ProductsFebruary 3, 2010

Hartford Expands 403(b) Offering to TPA-serviced Plans

The Hartford Financial Services Group, Inc. is expanding its product offerings to include 403(b) retirement programs for nonprofit organizations serviced by third-party administrators (TPAs).

Reported by Rebecca Moore

The Hartford’s PASSport program, which provides administrative and recordkeeping services to 401(k) plans through TPAs, is being expanded to include 403(b) retirement plan sponsors with less than $5 million in assets under management, according to a news release. The Hartford’s Premier Innovations 403(b) retirement program, which allows plan sponsors to select from more than 200 investment options from more than 40 fund complexes, is available in this market.

As a result, The Hartford said, it will work with a nationwide network of nearly 200 third-party administrators, many of which currently partner with The Hartford to service 401(k) plans.

“The PASSport program makes a broad range of localized services available to 403(b) plan sponsors and positions us to continue our momentum in this market,” said Peter Moore, vice president of The Hartford’s public sector retirement sales.

Moore pointed out that an increasing number of nonprofits are expected to seek help from TPAs, as new rules for 403(b) plans are making it necessary for nonprofit institutions to enhance their administrative capabilities.