gold track select annuities | variable preparing to reach ... · preparing to reach retirement...

Preparing to reach retirement goalsTo be used with certificates issued on or after January 1, 2015, only in the state of New York.

Annuities | VariableGold Track Select

Table of contentsWhat is a variable annuity? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Why choose Gold Track Select (GTS) variable annuity? . . . . . . . . . . . . . . . . 2

Funding options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Footnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Facts at a glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

1 Variable Annuities | What is a variable annuity?

1. There is no additional tax deferral advantage to funding qualified retirement plan with an annuity such as GTS. All accounts under qualified plans, including section 403(b) plans and IRAs, are eligible for tax deferral. There should be reasons other than tax deferral, such as the opportunity for lifetime payouts and the other benefits offered under the GTS certificate, for purchasing an annuity certificate under the qualified retirement plan. Roth not available in all plans or all states.

2. Ordinary income taxes generally apply at withdrawal. Withdrawal charges may also apply. Withdrawals prior to age 59½ before separation of service are generally prohibited. Where allowed, distributions of taxable amounts are generally subject to ordinary income taxes and, if made before 59½, may be subject to a 10% federal income tax penalty. In the case of 457(b) governmental plans, the 10% federal income tax penalty may apply to distributions of amounts rolled over from another type of qualified retirement plan or IRA. Consult a tax advisor to determine whether an exception to these tax rules may apply. Withdrawals reduce the death benefits.

3. SECURE Act 2020: After death distributions to non-Eligible Designated Beneficiaries must be distributed by the end of the tenth (10th) calendar year following the year of the employee or IRA owner’s death.

What is a variable annuity?A variable annuity is a long-term retirement savings vehicle specifically designed to help an individual save for retirement and can provide the individual with a stream of retirement income that the individual cannot outlive. A variable annuity offers the following advantages:

Tax-deferral. Individuals pay no income tax on their investment until the money is withdrawn from their account (unlike Roth contributions, which are deducted after tax withholdings).1,2

Periodic payments. Individuals can elect to receive periodic income payments that continue for their lifetime (and the lifetime of their spouse).3

Range of funding options. The funding options for a variable annuity invest in stocks, bonds, money market instruments, or some combination of the three.

Death benefit. If the individual dies before the periodic income payments have begun, the beneficiary is guaranteed to receive a specified amount. The individuals’ beneficiary will get a benefit from this feature if, at the time of the individual’s death, the account value is less than the guaranteed amount.

Although a variable annuity may be an appropriate choice for some people as part of an overall retirement portfolio, it is not suitable for everyone. Individuals should speak with their financial professional to discuss whether a variable annuity is right for them. Please read the prospectus thoroughly and completely before investing.

Variable Annuities | Why choose Gold Track Select (GTS) variable annuity? 2

Why Gold Track Select?Gold Track Select variable annuity was created to work hand-in-hand with the qualified retirement program to help people meet retirement income needs by providing growth potential and guaranteed lifetime income.1 It’s designed specifically for retirement and has flexibility built-in, such as making fund transfers2 with life changes.

DiversificationDiversification is a strategy that involves allocating assets among different asset classes in order to limit losses in the event of a fall in a particular market or industry.3 Although diversification across multiple asset classes may help reduce overall risk, it does not eliminate market risk altogether. Gold Track Select funding options were selected to provide choices for almost any risk tolerance level and time horizon. Individuals may diversify their portfolio using any of the available funding options, which are all managed by well-known portfolio managers.

Asset allocationIn addition, eight Asset Allocation Portfolios and five Fidelity® VIP Freedom target date funds are available. Each Portfolio, which is designed to meet a specific investment objective, invests in multiple portfolios spread over diverse asset classes.4

Registered Fixed Account Option In addition to a variety of funding options and Asset Allocation Portfolios, Gold Track Select also offers a Registered Fixed Account Option which provides individuals with a guaranteed interest rate. The Registered Fixed Account Option offers an initial interest rate guarantee for one year from the date the purchase payment is applied. The first renewal interest rate will be determined after the first year and be guaranteed until December 31 of that same year. The second and all subsequent renewal rates will be declared each January 1 thereafter, and will be guaranteed through December 31 of that year. Withdrawals are subject to surrender charges of up to 5%. A market value adjustment may apply upon certificate discontinuance or plan termination. The market value adjustment may result in a higher or lower cash surrender value.

