MetLife has decided to sell its small and midsize 401(k) business after determining that gaining enough market share to make the business worthwhile would be too costly.

The company announced last week that its Metropolitan Life Insurance would sell the business, which has 300,000 participants and $7.5 billion of retirement plan assets, to Great-West Life and Annuity Insurance, the U.S. arm of Great-West Lifeco of Winnipeg, Canada.

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