MetLife, Inc. · NYSE:MET
MetLife — Investor Presentation (July 2022)
22 slides from MetLife's investor presentation, July 2022
Slide 1: Colorado Family and Medical Leave Insurance Program (FAMLI)
Colorado Family and Medical Leave Insurance Program (FAMLI) What You Need to Know July 2022 The information presented in this presentation is not legal advice and should not be relied upon or construed as legal advice . It is not permissible for MetLife or its employees or agents to give legal advic
Slide 2: Today's agenda
Today’s agenda What we’ll be discussing 01 Overview 02 Coverage Options 03 Plan Design 04 Funding & Costs 05 Employer Roadmap 06 Tools & Resources
Slide 3: Polling Question
Polling Question Are you familiar with Statutory PFML plans? Some examples include WA PFML, MA, PFML, CA VDI/PFL, and NY DBL/PFL Select one: A. Expert: very familiar B. Knowledgeable: familiar with basics, but would like to know more C. New: not familiar
Slide 4: Colorado Family and Medical Leave Insurance Program (FAMLI)
Colorado Family and Medical Leave Insurance Program (FAMLI)
Slide 5: CO FAMLI Overview
CO FAMLI Overview Family and Medical Leave Insurance (colorado.gov) Purpose Program Eligibility • Wage replacement • Department of Labor and Businesses Employment defining program • Employ at least 1 employee in • Job protection* • Division of Family and last 20 workweeks; or • Paid Medical Leave Me
Slide 6: Coverage Options
Coverage Options Employers can choose State Run Programs Private Plan Options • Enroll in State Administered Program fall 2022 • Private plans can be insured or self-insured MyFAMLI+Employer • FAMLI contribution tax exemption process still • FAMLI tax contributions begin 1/1/2023 under development (
Slide 7: Benefit Plan Design
Benefit Plan Design
Slide 8: CO PFML Benefits – Starting 1/1/2024
CO PFML Benefits – Starting 1/1/2024 12 Weeks Weekly benefit payment is a percent of wages up to a maximum • Employee’s own serious health condition • • Child bonding Care of a family member $1,100 estimated maximum weekly cap • Military exigency • Safe leave Benefit calculation: + 4 Weeks 90% benef
Slide 9: Funding and Costs
Funding and Costs
Slide 10: Funding
Funding FAMLI STATE Program 0.9% up to cap (social security Private Plan Pricing $1,323 wage cap) split 50/50 Can be individually underwritten Employers <10 lives 0.45% • No rate forgiveness if <10 lives Employee funded (if 10+ lives 50% Split $662 Employee contribution capped at same funding) rate
Slide 11: Polling Question
Polling Question Will you be setting up payroll deductions for your covered employees or will you be funding the benefit on their behalf? Select one: A. Yes, we will set up payroll deductions B. No, as an employer, we will be funding 100% of the benefits C. We do not know yet
Slide 12: Is a private plan right for me?
Q&A What if I already offer similar benefits and 01 choose to opt out of the state plan? 02 Is a private plan right for me?
Slide 13: Existing STD or LTD does not meet requirements
Existing STD or LTD does not meet requirements Private Plan Requirements Every W2 worker covered Allow intermittent leaves less than 1 hour Balance
Slide 14: State Plan Definitions
State Plan Definitions Key definitions that differ from traditional STD plans Serious Health Condition Covered Family Members • Illness, injury, impairment or physical or mental • Natural, foster, step, legal guardian, including: condition that involve: • children, parents, grandparents, grandchildr
Slide 15: Polling Question
Polling Question Are you considering a private plan to comply with the new FAMLI leave law? Select one: A. Yes B. No C. We do not know yet
Slide 16: Employer Roadmap (Responsibilities and Timelines)
Employer Roadmap (Responsibilities and Timelines)
Slide 17: Employer Roadmap - CO
Employer Roadmap - CO Summer 2022 Fall 2022 Jan/1 half 2023 Fall 2023 Jan 2024 • How will FAMLI • Register on • FAMLI rules • Update HR • Benefits payable impact you MyFAMLI+Employer adopted manuals on • Estimate your • Update HR • State plan coordination of • Private plan premium lability manuals/
Slide 18: Tools & Resources
Tools & Resources 18
Slide 19: CO FAMLI Resources
CO FAMLI Resources FAMLI Toolkit for Employers | Family and Medical Leave Insurance (colorado.gov) ✓ Employer webinars Employer toolkit ✓ Newsletters ✓ FAQs ✓ Employer toolkit
Slide 20: Tools and Resources
Tools and Resources CO FAMLI FAQs CO FAMLI Statutory www.metlife.com/pfml Leave Benefit Guide
Slide 21: West Coast PFML Comparison
West Coast PFML Comparison WA PFML OR PFML CO FAMLI Key Dates 1/1/2019 – Contributions 1/1/2023 – Contributions 1/1/2023 – Contributions 1/1/2020 – Benefits payable 9/3/2023 – Benefits payable 1/1/2024 – Benefits payable Coverage Options State run administration State run administration State run ad
Slide 22: MetLife
iy MetLife