Metropolitan Life Insurance Co. acquired third-party administrator Benefit Services Corp. for an undisclosed price.
Gary E. Lineberry, vice president of defined contribution services, said the purchase will allow MetLife to provide daily record keeping and bundled services to small defined contribution plans. MetLife now provides monthly valued services to such plans. By the end of the year, a prototype bundled program will be available with investment options run by MetLife, its subsidiaries and by affiliated money managers within the New England.
Benefit Services Corp. will continue to operate independently and will continue serving existing defined contribution plan clients, with a total of 350,000 participants.