An insurer has developed a cash balance defined benefit pension program aimed at small businesses and professional firms.
A Simsbury, Conn., unit of Hartford Financial Servicees Group Inc., Hartford, has rolled out the Aviator Cash Balance Program.
The ideal candidates are business owners or professionals who are within 5 to 10 years of retirement, are earning $250,000 or more per year, and already are contributing the maximum amount allowed to any available 401(k) plan or profit-sharing plan, according to Hartford.
The program includes the institutionally managed Payden/Kravitz Cash Balance Plan investment option. The manager of the option seeks to track to the 30-year Treasury Securities Interest Rate.
The program uses administration technology from TopNoggin L.L.C., Powell, Ohio, a company that Hartford acquired in 2007.
Hartford will be selling the program through financial professionals and retirement plan administrators.