Plan Administrator's statements to Us as to the terms of the Plan or Your
entitlement to any amounts. We are not a party to Your employer's retirement
Plan. We will not be responsible for determining what Your Plan says. You
should consult the Contract and Plan document to see how You may be affected.
If You are a Texas Optional Retirement Program Participant, please see Appendix
A for specific information which applies to You.
SECTION 403(B) PLAN TERMINATIONS
Upon a Section 403(b) plan termination, Your employer is required to distribute
Your Plan benefits under the Contract to You. Your employer may permit You to
receive Your distribution of Your 403(b) plan benefit in cash or in the form of
the Contract.
If You elect to receive your full distribution in cash, the distribution is a
withdrawal under the Contract and any amounts withdrawn are subject to a Market
Value Adjustment and any applicable surrender charges. Outstanding loans, if
available, will be satisfied (paid) from Your cash benefit prior to its
distribution to You. In addition, Your cash distributions are subject to
withholding, ordinary income tax and applicable federal income tax penalties.
(See "Federal Tax Considerations.") If Your employer chooses to distribute cash
as the default option, Your employer may not give You the opportunity to
instruct the Company to make, at a minimum, a direct transfer to another
funding option or annuity contract issued by Us or one of Our affiliates which
may avoid a surrender charge. In that case, You will receive the net cash
distribution, less any applicable Market Value Adjustment, surrender charge and
withholding.
If You receive the distribution in the form of the Contract. We will continue
to administer the Contract according to its terms. However in that case, You
may not make any additional Purchase Payments or take any loans. In addition
the Company will rely on You to provide certain information that would
otherwise be provided to the Company by the employer or Plan Administrator. The
employer may choose distribution of the Contract as the default option. The
employer may not choose distribution of a Contract as a default option when
that Contract is an investment vehicle for a Section 403(b) ERISA plan.
OTHER PLAN TERMINATIONS
Upon termination of a retirement plan that is not a Section 403(b) plan, Your
employer is generally required to distribute Your Plan benefits under the
Contract to You.
This distribution is in cash. The distribution is a withdrawal under the
Contract and any amounts withdrawn are subject to a Market Value Adjustment and
any applicable surrender charges. Outstanding loans, if available, will be
satisfied (paid) from Your cash benefit prior to its distribution to You. In
addition, Your cash distributions are subject to withholding, ordinary income
tax and applicable federal income tax penalties. (See "Federal Tax
Considerations.") Surrender charges will be waived if the net distribution is
made under the exceptions listed in the "Surrenders" section of the prospectus.
However, Your employer may not give You the opportunity to instruct the Company
to make, at a minimum, a direct transfer to another funding option or annuity
contract issued by Us or one of Our affiliates which may avoid a surrender
charge. In that case, You will receive the net cash distribution, less any
applicable Market Value Adjustment , surrender charge and withholding.
THE REGISTERED FIXED ACCOUNT OPTION
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The Registered Fixed Account Option is available only in conjunction with the
purchase of a variable annuity Contract issued by the Company. The Contracts
are available as individual or group Contracts. Participants under the Gold
Track, Gold Track Select and MetLife Retirement Account are issued Certificates
summarizing the provisions of the group Contract. Participants under
Unallocated Group Variable Annuity and MetLife Retirement Perspectives are not
issued Certificates. For convenience, We refer to both individual Contract
Owners and Participants as Contract Owners. WHERE PERMITTED BY STATE LAW, WE
RESERVE THE RIGHT TO RESTRICT PURCHASE PAYMENTS INTO THE REGISTERED FIXED
ACCOUNT OPTION UNDER YOUR METLIFE RETIREMENT ACCOUNT CONTRACT (WITH 30 DAYS
ADVANCE WRITTEN NOTICE) AND GOLD TRACK SELECT CONTRACTS OR TO MAKE TRANSFERS
FROM THE SEPARATE ACCOUNT OPTIONS INTO THE REGISTERED FIXED ACCOUNT OPTION
WHENEVER THE CREDITED INTEREST RATE IS EQUAL TO THE MINIMUM GUARANTEED INTEREST
RATE SPECIFIED UNDER YOUR CONTRACT. We will provide advance written notice if
this restriction is subsequently lifted. We reserve the right to restrict the
availability of the Registered Fixed Account Option after issue.
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current address available on the Company's records. The remaining
payments will be mailed on each anniversary of the discontinuance date
for 4 years. Allowable distributions shown on the Contract
specifications page are not permitted during the 5-year installment
period.
FOR CONTRACTS ISSUED IN NEW YORK ON OR AFTER APRIL 30, 2007 AND PRIOR TO
JANUARY 1, 2014:
EXCEPT GOLD TRACK SELECT ALLOCATED CONTRACTS ISSUED TO NON-ERISA 403(B) PLANS
AND GOVERNMENTAL 457 PLANS SUBJECT TO THE NEW YORK STATE DEFERRED COMPENSATION
BOARD RULES AND REGULATIONS:
Upon discontinuance, the Contract Owner may select one of the payment methods
described below:
a) LUMP SUM PAYMENT OPTION. We will pay You the Market Adjusted Value,
less any amounts deducted on surrender, less any loans outstanding in
one lump sum within 60 days of the date of discontinuance. We may defer
the payment for this amount for up to six months from the date of
discontinuance. If a payment is deferred more than 10 working days from
the date of discontinuance, interest will continue to be earned during
the deferred period in the same manner as described in the Contract; or
b) INSTALLMENT PAYMENT OPTION. We will pay You the Cash Value of the
Registered Fixed Account Option in installments over a 5 year period.
