Massachusetts and New York state regulators said they are investigating MetLife Inc. after the insurance company disclosed that it cannot locate less than 5% of its total group annuitant population of roughly 600,000 in the retirement business, Reuters reported.
"Retirees cannot afford to have glitches with their pension checks," Massachusetts Secretary of the Commonwealth William Galvin, who oversees the securities division, said in a statement to Reuters, adding he wanted to uncover why this occurred.
The New York Department of Financial Services was aware of the matter even before MetLife's disclosure, department Superintendent Maria Vullo said in a statement to S&P Global Market Intelligence.
"We are deeply disappointed that we fell short of our own high standards," MetLife said in a statement to S&P Global Market Intelligence. "Our customers deserve better. We are committed to making this right for our customers. We found the issue, we self-reported it, and we are committed to doing better."