(Bloomberg) -- Hartford Financial Services Group Inc.is working to reduce its retirement obligations by paying formeremployees to give up their pensions.
Last month, the insurer offered voluntary lump-sum payments toabout 13,500 workers who had left the company and hadn’t yetstarted receiving pension payments, Hartford said todayin its quarterly filing. The former workers have until November tomake a decision, and will get the payouts the following month.
Hartford has divested life insurance and retirement unitsto focus on property-casualty coverage. The firm has also offeredpayments to clients to give up some retirement products it sold inprior periods in an effort to limit future obligations.
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