

  • Salary Continuance, Administrative Services Only (ASO) and Advice-to-Pay (ATP)1

  • Voluntary STD2 and Voluntary LTD

  • Statutory Disability and Paid Family Leave1

  • LTD Reserve Buy-Outs

  • Individual Disability Insurance (IDI) / LTD Integrated Solution


Total Absence ManagementSM Leave Management Services3

Our comprehensive portfolio of leave management services can help lessen your administrative burden so you can focus on other tasks.


Federal and State FML Administration

Paid Family Leave

Company Sponsored Leaves and Absences:

  • Jury / Witness duty

  • Military Leave ( USERRA )

  • Bereavement

  • Personal

  • Parental

  • Sabbatical

  • Company Medical Leave

  • Other Company-Sponsored Leaves


Disability Health and Wellness Connection4

Promotes utilization of your existing disease management and wellness programs and your medical carrier. This coordinated approach helps drive healthier behaviors that can lead to a more health conscious workforce, reduced absences, earlier return to work (where applicable) and potentially lower incidences of disability.

  • EAP Referral

  • Disease Management Coordination

  • Data Sharing

  • Trends and Analysis Reporting

  • Online Disability Consumer Educational Resources


Footnotes:

1Statutory Plans (except for NY), self-funded programs and CA VDP/PFL available for 500+ covered lives.

2 Not available in states with statutory plans except NY

3 Available to private employers with a minimum of 1,000+ covered employee lives. FMLA and Leave Management administrative services are only sold in conjunction with group STD (ASO or insured) and insured Group LTD. The employer’s FMLA policy must require that the group disability and workers compensation insurance run concurrently with FMLA.

4 Available for employers with 3,000+ covered employee lives. MetLife does not provide any Disease Management, Health and Wellness Programs or Data Warehousing. Employers will need to contract for these services outside of their relationship with MetLife.


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Long-Term Care Insurance

Long Term Care Insurance helps protect your hard-earned assets, and provide more control over how and where you receive care should you need it.

While we have decided to stop selling new long-term care insurance (LTCI) coverage, this decision will have no impact to the coverage of our existing LTCI customers.

It’s important that you know:

  • MetLife will ensure LTCI customers continue to receive quality service—especially at time of claim.

  • Your coverage cannot be cancelled, as long as you pay premiums on time, although premiums for coverage can be raised on a class basis.

  • You may continue to make coverage changes according to the terms of your policy or certificate, including inflation protection offers and requests to increase or decrease coverage.


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Qualified Retirement Pension & Profit Sharing Plans 401(k), 403(b), 457(b) Plans

An integral part of any retirement strategy is a tax-qualified retirement plan. It can be an efficient and effective way to achieve important business and personal objectives, since qualified retirement plans can offer tax-deductible contributions and tax-deferred growth. These features make it possible to rescue dollars that would otherwise be lost to taxes, and put them to work to satisfy business and personal needs instead.

There are many types of plans available today. These plans offer a variety of features and benefits. In addition, a plan must integrate with other benefit programs for maximum effectiveness. Making the right choices at each step during the adoption process is critical to the ultimate success of a plan.

That’s where we come in. We can help you build the features you are looking for into a qualified retirement plan. We do this by offering individualized consulting services, creative plan design and easy to understand analysis.


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401(k), 403 (b), 457 (b) Plans


Why 401(k) Plans?

401(k) plans can be a powerful tool in promoting financial security in retirement. They are a valuable option if you are considering a retirement plan for you and your employees.

Benefits of 401(k) plans:

  • A well-designed 401(k) plan can help attract and keep talented employees.

  • It allows participants to decide how much to contribute to their accounts.

  • As a business owner, you are entitled to a tax deduction for contributions to employees’ accounts.

  • A 401(k) plan benefits a mix of rank-and-file employees and owners/managers.

  • The money contributed may grow through investments in stocks, bonds, mutual funds, money market funds, savings accounts, and other investment vehicles.

  • Contributions and earnings generally are not taxed by the Federal Government or by most State governments until they are distributed.

  • A 401(k) plan may allow participants to take their benefits with them when they leave the company, easing administrative responsibilities.


403(b)

When you offer your employees a 403(b) plan, you're giving them the opportunity to save for retirement in a plan that offers tax advantages, flexibility, and generous contribution limits.

Employees of public schools and certain tax-exempt organizations -- as determined by Section 501(c)(3) of the Internal Revenue Code -- can participate in a 403(b) plan. This includes hospitals, libraries, philanthropic organizations, and churches, as well as educational institutions such as K-12 public schools, colleges, and universities.


A focus on your employees

Providing your employees with the right 403(b) plan to save for retirement is an important objective for you as a plan sponsor—and we can help.

  • MetLife Solutions Group advisors can offer personal assistance, offering a variety of investment planning tools and interactive programs.

  • We focus on the long term, so we're uniquely equipped to help your employees create an investment plan tailored to their circumstances and to provide access to timely educational resources appropriate for their stage of planning.


457(b) Plans

There are two types of 457(b) plans. One is for government employees, including state, county, municipal workers, police officers, firefighters and some teachers. The other covers only highly compensated employees of non-profit corporations, such as hospitals, charitable groups, and unions.


Advantages of 457(b) Plans

All 457(b) plans share advantages over other types of employer-provided retirement plans such as 401(k) and 403(b) plans.

  • There is no 10% penalty for taking money out of a 457(b)s prior to age 59 1/2 as long as they are retiring or separating from service.

  • Income taxes are owed, but can be avoided if the money is rolled into another retirement plan.