Interest will be credited to the remaining Cash Value of the Registered
Fixed Account Option during this installment period at a fixed effective
annual interest rate of not less than 1.5% below the net effective rate
being credited to the Contract on the date of discontinuance. The first
payment will be made no later than 60 days following the Company's
mailing of the written notice of Contract discontinuance to the Contract
Owner at the most current address available on the Company's records.
The remaining payments will be mailed on each anniversary of the
discontinuance date for 4 years. Allowable distributions shown on the
Contract specifications page are not allowed during the 5 year
installment period.
GOLD TRACK SELECT ALLOCATED CONTRACTS ISSUED TO NON-ERISA 403(B) PLANS IN NEW
YORK ON OR AFTER APRIL 30, 2007 AND PRIOR TO JANUARY 1, 2014:
The Participants will choose one of the two payment methods (Lump Sum Payment
Option or Installment Payment Option) described above.
The formula used in connection with these non-ERISA 403(b) Plans is exactly the
same as described above except that the total surrender charge and Market Value
Adjustment will not exceed 10% of the Cash Value of the Registered Fixed
Account Option. Additionally on or after the 10th Certificate Year, the Market
Value will equal the Cash Value.
For all non-ERISA 403(b) Plans, the Contract Owner must provide notice to, and
receive consent from, Participants under the Contract for this distribution. If
consent is not obtained and if the Contract has been issued to a non-ERISA
403(b) Plan, We will not accept any additional Purchase Payments under the
Contract or issue new Certificates, but Certificates under the Contract will
continue.
GOLD TRACK SELECT CONTRACTS ISSUED TO GOVERNMENTAL 457 PLANS SUBJECT TO THE NEW
YORK STATE DEFERRED COMPENSATION BOARD RULES AND REGULATIONS ON OR AFTER APRIL
30, 2007 AND PRIOR TO JANUARY 1, 2014:
We will pay the Cash Value of the Registered Fixed Account Option in one lump
sum to the Contract Owner, or Participant if so authorized, no later than 30
days following the date of discontinuance. If We defer payment for 10 working
days or more, interest will continue to be earned during the deferred period at
the rate required by law or at the rate currently being credited under this
Contract, whichever is greater. No surrender charges nor Market Adjusted Value
will be assessed against the Beneficiary of the Registered Fixed Account Option
if the Contract is discontinued.
LOANS
SECTION 403 (B) COLLATERIZED LOANS
If Your employer's Plan and TSA Contract permits loans, such loans will be made
only from any Registered Fixed Account Option value and only up to the IRS Code
limits (currently $50,000). In that case, We credit Your Registered Fixed
Account Option value up to the amount of the outstanding loan balance with a
rate of interest that is less than the interest rate We charge for the loan. To
find out our current rate of interest, call us at 1-800-842-9406.
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The Code and applicable income tax regulations limit the amount that may be
borrowed from Your Contract and all of Your employer Plans in the aggregate and
also require that loans be repaid, at a minimum, in scheduled level payments
over a proscribed term.
Your employer's Plan and Contract will indicate whether loans are permitted.
The terms of the loan are governed by the Contract and loan agreement. Failure
to satisfy loan limits under the Code or to make any scheduled payments
according to the terms of Your loan agreement and federal tax law could have
adverse tax consequences. Consult Your tax adviser and read Your loan agreement
and Contract prior to taking any loan.
ANNUITY PERIOD
We will normally make Annuity Payments within fifteen business days after We
receive a settlement claim, or any other later specified date. Subsequent
payments will be made periodically on the anniversaries of the first payment.
The variable annuity contract prospectus describes more fully the Annuity
Period and annuity options under the Contracts. Please note, however, that
annuitization is irrevocable; once fixed Annuity Payments have begun, the
annuity benefit cannot be surrendered for a lump sum settlement.
RESTRICTIONS ON FINANCIAL TRANSACTIONS
Federal laws designed to counter terrorism and prevent money laundering might,
in certain circumstances, require Us to block a Contract Owner's ability to
make certain transactions and thereby refuse to accept any request for
transfers, withdrawals, surrenders, or death benefits, until instructions are
received from the appropriate regulator. We may also be required to provide
additional information about You and Your Contract to government regulators.
MISSTATEMENT
We may require proof of age of the Contract Owner, Beneficiary or Annuitant
before making any payments under this Contract that are measured by the
Contract Owner's, Beneficiary's or Annuitant's life. If the age of the
measuring life has been misstated, the amount payable will be the amount that
would have been provided at the correct age.
Once Annuity Payments have begun, any underpayments or overpayments will be
deducted from or added to the payment or payments made after the adjustment. In
certain states, We are required to pay interest on any underpayments.
