Hartford Financial Services Group Inc., Hartford, Conn., offered lump sums to about 13,500 terminated vested participants in its frozen defined benefit plan, said Tom Hambrick, spokesman.
The offer is being made to participants who have yet to retire, according to a 10-Q filing with the Securities and Exchange Commission. Participants have until November to elect a lump sum and the company plans to make payments in December.
The company’s defined benefit plan was frozen on Dec. 31, 2012.
As of Dec. 31, the defined benefit plan had $4.63 billion in assets and $5.516 billion in projected benefit obligations, for a funding ratio of 83.9%, according to the company’s most recent 10-K filing.
Mr. Hambrick could not provide further information by press time.