1. All guarantees are subject to the claims-paying ability and financial strength of Metropolitan Life Insurance Company.

2. Limitations on transfers may apply.

3. Diversification does not ensure a profit or protect against loss. It is a method to manage risk.

4. Although asset allocation among different asset classes generally limits risk and exposure to any one asset class, the risk remains that asset class selection may favor an asset class that performs poorly and may negatively affect overall portfolio performance.

Good to know

Asset allocation is an investment strategy that aims to balance risk and reward by placing a portion of one’s savings into different asset classes, such as equities, fixed-income, and cash equivalents.

Why choose Gold Track Select (GTS) variable annuity?

3 Variable Annuities | Funding options

Gold Track Select funding options by asset classFixed Interest AccountRegistered Fixed Account Option guarantees are subject to the claims-paying ability and financial strength of Metropolitan Life Insurance Company.

Within each asset class, funding options are listed in alphabetical order.

Ultra-Short Term BondBHFTII BlackRock Ultra-Short Term Bond

Portfolio

Government BondBHFTII Western Asset Management U.S.

Government Portfolio

Aggregate BondBHFTII BlackRock Bond Income PortfolioH

BHFTII MetLife Aggregate Bond Index Portfolio

BHFTI PIMCO Total Return PortfolioF,H,Z

Multi-Sector BondBHFTII Western Asset Management

Strategic Bond Opportunities PortfolioF,H

Inflation-Protected BondBHFTI PIMCO Inflation Protected Bond

PortfolioF,H,Z

Moderate Allocation1919 Variable Socially Responsive Balanced

Fund**,C,F

BHFTII Brighthouse/Wellington Balanced PortfolioH

BHFTII MFS® Total Return Portfolio

High Yield BondBHFTI BlackRock High Yield PortfolioH

Western Asset Core Plus VIT Portfolio**,F,H,Z

Large Cap ValueBHFTII Brighthouse/Wellington Core Equity

Opportunities PortfolioClearBridge Variable Dividend Strategy

PortfolioC,F

ClearBridge Variable Large Cap Value Portfolio*,F

BHFTI Invesco Comstock Portfolio BHFTII MFS® Value PortfolioBHFTI T. Rowe Price Large Cap Value

