Deals & People April 15, 2008

Hartford Adds Retirement Income Offering to 401(k) Plan

The Hartford Financial Services Group has announced that The Hartford Lifetime Income will be offered to participants in the company’s 401(k) plan.
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A news release said the new offering features a guaranteed retirement income investment portion and is expected to be available by early 2009. Contributions directed to The Hartford Lifetime Income will be eligible for the company’s employer match.

“Our employees are increasingly interested in taking ownership of their financial future and making sure they take the right steps to secure their retirement,” said Eileen Whelley, The Hartford’s executive vice president of human resources, in the release. “The Hartford already provides comprehensive 401(k) offerings with a company match and a company-sponsored retirement plan, but we are continually looking for ways to provide competitive and innovative benefits to our employees.”

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Participants can adjust the start date for their income and can move investments in and out of their guaranteed income account (See Annuity in 401(k) Clothing, Guaranteed Income Should Be Part of Overall Retirement Strategy).

Products April 15, 2008

RetirementWORKS Unveils Retirement Planning Software

RetirementWORKS, Inc., a subsidiary of Still River Retirement Planning Software, has released a new financial planning site for those approaching or who are already in retirement.
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A news release said the RetirementWORKS for YOU software provides advice based on a comprehensive analysis of an individual’s financial situation. According to the announcement, the system answers:

  • Can I afford to retire when I want to?
  • When should I sign up for Social Security benefits?
  • What should I be doing about health coverage and long-term care insurance?
  • Can I afford to stay in my home, or should I consider selling and downsizing?

The cost of the software is $189 per family for the first year of unlimited access, with subsequent renewals available at half price. Discounts and other arrangements can be made for financial providers, employers, voluntary associations, and Web sites that would like to sponsor or refer their own members or patrons to this service, the company said

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More information is available at http://www.RetirementWORKS2.com.

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