New Retirement Income Annuity from Fidelity and MetLife

Two leading companies are partnering to provide a new annuity offering.

MetLife has developed the "MetLife Growth and Guaranteed Income (MGGI)" product that will be distributed exclusively through Fidelity.

The MGGI is a deferred variable annuity that contains a guaranteed lifetime withdrawal benefit (GLWB) that, depending on the age of the client, ranges between 4 and 6 percent of the initial single premium.

Fidelity will manage a relatively simply fund offering and the M&E fees on the product range between 1.90 and 2.05 percent.  Surrender charges are 2 percent for 5 years.

Source: Reuters

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