Portfolio

Large Cap BlendAmerican Funds® Growth-Income FundC,F,G,IO,M

BHFTI Brighthouse/Wellington Large Cap Research Portfolio

ClearBridge Variable Appreciation PortfolioC

Fidelity® VIP Contrafund® PortfolioF BHFTII MetLife Stock Index Portfolio

Mid Cap ValueAmerican Funds® Global Growth

FundC,E,F,G,IR,M,MC

BHFTI Victory Sycamore Mid Cap Value PortfolioC

Global EquityJanus Aspen Global Research Portfolio*,F

BHFTI Invesco Global Equity PortfolioF

Large Cap GrowthAmerican Funds® Growth FundC,F,G,IR,M,MC

BHFTII BlackRock Capital Appreciation Portfolio

BHFTI Loomis Sayles Growth PortfolioC,D

ClearBridge Variable Aggressive Growth Portfolio*,C,F

ClearBridge Variable Large Cap Growth PortfolioF

Fidelity® VIP Dynamic Capital Appreciation Portfolio*

BHFTII Jennison Growth PortfolioC BHFTII T. Rowe Price Large Cap Growth

Portfolio

International DevelopedBHFTI Harris Oakmark International

PortfolioF

BHFTII MetLife MSCI EAFE® Index PortfolioF

BHFTI MFS® Research International PortfolioF

Templeton Foreign VIP FundF

Mid Cap BlendBHFTII MetLife Mid Cap Stock Index

PortfolioC

Small Cap ValueBHFTI Brighthouse Small Cap Value

PortfolioC,F

Delaware VIP® Small Cap Value Series**,C

BHFTI JPMorgan Small Cap Value PortfolioC

BHFTII Neuberger Berman Genesis PortfolioC

Real EstateBHFTI Clarion Global Real Estate PortfolioF,R

Small Cap BlendBHFTII MetLife Russell 2000® Index

PortfolioC

Wells Fargo Advantage VT Small Cap Value Fund*,C

Mid Cap GrowthFidelity® VIP Mid Cap PortfolioC

BHFTII Frontier Mid Cap Growth PortfolioC

Janus Henderson Enterprise PortfolioMorgan Stanley Mid Cap Growth Portfolio*,C

Small Cap GrowthClearBridge Variable Small Cap Growth

PortfolioC,F BHFTI Invesco Small Cap Growth PortfolioC

BHFTII T. Rowe Price Small Cap Growth PortfolioC

Emerging MarketsBHFTI Brighthouse/Aberdeen Emerging

Markets Equity PortfolioF

Templeton Developing Markets VIP Fund**,F

Asset AllocationBHFTI American Funds® Balanced Allocation

PortfolioAA

BHFTI American Funds® Growth Allocation PortfolioAA

BHFTI American Funds® Moderate Allocation PortfolioAA

BHFTII Brighthouse Asset Allocation 20 PortfolioAA




BHFTI Brighthouse Asset Allocation 100 PortfolioAA

Fidelity® VIP Freedom 2020 PortfolioC,F,H,R,X,Y





Protected Growth StrategiesBHFTI MetLife Multi-Index Targeted Risk

PortfolioFF,Z

BHFTI Schroders Global Multi-Asset PortfolioF,H,Z

* Not available under all certificates. Availability depends on issuing insurance company and the certificate issue date.

** Closed to new money except for clients who already elected DCA or Rebalancing.

Note: BHFTI and BHFTII refer to a series of portfolios that are under Brighthouse Fund Trust I and Brighthouse Fund Trust II.

Variable Annuities | Footnotes 4

FootnotesAA Asset allocation portfolios are “fund-of-funds” portfolios. Because of this two-tier structure, each asset allocation portfolio bears its

own investment management fee and expenses, which includes the cost of the asset allocation services it provides, as well as its pro rata share of the management fee and expenses of each underlying portfolio. Without these asset allocation services, the contract owner’s expenses would be lower. Diversification does not ensure a profit or protect against loss.

While diversification through an asset allocation strategy is a useful technique that can help to manage overall portfolio risk and volatility, there is no certainty or assurance that a diversified portfolio will enhance overall return or outperform one that is not diversified.

Brighthouse Investment Advisors, LLC is the investment advisor to both the Brighthouse and American Funds® asset allocation portfolios. The investment advisor chooses the underlying funding options for each portfolio and the proportion of each underlying funding option within each portfolio.

C Invests in stocks of small capitalization or mid capitalization companies. Such stocks may fluctuate in value more than stocks of large capitalization companies, and may perform poorly due to the issuers’ limited product lines, markets, financial resources or management experience.

D This portfolio invests in a limited number of issuers. Poor performance of a single issuer will generally have a more adverse impact on the return of the portfolio than on a portfolio that invests across a greater number of issuers.

E Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

F Invests in securities of foreign companies and governments, which involves risks not typically associated with U.S. investments, including changes in currency exchange rates; economic, political and social conditions in foreign countries; and governmental regulations and accounting standards different from those in the U.S.

FF The Portfolio is a “fund-of-funds” portfolio. Because of this two-tier structure, the Portfolio bears its own investment management fee and expenses, which includes the cost of the asset allocation services it provides, as well as its pro rata share of the management fee and expenses of each underlying portfolio. Without these asset allocation services, the contract owner’s expenses would be lower.

G Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.

H Invests in high yield or “junk” bonds, which are issued by companies that pose a greater risk of not paying the interest, dividends or principal their bonds have promised to pay. Such bonds are especially subject to adverse changes in interest rates or other general market conditions, or to downturns in the issuers’ companies or industries.

IO Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

IR The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation against the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

M The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5 Variable Annuities | Footnotes

Footnotes (continued)

MC The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

R Invests in Real Estate Investment Trusts (REITs), which attempt to profit from the rental and sale of real property or from real estate mortgages. REITs may suffer from declines in real estate values or changes in interest rates.

X Market indices referenced are unmanaged, representative portfolios of domestic and international stocks and bonds, each with unique risks. Information about them is provided to illustrate market trends and does not represent the performance of any specific investment. You cannot invest directly in an index.