TRANSFERS
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No transfers are allowed between the Registered Fixed Account Option and any
Competing Fund.
Where permitted by state law, We reserve the right to restrict transfers from
the Separate Account Options in a MetLife Retirement Account Contract and the
Gold Track Select Contract into the Registered Fixed Account Option whenever
the credited interest rate on the Registered Fixed Account Option is equal to
the minimum Guaranteed Interest Rate specified under Your Contract.
The charges for transfers are described in the group variable annuity Contract
prospectus which accompanies this prospectus. No surrender charges or Market
Value Adjustment apply when a transfer is made.
TRANSFERS FROM THE REGISTERED FIXED ACCOUNT OPTION
The Contract Owner may transfer amounts in the Registered Fixed Account Option
to one or more of the Separate Account Options subject to the Competing Fund
restrictions described in Your Contract. All transfers will be made on a
last-in, first-out basis. That is, the money most recently deposited or
transferred into the Registered Fixed Account Option will be transferred or
surrendered first.
Amounts previously transferred from the Registered Fixed Account Option to the
Separate Account Options may not be transferred back to the Registered Fixed
Account Option or any Competing Fund for a period of at least 3 months from the
date of the transfer. The Company may eliminate this restriction in
circumstances where Guaranteed Interest Rates on the Registered Fixed Account
Option are declared and credited on a quarterly basis.
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forward to claim the death benefit in a timely manner, the death benefit will
be paid to the abandoned property division or unclaimed property office of the
state in which the Beneficiary or You last resided, as shown on Our books and
records, or to Our state of domicile. (Escheatment is the formal, legal name of
this process.) However, the state is obligated to pay the death benefit
(without interest) if Your Beneficiary steps forward to claim it with the
proper documentation. To prevent Your Contract's proceeds from being paid to
the state abandoned or unclaimed property office, it is important that You
update Your Beneficiary designations, including addresses, if and as they
change. Please call 1-800-842-9406.
INFORMATION INCORPORATED BY REFERENCE
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Under the Securities Act of 1933, the Company has filed with the Securities and
Exchange Commission ("SEC") a registration statement (the "Registration
Statement") relating to the Contracts offered by this prospectus. This
prospectus has been filed as a part of the Registration Statement and does not
contain all of the information set forth in the Registration Statement and the
exhibits and reference is hereby made to such Registration Statement and
exhibits for further information relating to the Company and the Contracts. The
Company's annual report on Form 10-K was filed with the SEC on March 30, 2015
via EDGAR File No. 033-03094. The Form 10-K contains information for the period
ended December 31, 2014, about the Company, including consolidated audited
financial statements for the Company's latest fiscal year. The Form 10-K is
incorporated by reference into this prospectus.In addition, all documents
subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934, as amended ("Exchange Act") prior
to the termination of the offering, are also incorporated by reference into
this prospectus. We are not incorporating by reference, in any case, any
documents or information deemed to have been furnished and not filed in
accordance with SEC rules.
There have been no material changes in the Company's affairs which have
occurred since the end of the latest fiscal year for which audited consolidated
financial statements were included in the latest Form 10-K or which have not
been described in a Form 10-Q or Form 8-K filed by the Company under the
Exchange Act.
If requested, the Company will furnish, without charge, a copy of any and all
of the reports or documents that have been incorporated by reference into this
prospectus. You may direct Your requests to the Company at, 11225 North
Community House Road, Charlotte, NC, 28277. The telephone number
1-800-842-9406. You may also access the incorporated reports and other
documents at www.metlife.com.
The Company files periodic reports as required under the Exchange Act
(including Form 10-K, 10-Q and 8-K). You may also read and copy any materials
that the Company files with the SEC at the SEC's Public Reference Room at 100 F
Street, N.E., Washington, DC 20549. The public may obtain information on the
operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
The SEC maintains an Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically
with the SEC at http://www.sec.gov.
EXPERTS
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Legal matters in connection with federal laws and regulations affecting the
issue and sale of the Contracts described in this prospectus and the
organization of the Company, its authority to issue such Contracts under
Delaware law and the validity of the forms of the Contracts under Delaware law
have been passed on by legal counsel for the Company.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The consolidated financial statements, and the related financial statement
schedules, incorporated by reference in this Registration Statement from the
MetLife Insurance Company USA and subsidiaries' (the "Company") Annual Report
on Form 10-K for the year ended December 31, 2014, have been audited by
Deloitte & Touche LLP, an independent registered public accounting firm, as
stated in their report, which is incorporated herein by reference (which
expresses an unqualified opinion and includes an explanatory paragraph
regarding the renaming of the Company, its mergers with entities under common
control, and the retrospective adjustment of the consolidated financial
statements for all periods presented to reflect the mergers in a manner similar
to a pooling-of-interests). Such consolidated financial statements and
financial statement schedules have been so incorporated in reliance upon the
report of such firm given upon their authority as experts in accounting and
auditing.
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The principal business address of Deloitte & Touche LLP is 30 Rockefeller
Plaza, New York, New York 10112-0015.
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