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The Hartford Improves Fiduciary Service To Help Give Retirement Plan Sponsors Greater Peace Of Mind
SIMSBURY, Conn.-(Business Wire)-July 2, 2008 - To help retirement plan sponsors manage their fiduciary responsibilities, the Retirement Plans Group of The Hartford Financial Services Group, Inc. (NYSE:HIG) is instituting a number of improvements to its co-fiduciary investment selection and monitoring service. The Hartford has simplified its program and increased the investment options covered by the service. It has also eliminated the fee it currently charges clients for the service, which is known as Fiduciary Assure(SM).
Fiduciary Assure is designed for retirement plan sponsors who are concerned about choosing the right mix of investment options and want to protect themselves against legal challenges by providing investment options to the plan that are in compliance with ERISA Section 404(c). Mesirow Financial, an independent, third-party registered investment advisor, will act as a co-fiduciary to defined contribution retirement plan sponsors for the investment options it recommends.
"We feel strongly that plan sponsors need access to a fiduciary service like ours," said Marty Swanson, vice president and chief marketing officer of The Hartford's Retirement Plans Group. "The availability of true co-fiduciary protection, at no additional cost to the plan, should give plan sponsors added peace of mind."
The Hartford's Retirement Plans Group is one of the company's fastest growing business segments. Through its extensive broker/dealer and employer relationships, The Hartford provides retirement programs to corporate, governmental, not-for profit and educational organizations and entities. In addition, it provides pension administration services for defined benefit plans. As of March 31, 2008, the Retirement Plans Group serves 27,782 plans, more than 1.5 million participants and has more than $52 billion in assets under management or administration.
About Mesirow Financial
Mesirow Financial Investment Strategies is a diversified financial services firm headquartered in Chicago. Founded in 1937, Mesirow Financial is an independent employee-owned firm with offices across the country and in the United Kingdom. Mesirow Financial Investment Strategies is a division of Mesirow Financial Investment Management, Inc., an SEC-registered investment advisor. For more information, visit www.mesirowfinancial.com.
About The Hartford
The Hartford, a Fortune 100 company, is one of the nation's largest diversified financial services companies, with 2007 revenues of $25.9 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, the United Kingdom, Canada, Brazil and Ireland. The Hartford's Internet address is www.thehartford.com.
HIG-L
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2007 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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