SEVERE WX : Red Flag Warning - Air Quality Alert View Alerts
STREAMING NOW: Watch Now

MetLife dealing with fallout over missing pension customers

MetLife is having trouble finding some of its customers.The insurer said in December that it had lost track of...

Posted: Jan 30, 2018 8:01 AM
Updated: Jan 30, 2018 8:01 AM

MetLife is having trouble finding some of its customers.

The insurer said in December that it had lost track of potentially tens of thousands of customers to whom it owed pension and annuity payments, and was trying to track them down.

On Monday, MetLife postponed its fourth quarter earnings release and said the Securities and Exchange Commission had asked for more information about the matter. The company also notified New York state regulators and is in contact with other states.

MetLife attributed the problem to "a material weakness in internal control over financial reporting."

The SEC declined to comment.

MetLife said it was increasing its financial reserves by as much as $575 million and would take a pre-tax hit as a result. Shares fell about 8% after hours.

The company has said it is having trouble locating customers who have moved jobs or relocated, or "otherwise can no longer be reached via the information provided for them."

The company said in December it believes that out of the pool of 600,000 people for whom it manages such retirement services, less than 5% were thought to be affected. Those impacted generally received average benefits of less than $150 per month, MetLife said.

The company will now release its fourth quarter and 2017 earnings on Feb. 13. They were supposed to be made public later this week.

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 224547

Reported Deaths: 2877
CountyCasesDeaths
Multnomah42425618
Washington28176259
Marion24842333
Clackamas20349243
Lane15401176
Jackson13240160
Deschutes1074187
Umatilla988394
Linn644882
Yamhill515882
Klamath498279
Douglas479594
Polk440457
Josephine438076
Malheur370967
Benton354822
Jefferson252842
Coos241040
Columbia213732
Union175924
Wasco160631
Lincoln159122
Crook144724
Hood River128934
Morrow125017
Clatsop123711
Baker116018
Curry86512
Tillamook7985
Grant5657
Lake4868
Harney46611
Wallowa2486
Gilliam881
Sherman872
Wheeler491
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Cases: 4003787

Reported Deaths: 64620
CountyCasesDeaths
Los Angeles131165624721
Riverside3112424667
San Bernardino3095025265
San Diego3011003805
Orange2856205146
Santa Clara1245862183
Sacramento1178311790
Kern1143421428
Fresno1057321746
Alameda980131290
Ventura845891046
Contra Costa78084836
San Joaquin776151461
Stanislaus666191097
Tulare50731854
San Mateo45255588
Monterey44651528
San Francisco41758565
Solano36525261
Santa Barbara36106469
Sonoma33414331
Merced33321485
Imperial29333746
Placer25624307
Kings23790251
San Luis Obispo22356267
Madera17220249
Santa Cruz16779207
Yolo15149215
Marin15039243
Butte13523205
Shasta13179242
El Dorado11312121
Napa1055282
Sutter10343127
Yuba712950
San Benito632664
Tehama592766
Lassen590526
Nevada568575
Humboldt535154
Mendocino485652
Tuolumne469173
Lake440866
Amador395348
Siskiyou259640
Glenn248127
Colusa238118
Calaveras235658
Del Norte174710
Inyo148238
Mono13395
Plumas7926
Modoc5767
Mariposa5377
Trinity4696
Sierra1370
Alpine910
Unassigned810
Medford
Partly Cloudy
64° wxIcon
Hi: 85° Lo: 59°
Feels Like: 64°
Brookings
Mostly Cloudy
52° wxIcon
Hi: 76° Lo: 54°
Feels Like: 52°
Crater Lake
Partly Cloudy
64° wxIcon
Hi: 64° Lo: 52°
Feels Like: 64°
Grants Pass
Partly Cloudy
64° wxIcon
Hi: 83° Lo: 62°
Feels Like: 64°
Klamath Falls
Partly Cloudy
47° wxIcon
Hi: 74° Lo: 53°
Feels Like: 45°
Smoky skies and spotty Thursday thunderstorms
KDRV Radar
KDRV Fire Danger
KDRV Weather Cam

Community Events