Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Hartford offering to convert monthly annuity to cash lump sum

Reprints
Hartford offering to convert monthly annuity to cash lump sum

Hartford Financial Services Inc. is offering 13,500 former employees the opportunity to convert their future monthly annuity into a cash lump sum.

In a 10-Q filing Monday with the Securities & Exchange Commission, Hartford said eligible participants will have until next month to accept the offer and the insurer will make the payments in December.

Hartford said the payments will be made from plan assets, with the plan's funded status not expected to be adversely affected by the program.

Hartford froze the cash balance plan at the end of 2012. At year-end 2013, the plan was about 84% funded, with $4.63 billion in assets and $5.52 billion in liabilities, according to the insurer's 2013 10-K filing.