The Hartford [profile] is offering up to $2 million to convince the executive overseeing both mutual funds and retirement plans to stick around until February.

Reuters picked up on a filing that revealed the Hartford, Connecticut-based insurer's retention bonus offer for wealth management president David Levenson.

The revelation comes after Hartford publicly unveiled plans last week to put one of Levenson's units, individual annuities, into runoff; to put two others, individual life and retirement plans, up for sale; and to "try to double" a fourth unit under Levenson, mutual funds [see MFWire.com, 3/21/2012, #1 and #2].

According to the filing, Levenson will receive the extra compensation if he remains "actively employed by the company in the performance of his duties on certain specified payment dates through February 28, 2013."

He joined the company in 1995 from Fidelity and became the head wealth management midway through 2010. 

Edited by: HFD


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