Products March 31, 2009

Hartford Announces Small, Mid-Sized 401(k) Plan

The Hartford Financial Services Group has unveiled an enhanced 401(k) aimed at the small- and medium-sized market segments and plans with up to $10 million in assets.
Reported by

A Hartford news release said its Aviator 401(k) program combines two existing products. The company said the new offering includes:

  • streamlined pricing with automatic fee reductions, which are sensitive to the growth of assets within a 401(k) plan;
  • free independent investment co-fiduciary service. Fiduciary Assure features a contractual investment selection and monitoring service from an independent third party, the announcement said;
  • expanded investment lineup with seven new fund families and no proprietary fund requirements;
  • six new target-date funds from The Hartford Mutual Fund Family available in five-year increments for a total of nine (see “The Hartford Expands Target-Date Series’);
  • an asset allocation program;
  • Morningstar’s Retirement Manager, which offers an advice and guidance module;
  • a self-directed brokerage account option;
  • automatic enrollment with multiple qualified default investment alternative options and an automatic deferral increase feature.
Deals & People March 31, 2009

Lewis Joins Former Fidelity Colleagues at Putnam

Putnam Investments named Benjamin Lewis as managing director of Defined Contribution Sales and Relationship Management.
Reported by

A Putnam news release said Lewis will head all sales and relationship management within Putnam’s defined contribution retirement plan business. Lewis will be charged with overseeing sales to advisers, intermediaries, and retirement plan sponsors.

Lewis joins the firm from Fidelity Investments, where he was senior vice president for Fidelity Employer Services Company. He is the latest in a string of Fidelity executives making the move to Putnam (see “More Fidelity Execs Land at Putnam’).

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

Lewis will report to Putnam managing director and head of Defined Contribution, Edmund Murphy, who also joined Putnam earlier this year from Fidelity Investments, where he was executive vice president of distribution for Personal and Workplace Investing (see “Putnam Names Fidelity Alum as DC Business Leader’).

«