ATLANTA, December 2, 2021 – Presbyterian Church in America (PCA) Retirement & Benefits is pleased to announce that it has partnered with MetLife to offer their best-in-class annuity solution – Late-In-Life Income (LILI), for its 403(b) plan. RBI chose to partner with MetLife as the annuity provider because of their expertise, financial strength, ability to pay claims, and superior customer service, as recognized by JD Power.
Participants in RBI’s Retirement Plan now have the option to turn their 403(b) plan savings into a stream of retirement income that they will never outlive. We achieve this through a product called Late-In-Life Income (LILI), a Qualified Longevity Annuity Contract (QLAC). Designed to provide participants and their spouses with guaranteed lifetime income, LILI protects against the two biggest risks in retirement: the possibility of outliving retirement assets, and the potential loss of wealth and spending power because of market fluctuations.
“With LILI, RBI is set to become one of the first church benefits providers in the country to offer an institutional QLAC deferred income annuity, designed to provide a guaranteed lifetime income solution to our participants” said, Rev. Ed Dunnington, RBI’s President. “This groundbreaking product exemplifies our core value – ‘We Know How.’ RBI is committed to this kind of excellence in our services and products across the board.”
Every retiree worries whether they have saved enough money to cover their expenses through the remainder of life or that of their spouse. Those who serve the church often don’t have plentiful savings, and some opted out of Social Security. By purchasing a LILI, they can ensure they have a guaranteed income for themselves and their spouses throughout their lives.
Participants simply use their retirement savings to purchase “paychecks for life.” This secures a source of personal income to make sure they, or their spouse, don’t outlive their savings. They can even set the specific date to begin receiving income.
“The key to a successful retirement is a reliable income stream that you can’t outlive,” said Graham Cox, executive vice president and head of Retirement & Income Solutions at MetLife. “MetLife is committed to helping people create a solid foundation for retirement, and we are pleased to be working with RBI to provide secure financial futures for their retirees.”
LILI helps ensure financial independence in later years for participants and their loved one. For more information please visit genevabenefits.org/retirement-services.
About PCA Retirement & Benefits
We guide PCA pastors and ministry workers through the complexities of financial planning and employee benefits, so they and their families are able to live generously in every season of ministry. Visit us online at pcarbi.org to learn more about our services.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Geneva Benefits Group serves those who serve others, providing practical support for the financial, physical, and mental wellbeing of people who work in full-time ministry.