The New York State and Local Retirement System (NYSLRS) administers two distinct systems: The Employees' Retirement System (ERS) and The Police and Fire Retirement System (PFRS). NYSLRS does not provide life insurance, but most NYSLRS retirees are eligible for a post-retirement death benefit. Metropolitan Life Insurance Company (MLIC), better known as MetLife, is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. MetLife offers life insurance solutions, including term life insurance and permanent life insurance. MetLife's website provides resources and tools to help individuals understand the different types of life insurance and their advantages. However, there is no mention of any affiliation between MetLife and NYSLRS.
Characteristics | Values |
---|---|
Is NYSLRS affiliated with Metropolitan Life Insurance? | No |
What is NYSLRS? | The New York State and Local Retirement System (NYSLRS) administers two distinct systems: The Employees’ Retirement System (ERS) and The Police and Fire Retirement System (PFRS). |
What is Metropolitan Life Insurance? | MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife. |
Does Metropolitan Life Insurance offer life insurance? | Yes, MetLife offers term life insurance and permanent life insurance. |
Does NYSLRS offer life insurance? | No, but most NYSLRS retirees are eligible for a post-retirement death benefit. |
What You'll Learn
Metropolitan Life Insurance Company (MLIC)
MLIC offers a range of insurance products, including home, car, and life insurance, as well as annuities, structured settlements, commercial mortgages, and securities backed by commercial mortgages. They are the largest life insurer in the United States, based on life insurance in force. The company provides group life insurance through employers, which includes term life, permanent life, and accidental death and dismemberment coverage.
MLIC also offers dental benefit plans for individuals, employees, and retirees, as well as disability products for individuals and groups. Their products include short-term and long-term disability insurance. Additionally, they provide critical illness insurance, hospital indemnity insurance, and legal services.
In terms of life insurance, MLIC offers both term and permanent policies. Term life insurance provides coverage for a specified period, usually one to 20 years, and pays a lump sum to loved ones. Permanent life insurance, on the other hand, provides permanent coverage as long as premiums are paid and may accumulate cash value over time.
MLIC's life insurance products aim to secure your family's future by providing financial protection in case of unforeseen events. Their policies can help replace lost income, cover basic living expenses, pay off debts, and fund education and retirement savings.
Regarding any potential affiliation with NYSLRS, my search did not yield any definitive information. However, it is important to note that NYSLRS does not provide life insurance but offers a post-retirement death benefit to most retirees.
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MLIC's history and global presence
Metropolitan Life Insurance Company (MLIC), better known as MetLife, is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. The company was founded on March 24, 1868, and is currently headquartered in Midtown Manhattan, New York City.
MetLife's predecessor, the National Union Life and Limb Insurance Company, was founded in 1863 by a group of New York City businessmen who raised $100,000. The company initially insured Civil War soldiers and sailors against disabilities due to wartime wounds, accidents, and sickness. On March 24, 1868, it became known as the Metropolitan Life Insurance Company and shifted its focus to the life insurance business.
In the late 1870s, MetLife experienced a severe business depression, reaching its lowest point. However, in 1879, MetLife President Joseph F. Knapp introduced "industrial" or "workingmen's" insurance programs to the United States, which were previously observed in Great Britain. These insurance programs were issued in small amounts, and premiums were collected weekly or monthly at the policyholder's home. By 1880, sales had exceeded a quarter million policies, resulting in nearly $1 million in revenue from premiums.
MetLife continued to expand and diversify its business over the years. In 1905, they acquired the Century 21 company and purchased New England Mutual Life Insurance Company. They also ventured into group insurance, pensions, and investments. In 1981, MetLife purchased the Pan Am Building, which was subsequently renamed the MetLife Building.
In 2000, MetLife underwent a significant transformation, converting from a mutual insurance company to a for-profit public company through a process called demutualization. This allowed MetLife to enter unrelated insurance businesses and increase executive compensation. The initial public offering was valued at $6.5 billion, making it the largest IPO in United States financial history at the time.
MetLife has a strong international presence, with leading market positions in various regions, including Mexico, Japan, South Korea, Bangladesh, and Chile. In 2010, they acquired the international life insurance business, American Life Insurance Company (Alico), from American International Group (AIG), solidifying their global expansion.
