Lord Abbett & Company L.L.C. has agreed to encourage small employers that use its 401(k) plan services to shift to Hartford Financial Services Group Inc.
Lord Abbett, Jersey City, N.J., now manages about 8,000 bundled small 401(k) plans with a total of about 59,000 participants and $1.2 billion in plan assets, according to Hartford Financial, Hartford.
“The process to transfer many of these plans will begin immediately,” Hartford says.
Hartford “views its retirement plan business as a significant growth opportunity, and we are actively looking to expand our presence in the marketplace,” Jim Davey, an executive vice president at Hartford, says in a statement.