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.

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.”

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).