One financial services giant is working with another to add a new type of investment to its own employees’ 401(k) plan.
Hartford Financial Services Group Inc., Hartford, says it will be teaming with Fidelity Investments, Boston, the administrator of the Hartford 401(k) plan, to add a Hartford Lifetime Income option starting in early 2009.
Employees will be able to invest in the new lifetime income shares in the same way that they invest in other classes of assets, such as stock funds and bond funds, Hartford says.
The price of the shares will depend on the participant’s age and current interest rates.