Y These funding choices are Fidelity Variable Insurance Products funds that are designed as investment vehicles for variable annuity and variable life insurance contracts of insurance companies. MetLife receives a fee from Fidelity for providing certain recordkeeping and administrative services. You are not responsible for these fees.

Z May invest in derivatives to obtain investment exposure, enhance return or protect the portfolio’s assets from unfavorable shifts in the value or rate of underlying investments. Because of their complex nature, some derivatives may not perform as intended, can significantly increase the Portfolio’s exposure to the existing risks of the underlying investments and may be illiquid and difficult to value. As a result, the Portfolio may not realize the anticipated benefits from a derivative it holds or it may realize losses. Derivative transactions may create investment leverage, which may increase the volatility and may require liquidation of securities when it may not be advantageous to do so.

Variable Annuities | Facts at a glance 6

Facts at a glance

Purchase payments1 • Allocated product — $1,000 average annually per participant account• Unallocated product — $10,000 average annually per group contract

Funding options • Asset Allocation Portfolios• “Fund of Funds” Portfolios• Index Portfolios• Registered Fixed Account OptionNote: purchase payments allocated to the investment divisions are not guaranteed and bear the risk of loss.

Transfers • No surrender charges for transfers within approved plan funding options.• Transfers available between the variable funding options (subject to certain restrictions; see

the prospectus for more details).• Transfers from the Registered Fixed Account Option may be limited to 20% of the certificate

value in the Registered Fixed Account Option as of the preceding certificate year. (Transfers to a non-competing fund are prohibited from being transferred back to the Registered Fixed Account Option for 90 days.)

• Transfers from competing funds to the Registered Fixed Account Option are prohibited.• Transfers are not allowed from the Registered Fixed Account Option to a competing fund.

A competing fund is a fund composed mainly of fixed income and money market securities. Please see the prospectus for additional information.

Additional features • Dollar cost averaging2

• Systematic withdrawal/required minimum distribution3

• Full range of annuitization options• Automatic portfolio rebalancing2

Income for life • Create a stream of income for life — guaranteed by MetLife.

Surrender charges • A surrender charge is calculated as a percentage of the cash value being surrendered (unless subject to a waiver under the Benefit Sensitivity section below). The maximum certificate surrender charge is 5% that declines to 0% by the ninth certificate year.

Benefit sensitivity — see prospectus for additional details.

Surrender charges will not apply to distributions from the certificate for the following reasons:4

• retirement• death• loans (if available)• disability (as defined by the Code)• hardship withdrawals (as defined by the Code)• upon separation from service from the employer sponsor• return of excess plan contributions• minimum distribution requirements5

• transfers to employer stock funds• certain plan expenses (as mutually agreed upon)• annuitization

Variable Annuities | Facts at a glance7

1. We may terminate the certificate if the account value is less than $20,000 (unallocated) or $2,000 (allocated) with no purchase payments received in the last 3 years.

2. Dollar cost averaging and automatic portfolio rebalancing do not ensure profit or protect against loss in a declining market. Since dollar cost averaging involves continuous purchase payments regardless of fluctuating prices, consider the financial ability to continue purchase payments during periods of low price levels.

3. The Registered Fixed Account Option, beneficiary protection and the guaranteed payout options are backed by the claims-paying ability and financial strength of Metropolitan Life Insurance Company.

4. Withdrawals are subject to ordinary income tax and if made prior to age 59½ (when permitted), may be subject to a 10% federal income tax penalty. In addition, withdrawals and loans or a market value adjustment can reduce the certificate value and death benefit value.

5. Generally, Required Minimum Distributions (RMDs) must commence by April 1 following the year reaching age 72. Please note, a 50% penalty is imposed on the RMD amount not taken in a given year (relates to this annuity only).

6. “Free withdrawals” refers to the amount of withdrawal not subject to surrender charges.

Loans • Available if allowed under the plan

Free withdrawals4,6 • A 10% free withdrawal allowance is available each year after the first certificate year. The free withdrawal allowance, calculated annually, is 10% of the cash value as of the first valuation date of the current certificate year.

Income for life • Create a stream of income for life — guaranteed by MetLife.

