Hartford Financial Services Group Inc. (NYSE:HIG) hopes to do business with the third party administrators that run retirement plans for smaller nonprofit employers.
The Simsbury, Conn., life arm of Hartford already sells administrative and recordkeeping services to 401(k) plans run by TPAs, or independent plan administrators, through the PASSport program, and it sells investment menu options to TPA-run 401(k) plans through the Premier Innovations program.
Hartford now is offering the PASSport program and the Premier Innovations program to TPA-run 403(b) plans with less than $5 million in assets under management.
Hartford expects to work with about 200 TPAs in the 403(b) plan market, the company says.
