In what was described as “a move designed to offer defined benefit plan sponsors the latest in Internet functionality”, The Hartford Financial Services Group, Inc. has agreed to acquire TopNoggin. The Powell, Ohio-based firm has proprietary technology that, according to a press release, “â€¦tackles the expensive, time-consuming and cumbersome tasks of data management, administration and benefit calculations”.
“Our defined contribution customers have made it clear they want – ‘need’ is really the word – help administering their defined benefit plans,” said John Walters, president of The Hartford’s U.S. Wealth Management Group and co-COO of The Hartford’s Life Operations, in the announcement. “TopNoggin’s real-time technology and expertise lets us answer that call with leading edge technology. We eagerly welcome TopNoggin’s employees to our team as we continue to grow The Hartford’s overall retirement plans business.”
TopNoggin, a privately held defined benefit administration and consulting firm, currently services 50 clients with more than $4 billion in defined benefit plan assets and 375,000 plan participants. TopNoggin has developed a state-of-the art, Web-based pension administration system that significantly reduces time and costs from the pension administration process.
When the transaction closes, within the next 90 days, all of TopNoggin’s employees will be offered positions with The Hartford. The company intends to maintain TopNoggin’s operations in Powell, Ohio. The terms of the agreement were not disclosed, but the acquisition is not expected to be material to The Hartford’s operations.