Death benefit A death benefit is available (for unallocated certificates this benefit may not be available in all jurisdictions and is available only with our consent):• Prior to participant attaining age 75: The death benefit is the greater of a) or b), for each

option, less any applicable premium tax, minus outstanding loan amounts and prior surrenders as of the date we receive Due Proof of Death and payment instructions in good order (as defined in the prospectus).

(a) the certificate value of participant’s individual account

(b) the total net purchase payments under the participant’s individual account• At or after participant attains age 75: The death benefit is equal to the certificate value of the

participant’s individual account less any applicable premium tax and outstanding loans (and prior surrenders on the previously allocated certificate only) as of the date we receive Due Proof of Death and payment instructions in good order.

Annual certificate fee • No annual fee

Annual Separate Account charge

• A maximum separate account charge of 1.30% per year (plans are subject to underwriting, so actual expenses may be lower. Please consult your certificate for the separate account charge applicable to your plan) of the average value of the average account balance in the Separate Account. Additional investment-related fees and expenses may apply to the selected funding options. Please refer to the prospectus for more information.

Facts at a glance (continued)

Metropolitan Life Insurance Company | New York, NY 101661803 976932 MLR19000811005-9 L0320002404[exp0821][NY] © 2020 MetLife Services and Solutions, LLC

metlife.com

The information contained in this document is intended to be informational in nature and should not be considered a recommendation or individualized advice.

Gold Track Select variable annuity with the Registered Fixed Account Option is offered by prospectus only. To obtain a prospectus, please contact MetLife at the service center number reflected on your enrollment materials. Individuals should carefully read the product prospectus and consider the product’s features, risks, charges and expenses, and the investment objectives, risks and policies of the underlying portfolios, as well as other information about the underlying funding options. This and other information is available in the prospectus, which individuals should read carefully before investing. All product guarantees are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company.

The amounts allocated to the variable funding options are subject to market fluctuations so that, when withdrawn, they may be worth more or less than their original value. Withdrawals and the Registered Fixed Account Option may be subject to a market value adjustment under certain situations such as the Plan terminating the certificate. The market adjusted value may be higher or lower than the certificate value. There is no guarantee that any of the variable funding options will meet their stated goals or objectives.

Like most annuity certificates, MetLife’s certificates contain charges, limitations, exclusions, holding periods, termination provisions and terms for keeping them in force.

Withdrawals will reduce the living benefit, death benefit and account value of the annuity certificates and may be subject to withdrawal charges. Because the purchase of an annuity through an employer retirement plan does not provide additional tax-deferral benefits beyond those already provided through the retirement plan, individuals should consider the annuity for its death benefit, annuity options and other non-tax related benefits

Distributions of 401(k), 403(b) or 457(b) salary reduction contributions allocated to an account, and any earnings on such contributions, are generally not permitted prior to attaining normal retirement age under the retirement plan except under certain circumstances, such as an individual’s severance from employment with the employer sponsoring the plan or the individual’s death, disability or hardship (or 457(b) unforeseeable emergency) as permitted under the plan. Distributions of contributions and any earnings may also be restricted as defined in the plan documents. Contact the plan administrator to determine when and under what circumstances the individual may request a distribution from the plan. Where permitted, distributions of taxable amounts are generally subject to ordinary income tax and, if made before age 591/2, may be subject to a 10% federal income tax penalty. In the case of 457(b) governmental plans, the 10% federal income tax penalty may apply to distributions of amounts rolled over from another type of qualified retirement plan or IRA. Consult a tax advisor to determine whether an exception to these tax rules may apply.

In a low interest rate environment, yields for money market subaccounts, after deduction of certificate fees and charges, may be negative even though the fund’s yield, before deducting for such fees and charges, is positive. If individuals allocate a portion of the certificate value to a money market subaccount or participate in an asset allocation program where individuals allocate a portion of the certificate value to a money market subaccount, that portion of the certificate value may decrease in value.

Any discussion of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate.

Gold Track Select variable annuity is issued by Metropolitan Life Insurance Company in New York only, New York, NY 10166. Securities are distributed by MetLife Investors Distribution Company (member FINRA). Both are MetLife companies. Policy Form numbers M-14669 (4223) and M-14669 (Non-4223).

• Not A Deposit • Not FDIC-Insured • Not Insured By Any Federal Government Agency • Not Guaranteed By Any Bank Or Credit Union • May Go Down In Value

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