BOSTON, Dec 18 (Reuters) - The top securities regulator in Massachusetts on Monday said he has opened an investigation of MetLife Inc after the insurer revealed last week it had failed to pay pensions to potentially thousands of people.
“Retirees cannot afford to have glitches with their pension checks,“ Massachusetts Secretary of the Commonwealth William Galvin said in a statement. ”I want to uncover why this occurred and how MetLife is going to rectify the problem for the retirees.”
MetLife said in a filing on Friday that it believed the group missing out on the payments represented less than 5 percent of about 600,000 people who receive benefits from the company via its retirement business. Those affected generally have average benefits of less than $150 a month, it said. (Reporting By Tim McLaughlin Editing by Chizu Nomiyama)