  • Non-profit workers can only roll the money over into another 457(b), but government plans can be rolled into a personal IRA or any employer-sponsored qualified plan as allowed by the rules of that employer’s plan.

In addition, employees who have both 457(b) plans and 401(k) or 403(b) plans can contribute the maximum allowable amount to both. The combined contribution caps are $33,000 a year, or $44,000 a year for those over age 50. Your employees can contribute up to their entire salary.

The advantages don't stop there. In addition to the "catch-up" contributions offered to employees over age 50 in most plans, many 457(b) plans allow employees who are within three years of their plan's normal retirement age to contribute up to 200% of the maximum allowable contribution.


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Section 125 Plans

An excellent way to provide health care benefits to your employees is by establishing a Section 125 Plan - also known as a cafeteria plan, flexible spending plan, or similar names depending on the specific plan's purpose. The plans are specifically excluded from the calculation of gross income for federal income tax purposes.

Not only does a Section 125 Plan allow you to provide health care benefits, a full cafeteria plan can be used to provide dependent care benefits and spending accounts for employees to decide what they want in their benefits plan.

125 plans allow employees to contribute pretax dollars into the plan - contributions toward plans are not subject to federal, state, or social security taxes. The contributions are placed into an account the employee can use to pay for allowed expenses (e.g., premiums for health insurance, dependent care costs, medical supplies).

Since no federal, state or social security taxes are taken out and the dollars are not included as gross income, the employee saves anywhere from 27 - 50% on these purchases. The employees determine what aspects of benefits are important to them.

And, because the employee is paying a portion of the benefits premiums, premiums are lowered for you, which is especially beneficial for smaller businesses.


There are still greater benefits for you:

  • FICA Contribution Savings - Since the employees' contributions are not subject to social security tax (FICA), you do not have to pay its matching contribution either. Thus, your business can save 7.65 cents for every dollar contributed.

  • Workers' Compensation Premium Savings - Since, depending on your state, workers' compensation premiums are set by size of payroll, your payroll is reduced by every contribution resulting in lower workers' compensation premiums.


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SEP and SIMPLE IRAs

What is a SEP IRA?

Simplified Employee Pension plans (SEPs) can provide a significant source of income at retirement by allowing you to set aside money in retirement accounts for yourself and your employees. Under a SEP, you contribute directly to traditional individual retirement accounts (SEP-IRAs) for all employees (including yourself). A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee’s pay.

Advantages of a SEP IRA

  • Contributions to a SEP are tax deductible and your business pays no taxes on the earnings on the investments.

  • You are not locked into making contributions every year. In fact, you decide each year whether, and how much, to contribute to your employees’ SEP-IRAs.

  • Generally, you do not have to file any documents with the government.

  • Sole proprietors, partnerships, and corporations, including S corporations, can set up SEPs.

  • You may be eligible for a tax credit of up to $500 per year for each of the first three years for the cost of starting the plan.

  • Administrative costs are low.


Simple IRAs

What is a SIMPLE IRA?

A SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) IRA plan offers great advantages for businesses that meet two basic criteria. First, your business must have 100 or fewer employees (who earned $5,000 or more during the preceding calendar year). In addition, you cannot currently have another retirement plan. If you are among the thousands of business owners eligible for a SIMPLE IRA plan, read on to learn more.

A SIMPLE IRA plan provides you and your employees with a simplified way to contribute toward retirement. It reduces taxes and, at the same time, attracts and retains quality employees. And compared to other types of retirement plans, SIMPLE IRA plans offer lower start-up and annual costs … they are just simpler to operate.


Other Advantages of a SIMPLE IRA Plan:

  • SIMPLE IRA plans are easy to set up and run – MetLife Solutions Group can handle most of the details.

  • Employees can contribute, on a tax-deferred basis, through convenient payroll deductions.

  • You can choose either to match the employee contributions of those who decide to participate or to contribute a fixed percentage of all eligible employees’ pay.

  • You may be eligible for a tax credit of up to $500 per year for each of the first 3 years for the cost of starting a SIMPLE IRA plan.

  • Administrative costs are low.

  • You are not required to file annual financial reports.


MetLife, its agents, and representatives may not give legal or tax advice. Any discussion of taxes herein or related to this document is for general information purposes only and does not purport to be complete or cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the appropriateness of any product for any specific taxpayer may vary depending on the facts and circumstances. You should consult with and rely on your own independent legal and tax advisers regarding your particular set of facts and circumstances.

Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166


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Roth IRAs (Payroll Deduction

A payroll deduction individual retirement account (IRA) is a simple and easy way for you to give employees the opportunity to save for retirement, without the responsibility required by an employee benefit plan. You set up the payroll deduction IRA program with MetLife Solutions Group, and then your employees choose whether and how much they want deducted from their paychecks and deposited into the IRA. Employees may also have a choice of investments depending on the IRA provider.

Advantages of a payroll deduction IRA:

  • The payroll deduction IRA is a simple and direct way for employees to set up an IRA and save for their retirement.

  • The employee makes all of the contributions. You make no contributions. By making regular payroll deductions, employees are able to contribute smaller amounts each pay period to their IRAs, rather than having to come up with a larger amount all at once.

  • There is little administrative cost and no annual filings with the government.

  • There is no requirement that you need to have a certain number of employees to set up a payroll deduction IRA.

  • The program will not be considered an employer retirement plan subject to Federal requirements for reporting and fiduciary responsibilities as long as you keep its involvement to a minimum.

  • Providing a payroll deduction IRA for employees may help you attract and retain quality employees

Qualified Plan Brochure: Pension Resource Center: Qualified Plan Design:


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