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MLIC's products and services
MLIC, or Metropolitan Life Insurance Company, offers a diverse range of products and services. As one of the largest global providers of insurance, annuities, and employee benefit programs, MLIC serves around 90 million customers in over 60 countries. Here is a detailed overview of their products and services:
Insurance Products
MLIC provides a range of insurance products, including home, car, and life insurance. Their life insurance products include term life insurance and several types of permanent life insurance, such as whole life, universal life, and final expense whole life insurance. The company also offers group life insurance through employers, which consists of term life, permanent life, and accidental death and dismemberment coverage.
Retirement Products
MLIC offers retirement products such as annuities, which include fixed annuities, variable annuities, deferred annuities, and immediate annuities. The company was the first to issue a group annuity contract in 1921 and introduced a longevity insurance product in 2004. MLIC manages group annuity assets and provides benefit payments to annuitants.
US Business
MLIC's US business includes MetLife Auto & Home, which offers personal lines property and casualty insurance policies in all 50 states and the District of Columbia. MetLife Auto & Home provides coverage for homes, condos, renters, landlords, and mobile homes, as well as insurance for RVs, ATVs, boats, and motorcycles. They also offer flood insurance through the National Flood Insurance Program.
International Presence
MLIC operates internationally, with a strong presence in Latin America, Europe, Asia-Pacific, and the Middle East. The company has leading market positions in Mexico, Japan, South Korea, Bangladesh, and Chile. In 2010, MLIC expanded its international presence by acquiring American Life Insurance Company (Alico) from American International Group (AIG), becoming a leading competitor in Japan and moving into a top 5 market position in several high-growth emerging markets.
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NYSLRS's death benefits
NYSLRS, or the New York State and Local Retirement System, provides death benefits to beneficiaries of eligible members who die before retiring. These death benefits are available to most members who die while they're still working, leaving their beneficiaries what's called an "ordinary death benefit." This is a lump-sum payment, usually equal to one year of the member's earnings per year of service, up to a maximum of three years. To leave this benefit to beneficiaries, members must have at least one year of service credit, and their death must occur while they are on the public payroll.
In addition, some members who die due to an on-the-job accident (not as a result of their own willful negligence) may leave their spouse or other beneficiaries an accidental death benefit in the form of a pension. There is no minimum service credit requirement for this benefit.
For Employees' Retirement System (ERS) Tier 4, 5, and 6 members, the benefit would be 50% of their earnings from their last year of service. For most other members, the benefit would be 50% of their final average earnings (less any workers' compensation benefit).
It's important to note that the specific death benefits available depend on the member's tier and retirement plan. NYSLRS retirees may also be eligible for a post-retirement death benefit if they retired directly from payroll or within one year of leaving covered employment. This benefit is a percentage of the benefit available during their working years.
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NYSLRS's retirement benefits
The New York State and Local Retirement System (NYSLRS) offers two distinct retirement systems: the Employees' Retirement System (ERS) and the Police and Fire Retirement System (PFRS). As of March 31, 2021, NYSLRS had a total of 1,172,147 participants, including members and retirees.
ERS Benefits
The ERS provides service and disability retirement benefits, as well as death benefits, to employees of participating public employers in non-teaching positions, excluding New York City. This includes uniformed services personnel, such as correction officers and sheriffs. As of March 31, 2021, ERS had 640,581 members.
PFRS Benefits
The PFRS offers service and disability retirement benefits, as well as death benefits, to police officers and firefighters employed by participating public employers, excluding New York City. As of March 31, 2021, PFRS had 34,938 members.
NYSLRS Online Services
The NYSLRS website offers an online platform called Retirement Online, which allows members and retirees to conveniently access information and manage their accounts. Retirement Online provides instant access to benefit information, including up-to-date account details, benefit payment information, and annual statements. It also enables users to update their contact and beneficiary information, manage direct deposit details, and estimate their pension benefits. Additionally, users can apply for retirement and loans against their NYSLRS membership contributions through the platform. Retirement Online utilizes security safeguards similar to those used in online banking and other financial institutions to protect user information.
Tier 6 Pension Benefits Improvement
A new law has improved the pension benefits for NYSLRS Tier 6 members. Upon retirement, their pension will be based on the average of their three highest consecutive years of earnings.
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Frequently asked questions
NYSLRS stands for the New York State and Local Retirement System. It administers two distinct systems: The Employees' Retirement System (ERS) and The Police and Fire Retirement System (PFRS).
No, NYSLRS does not provide life insurance. However, most NYSLRS retirees are eligible for a post-retirement death benefit if they retired directly from payroll or within one year of leaving covered employment.
Metropolitan Life Insurance Company, better known as MetLife, is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries.