A financial services giant is working with an independent plan administrator to market a new defined benefit plan to small businesses.
Hartford Financial Services Group Inc., Hartford, will be working with Plan Administrators Inc., De Pere, Wisc., to sell the Solo db Life plan.
The plan is designed for business owners with fewer than 10 employees who need both life insurance and a retirement plan.
Solo db Life is split-funded, meaning that part of the employer’s contribution is allocated to traditional investments such as mutual funds, while the other part is used to buy whole life insurance.
Solo db Life offers business owners an alternative to 401(k) plans, Simplified employee pension individual retirement accounts, profit-sharing plans and other traditional defined-benefit plans, Hartford says.