SEC looking into MetLife’s failure to pay some pensions
MetLife Inc said on Monday the U.S. Securities and Exchange Commission was looking into the insurer’s failure to pay some workers’ pensions.
MetLife, in a statement, said the SEC’s enforcement staff has inquired about payments that the insurer failed to make for people who receive a type of annuity benefit from the company via its retirement business. Less than 5 percent of 600,000 people are affected, the company has said.
The New York insurer estimated increasing total reserves by between $525 million and $575 million on a pre-tax basis, resulting in a hit to fourth-quarter earnings of $135 million to $165 million.
Read More: Reuters
