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 Fred Schneyer
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.
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