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Hartford Updates 401(k) Program

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NU Online News Service, May 21, 3:33 p.m. – Hartford Life Insurance Company, Simsbury, Conn., has introduced a new version of its 401(k) program for employers with fewer than 500 employees.

The new Director Advantage 401(k) program is based on a group variable annuity contract.

The new contract offers a total of 72 investment choices from well-known money managers, and employers can now make 44 choices available to employees, up from 16 before, Hartford says.

Hartford has also added Web-based enrollment services, access to plan loans through an automated telephone system, and a service that calculates personal rate-of-return figures.

Hartford, a unit of Hartford Financial Services Inc., is packaging the upgraded 401(k) program with a choice of service from its own administrators or third-party administrators.

The company is selling the program through its network of independent financial advisors.