A Cash Refund Feature Now Optional with INPRS Participants when Purchasing Annuities from MetLife
Starting July 1, 2021, retiring members of the INPRS's defined contribution plans may choose MetLife’s annuity payment options, the single life annuity or the joint and survivor annuity, with or without the cash refund feature. A cash refund feature is when a member receives an annuity for life, and at their death, the beneficiary gets the total used in calculating the annuity minus the total annuity payments made to the member.
For example, if you purchase an annuity for $100,000 and are paid out only $60,000 before you pass away, your designated beneficiary will receive the remaining balance that you had paid for your annuity, or approximately $40,000.
If this option sounds appealing to you, read more about it as you use MetLife's Retirement Income Calculator. Click here to get started.
For more information, visit our FAQs.