Fleet Financial Group is targeting small businesses with an alternative to a traditional 401(k) program-a group annuity.

Galaxy(k), which is underwritten by American Skandia, is being marketed to companies with fewer than 75 employees or less than $1 million in annual revenues. A group annuity meets the needs of these companies better than other available products do, Fleet executives said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.