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.

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.