“Suit Against MetLife Spotlights Problems From Old Business,” The Wall Street Journal, February 22, 2018 B12. MetLife sued over its failure to pay proceeds of an annuity to the right person.
MetLife has a business that takes over the pension payment obligations owed by private plans. “MetLife has said it failed to aggressively search for people as they neared pension-eligibility age.” As a result, about 13,500 retirees weren’t getting their benefits, after MetLife had released some reserves (and thereby increased profits) related to the payment obligations. That reserve release has now been reversed, hitting fourth quarter results.
How does your company keep from losing contact with people to whom it owes money? Are they swept under the rug, and ignored unless they complain?
Is this information governance or ethics or something else?
See also Snoopy cried.