Lord Abbett Exits Bundled Small Plan 401(k)s

Lord Abbett has decided to exit the bundled small plan 401(k) business, effective Oct. 1, to instead focus on the defined contribution investment only market. Hartford Financial Services Group will manage the transition of approximately 8,000 plans, 59,000 participants and $1.2 billion in assets, and will waive any potential costs associated with the transfer.

“The Hartford views its retirement plan business as a significant growth opportunity, and we are actively looking to expand our presence in the marketplace,” said Jim Davey, executive vice president of the firm’s investments and retirement division.