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Old 05-23-2019, 07:25 AM   #161
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"+1 but I had already recommended to imoldernu that he contact his insurance commissioner a couple weeks ago. He's a bit like a broken record."
I filed written complaints to four of the states where MetLife/Brighthouse have offices, outlining the three and a half months where there was no response. It took three weeks to get the first reply from one state, which was similar to the other state that replied.

In short, there were two pages of suggestions and recommendations on how to obtain legal representation, filing small claims (which does not apply to tens of thousands of dollar claims), and a suggestion that I should look to see if the company had a binding arbitration clause in their contract. Not even a mention of whether they had forwarded the complaint to the company.

I'm writing here to warn about the company (Metlife) that has been sued for not paying 30,000 work provided annuities. The case was settled by the requirement that the company hold in reserve five hundred million dollars to repair the damages that had been done to those victims.. who now are mostly dead and forgotten.

The lawsuit was Roycroft vs. Metlife.
.................................................. ....

I have been sticking to this issue, not for sympathy, but to make clear that everything that we think we're covered for... by law... doesn't always work.
(Get a Lawyer) ... the most common answer when things like this happen. Maybe not as easy as it sounds. 15% of the $65,000 in question would mean a fee of nearly $10,000.... with only a chance that the court decision would cover the lawyer fee.
.................................................. ...

Life isn't always easy. Just today, in Chicago local TV news, a case came up where 400 workers who had healthcare plans paid for by the employer were left with no way to pay for care, and have become destitute. The husband and wife who owned the company, are millionaires... and claimed bankruptcy for the company. BTW... it appears that they own a $10,000,000 home. Pictures in the news this AM. "Fund me" plans to help the workers who are selling their homes and cars just to pay bills. Court proceedings in the works, but as always, 6 months to a year for settlement.
.................................................. ....

greetings... from the broken record...
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Old 05-23-2019, 07:28 AM   #162
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Originally Posted by pb4uski View Post
Sorry, I wasn't clear... surrender charge only on fixed deferred annuities...you can't surrender a SPIA.. but you can sell it.
OK. Thanks. That corresponds with what I read. I assume that selling a fixed SPIA outright would be a big loss even if one had it for 10-20 years. I think that is what most are referring to here when the mention SPAI (Single Payment Immediate Annuity) It may be that imoldernu had a "deferred annuity" of some sort that he was getting the runaround on.

I've mentioned before that I annuitized a LI policy with MetLife. It was a several month long ordeal to get it resolved per my LI contract. MetLife and BrightHouse were both involved. In fact I know that MetLife paid Brighthouse for my LI annuitization (not an "annuity"). I'm pretty sure that BrightHouse does the actual monthly paperwork on behalf of MetLife. The checks come in with a MetLife written across the top not Brighthouse. The divestiture between ML and BH somehow isn't as separate as one might believe.
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Old 05-25-2019, 04:18 PM   #163
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I know that the thread is on annuities, but with so many comments on pensions, thought this as a Distant Early Warning that unless congress enacts a safety net, the Pension Benefit Guarantee Corporation is on a path to problems by 2025.

The highlighted point of concern is only 130 multi employer plans that are destined to be insolvent by 2025, but the article goes into some depth to indicate that the unknown future of the PBGC is a major concern.

So not directly affecting all annuity based pensions, but based on what I've seen, in my own case... not all annuities are safe. BTW... the Metlife policy that I had problems with has been transferred to another company. That makes 7 changes in one single policy (different companies), since our policy was bought from Travellers.

I've been called to task several times for crying wolf about annuities.
Perhaps so... but maybe for persons who are on the fence about the future money plans, should be aware of a situation in flux.

Here, FWIW :
https://www.huffpost.com/entry/a-mil...b0547bd131edbd
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Old 05-25-2019, 04:38 PM   #164
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Originally Posted by CRLLS View Post
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I've mentioned before that I annuitized a LI policy with MetLife. It was a several month long ordeal to get it resolved per my LI contract. MetLife and BrightHouse were both involved. In fact I know that MetLife paid Brighthouse for my LI annuitization (not an "annuity"). I'm pretty sure that BrightHouse does the actual monthly paperwork on behalf of MetLife. The checks come in with a MetLife written across the top not Brighthouse. The divestiture between ML and BH somehow isn't as separate as one might believe.
An update on this mess: I just received a letter telling us that Metlife is now

Brighthouse Insurance Co.
Brighthouse Insurance Company of New York
New England Employers Life Insurance Company of New England.
all three .

I think maybe a sign of things to come.

While not directly related to this discussion, I think of the Chicago Teacher Pension Plan problems. If I were in a position to decide how to receive a , defined-benefit pension plan, I'd spend some time looking hard at the alternatives, and at least look at the Huffington article.
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Old 05-25-2019, 09:06 PM   #165
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My husband does not have the option of a lump sum payment. Allegedly, it is well funded.

Also, if the spouse does not get the survivor option, the spouse cannot get the health insurance.
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