In Jacobsen v. Metropolitan Life Ins. Co., No. 23STCV14788 (Sup. Ct. Cal.), a California public school educator alleges that Metropolitan Life Insurance Company (MetLife) violated California's Education Code and the California Unfair Competition Law by charging undisclosed and unauthorized fees within her 403(b) retirement savings account. The California Education Code provides that 403(b) vendors such as MetLife cannot charge any fees that are not explicitly disclosed on 403bcompare.com, a website established under the Code. This requirement aims to provide transparency and enable informed decision-making for teachers when planning for retirement. MetLife is accused of charging Plaintiff rider fees in her 403(b) annuity product that were not disclosed on 403bcompare.com. The plaintiff seeks equitable restitution and injunctive relief to address these unlawful and unfair practices and ensure proper disclosure moving forward.

MetLife 403(b)

Learn More

If you contributed to a MetLife 403(b) product while you were employed by a public school in California and would like to learn more about this case, share information, or believe you have a claim, please email Carl Engstrom.