Hartford Financial Services Group Inc. said Monday that its 401(k) plan sales and deposits of $3.2 billion set a company record last year, with a 31% increase from 2004.
The firm also announced that it had recently combined its 401(k), 457, and 403(b) businesses into a single team, Hartford retirement plans group. Jim Davey, the vice president for group retirement plans, leads the group and reports to John Walters, head of the investment products division.
The retirement plans group is to get significant resource investments this year in products, services, and people, the company said.
As guaranteed sources of retirement income such as defined benefit plans and Social Security decline, responsibility for retirement readiness has fallen more heavily on the individual, Hartford said, but to help employees, retirement plan sponsors will seek ways to supply effective self-directed retirement savings vehicles — an investment product focus at Hartford.
