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Member, Beacon International Group, Ltd.
HARTFORD, Conn.—Retired Hartford Financial Services Group Inc. Chairman and CEO Ramani Ayer will receive a lump sum pension benefit of $39.9 million on May 1, the insurer said in a filing with the U.S. Securities and Exchange Commission.
Mr. Ayer retired from Hartford on Oct. 31. Liam McGee was named to replace Mr. Ayer and in January also was named president.
In the SEC filing Thursday, Hartford said Mr. Ayer would receive the $39.9 million pension benefit as a lump sum.
Mr. Ayer is the last actively employed participant under this particular pension plan. Other Hartford executives' pension plans do not provide for a lump sum payment option, other than upon a change of control, and for benefits provided under the plan's cash balance formula, according to the filing.
At the end of March, Hartford said it had repurchased all of the preferred shares issued to the U.S. Treasury Department under the Troubled Asset Relief Program. Hartford paid $3.4 billion to the Treasury Department to repurchase the preferred stock, plus a final dividend payment of about $21.7 million. The repayment was funded by equity and debt offerings as well as available resources.