MetLife introduced a new liquidity feature for its immediate income annuity, the MetLife Guaranteed Income Program (MGIP). This innovative design offers defined contribution plan participants a simple way to convert savings into reliable income while maintaining greater flexibility early in retirement. The Annuity Cancellation Option gives participants the freedom to cancel their annuity within the first three years of receiving payments and receive a refund of premiums paid, minus benefits already received, with no cancellation or surrender fees.

MGIP is designed to help defined contribution plan participants convert their retirement savings into guaranteed income for life. The program offers a range of payment options tailored to individual needs, including lifetime income or income for a specified period. Participants can also elect features that provide additional protection, such as ensuring remaining value is paid to a beneficiary, or options to help income keep pace with rising costs over time.