MetLife Financial Freedom Select (MFFS)
Product ID: 14
Type:
Variable Annuity
$243
0.83%
13 Years / 9.00%
Yes
Roth Eligible
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Enrollment and Questions
Use the following contact information to enroll or ask questions.
E-mail:
Address:
Website:
Phone:
(714) 425-1920
E-mail:
Address:
In-person:
Questions about enrollment?
View the Contact Information tab on the Vendor Details page for a list of office locations.
View the Contact Information tab on the Vendor Details page for a list of office locations.
- Product Details
- Fees and Charges
- Investment Options
MFFS is a variable annuity that allows you to choose from two classes (B and L). MFFS offers funding choices from a wide spectrum of asset classes including asset allocation portfolios and a fixed interest account. It also offers four automated investment strategies that can help with diversification.
Select the topics below to expand and view additional product details
To help determine a suitable asset allocation strategy MetLife has an Asset Allocation Service that will help you with diversification. Whether you want to select an asset allocation portfolio or select an automated investment strategy, MetLife will help you:
Outline investment objectives.
Determine whether you are a conservative or aggressive investor.
Choose investment options that correspond to objectives and risk tolerance.
You would select a specific asset allocation for your entire Account Balance from among the investment options and the Fixed Interest Account, if available. Each quarter we transfer amounts among these options to bring the percentage of your account balance in each option back to your original allocation.
The Equity Generator is an automated investment strategy that uses a Dollar Cost Averaging Strategy. Here is how it works: Purchase Payments go into the Fixed Interest Account, where they earn an interest rate guaranteed by MetLife and are protected from investment risk. Then each month, an amount equal to the accrued interest is automatically moved into one investment option of your choice. This allows you to enter the market without worrying about choosing the right time to invest. Also, the principal in the Fixed Interest Account remains protected from any market loss. The guarantee associated with the Fixed Interest Account is subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company. (There is no additional cost for this strategy.)
The Standard Death Benefit is the greater of (less outstanding loans): (1) Account Balance; (2) total purchase payments reduced proportionately for withdrawals.
Loans are available according to Internal Revenue Code and plan requirements.
Minimum loan amount is $1,000.
Hardship withdrawals are available if permitted by the plan.
If enrolled in the MetLife Automated Required Minimum Distribution program, individuals can take annual withdrawals of up to the greater of the Annual Benefit Payment or the Required Minimum Distribution, relating to this annuity, beginning after the first contract year.
Yes
Available
Available
Available
Available
Available
Available
Additional Bonus Credit
Purchase Payment Credit: For eligible transfers received within the first two years a bonus of 3% of the transfer purchase payment will be credited to the account (available only on B and L shares, except if prohibited by State).
The bonus will be credited as earnings immediately upon completion of the later of the free-look period or the receipt of money.
All 403(b) products contain fees. The amount of fees varies greatly depending on the product. A slight increase in fees can
substantially reduce the growth in your account which will reduce your income in retirement. To learn more about the impact
of fees, and the different types of fees please refer to the
Explanation of Fees piece located in the
Help & Resources.
Fees
|
|
$30.00 | Annually | Flat Dollar Amount | Yes | No | No |
|
|
1.30% | Annually | Percentage of Annual Assets | Yes | Yes | No |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 9.00% |
| 2 | 9.00% |
| 3 | 9.00% |
| 4 | 9.00% |
| 5 | 8.00% |
| 6 | 7.00% |
| 7 | 6.00% |
| 8 | 5.00% |
| 9 | 4.00% |
| 10 | 3.00% |
| 11 | 2.00% |
| 12 | 1.00% |
| 13 | 0.00% |
*Expressed in contract years
Surrender Penalty Charge assessed on a "rolling" basis:
Surrender Charge schedule shown above represents the B Class: Issue year based withdrawal charge schedule that goes to zero after 12 years.
Different Surrender Charge schedule applies to L Class: Issue year based withdrawal charge schedule that
Exceptions to the Surrender Charge:
Other Restrictions:
Exceptions to the Surrender Charge:
Percent of contract value:
10.00%
Death:
Yes
Disability:
Yes
Nursing Home or Other Medical Expenses:
Yes
10% of account balance each year, Death, Disability (after first contract year & that meets IRC definition), Annuitization, Terminal Illness, Separation of Service (after 5 years from the issue date of certificate), Retirement (after 5 years from the
