Simsbury, Conn., and Powell, Ohio - In 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, a Powell, Ohio-based firm with proprietary technology that tackles data management, administration and benefit calculations.
"Our defined contribution customers have made it clear they need help administering their defined benefit plans," says John Walters, president of The Hartford's U.S. Wealth Management Group and co-COO of The Hartford's Life Operations. "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 Web-based pension administration system designed to reduce time and costs from the pension administration process.
"We have grown and thrived because we met—with an innovative technology solution—an unmet demand among employers," says Bradley Hansen, president and CEO of TopNoggin. "Now, as part of The Hartford's Retirement Plans Group, we'll be able to roll our expertise to new customers and markets under the banner of one of the best recognized brands in the retirement space."
When the transaction closes, all TopNoggin 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 and the acquisition is not expected to be material to The Hartford's operations.
Source: The Hartford Financial Services Group Inc.
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