Security First Group, a subsidiary of MetLife being consolidated with COVA to form MetLife Investors, is leaving the public deferred compensation third-party administration business, said Hugh McHaffie, senior vice president of MetLife.
MetLife Investors will sell products including mutual funds and individual variable annuities through banks and broker-dealers, he said.
Security First was third-party administrator for the State of Tennessee and Texas Employees Retirement Systems’ 457 plans, but its relinquished that business because of the change in direction, Mr. McHaffie said. MetLife will continue to service 403(b) and corporate defined contribution plans, said Nick Brecker, vice president of retirement and savings plans for MetLife.
