Metropolitan Life Ins. v. Glenn The Respondent, Glenn, an employee at a Sears retail store, sought federal-court review under the Employee Retirement Income Security Act of 1974 (ERISA) of Sears’ insurer, Metropolitan Life Insurance Company (MetLife), due to its denial to extend payment of her disability benefits. MetLife was the administrator and the insurer of Sears’ long-term disability insurance plan, which was governed by ERISA. The plan gave MetLife, as administrator, discretionary authority to determine the validity of an employee’s benefits claim and required that MetLife itself, as insurer, pay valid benefit claims. Glenn was initially granted 24 months of benefits under the...
Continue reading...
Overview of MetLife Life Insurance How Does MetLife Life Insurance Rate? Pros and Cons of MetLife Life Insurance MetLife Life Insurance Policy Details MetLife is the nation's largest life insurer, and it offers the entire range of standard life insurance products, including term, whole, guaranteed acceptance, survivor, universal and variable universal policies. And for the simpler products (simplified issue term and guaranteed acceptance), you can even quote and buy a policy online. MetLife's lineup of universal products includes the Legacy Advantage Survivorship, Secure Flex, Premier Accumulator, and Provider. The survivorship product has a minimum face value of $250,000 and is for...
Continue reading...
FedEx to Purchase $6 Billion Group Annuity Contract from Metropolitan Life Insurance Company to Reduce Pension Obligations MEMPHIS, Tenn., May 8, 2018—FedEx Corp. (NYSE: FDX) announced today it has entered into an agreement with Metropolitan Life Insurance Company (“Metropolitan Life”) to purchase a group annuity contract and transfer approximately $6 billion of the company’s U.S. pension plan obligations. The transaction will transfer responsibility for pension benefits to Metropolitan Life for approximately 41,000 FedEx retirees and beneficiaries who satisfy certain conditions and currently receive a monthly benefit from participating FedEx tax-qualified U.S. domestic pension plans (the “...
Continue reading...
JOHN COUGHENOUR, District Judge This matter comes before the Court on Defendant/Cross Claimant Diana Gulino's Motion for Summary Judgment (Dkt. No. 36), Defendant/Cross Defendant Tonya T. Urashima's Response in opposition and Motion to Strike (Dkt. No. 41), and Diana Gulino's Reply (Dkt. No. 43). The Court has carefully considered these documents, their supporting declarations and exhibits, and the balance of pertinent materials in the case file, and has determined that oral argument is not necessary. The Court hereby finds and rules as follows. This case was initiated with a complaint-in-interpleader filed by Metropolitan Life Insurance Company ("MetLife"), the claims fiduciary and plan...
Continue reading...
METROPOLITAN LIFE INSURANCE COMPANY - Company Profile, Information, Business Description, History, Background Information on METROPOLITAN LIFE INSURANCE COMPANY History of METROPOLITAN LIFE INSURANCE COMPANY Metropolitan Life Insurance Company is the second-largest life insurer in the United States. The company has been a leader in the field since shortly after it was established. Metropolitan grew by providing insurance for the worker--small policies with premiums collected each week. The company dominated the field for most of the 20th century. Metropolitan's origins can be traced to the National Union Life and Limb Insurance Company, a firm originally chartered in 1863 to underwrite the...
Continue reading...
The Metropolitan Life Insurance Company, the nation's second-largest life insurer, agreed yesterday to pay hundreds of millions of dollars to settle lawsuits that had accused it of cheating customers through deceptive sales practices. The settlement, which is subject to the approval of a Federal judge, would be the latest in a series of multimillion-dollar settlements by life insurers accused of fraud. Metropolitan Life valued the settlement, which is intended to cover seven million current and former policyholders who bought insurance and annuities between 1982 and 1997, at $1.7 billion. But it would cost the company less because of the way it is calculating the settlement. In addition,...
Continue reading...
MEMPHIS, Tenn.--( BUSINESS WIRE )--FedEx Corp. (NYSE: FDX) announced today it has entered into an agreement with Metropolitan Life Insurance Company (“Metropolitan Life”) to purchase a group annuity contract and transfer approximately $6 billion of the company’s U.S. pension plan obligations. The transaction will transfer responsibility for pension benefits to Metropolitan Life for approximately 41,000 FedEx retirees and beneficiaries who satisfy certain conditions and currently receive a monthly benefit from participating FedEx tax-qualified U.S. domestic pension plans (the “Pension Plans”). There will be no change to the pension benefits for any plan participants as a result of the...
Continue reading...
NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is syllabus constitutes no part of the opinion of the Court but has been prepared by the Reporter of Decisions for the convenience of the United States v. Detroit Timber & Lumber Co., 200 U. S. 321. METROPOLITAN LIFE INSURANCE CO. et al. v. GLENN certiorari to the united states court of appeals for the sixth circuit Petitioner Metropolitan Life Insurance Company (MetLife) is an administrator and the insurer of Sears, Roebuck & Company’s long-term disability insurance plan, which is governed by the Employee Retirement Income Security...
Continue reading...
Majeski v. Metropolitan Life Insurance On March 4th Roy held a free webinar to share his analysis of the recent 7th Circuit Court of Appeals decision, Majeski vs. Metropolitan Life, and to have an open discussion with colleagues. Reviewing the case from the point-of-view of a “Thinking Evaluator,” Roy discussed five lessons and suggestions for practice for functional capacity evaluators. This appeal concerns MetLife’s decision to reject Majeski’s claim for short-term disability benefits [6 No. 09-1930]. The MetLife Short Term Disability Plan is governed by the Employee Retirement Income Security Act (ERISA). As the plan administrator MetLife determined that Majeski...
Continue reading...
