UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 5, 2003
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THE HARTFORD FINANCIAL SERVICES GROUP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 001-13958 13-3317783
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(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
The Hartford Financial Services Group, Inc.
Hartford Plaza
Hartford, Connecticut 06115-1900
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (860) 547-5000
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Item 9. Regulation FD Disclosure.
On September 5, 2003, the Board of Directors of The Hartford Financial Services
Group, Inc. (the "Company") approved changes to the Company's defined benefit
pension plan which will implement, effective January 1, 2009, a "cash balance"
formula for purposes of calculating pension benefits for all employees hired
before January 1, 2001. Currently, pension benefits for these employees are
based on a "final average pay" formula. Pension benefits for all employees hired
on or after January 1, 2001 already are calculated based on a "cash balance"
formula.
The Company anticipates that, beginning in 2004, the approved pension plan
changes will materially reduce the rate at which the Company's annual pension
expenses are expected to increase. As of December 31, 2002, the Company's
aggregate pension benefit obligation was $2.6 billion. After giving effect to
the pension plan changes as if they had been approved at the end of 2002, the
Company estimates that its aggregate pension benefit obligation as of December
31, 2002 would have been reduced by approximately 10%. The Company's actual
aggregate pension benefit obligation as of December 31, 2003 cannot be
calculated at this time. However, depending on the level of interest rates and
other market conditions at December 31, 2003, it is possible that the reduction
in the aggregate pension benefit obligation due to the pension plan changes may
be offset by increases resulting from changes in other factors and assumptions
underlying the calculation of the obligation.
Statements regarding the Company's analysis of the potential effect of the
pension plan changes are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking statements are
not guarantees of future financial results, and actual results may differ
materially. Investors should consider the important risks and uncertainties that
may cause actual results to differ, including the potential effect that changes
in prevailing interest rates and stock market performance may have on the
Company's future pension expenses and obligations. The Company assumes no
obligation to update this filing, which speaks as of the date issued.
As provided in General Instructions B.2 and B.6 of Form 8-K, the information and
exhibit contained in this Form 8-K shall not be deemed to be "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor
shall they be deemed to be incorporated by reference in any filing under the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such a filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Date: September 10, 2003 By: /s/ NEAL S. WOLIN
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Name: Neal S. