A retirement services player is buying plan administration technology expertise.
The Simsbury, Conn., life insurance arm of Hartford Financial Services Group Inc., Hartford, has agreed to acquire TopNoggin LLC, Powell, Ohio.
TopNoggin develops systems that can handle data management, administration, benefits calculations and other tasks for defined benefit pension plans.
TopNoggin serves 50 clients with 375,000 in plan participants and about $4 billion in defined benefit plan assets, Hartford says.
Hartford and TopNoggin are not saying how much Hartford is paying for TopNoggin, but they expect the deal to close by the middle of March 2008.
Hartford will be offering jobs to all of TopNoggin’s employees and keeping their offices in Powell, Hartford says.