Hartford Financial Services Group added investment options from three faith-based investment fund families to its defined contribution plan roster, confirmed spokesman David Potter.
Options are now offered from the Timothy Plan, Luther King Capital Management's Aquinas Funds and Schwartz Investment Counsel's Ave Maria Mutual Funds.
The faith-based funds are now offered to new retirement plan clients of Hartford and their participants, and “will be made available to existing retirement plan sponsors and their participants over time and as they are requested,” according to a news release.
In addition, a socially responsible investment fund, the Neuberger Berman Socially Responsive Investment Fund also will be available through DC plans from Hartford, the news release said.
“We are seeing increased demand for more socially responsible investments, in this case faith-based funds,” Peter Moore, vice president of Hartford's public sector retirement sales, said in the release. “Increasingly, retirement investors are applying their religious, social and community values when it comes to directing their investment dollars.”
Hartford had $46.5 billion in assets under management for 401(k), 403(b), 401(a) and 457 defined contribution plans as of March 31, Mr. Potter said in an interview.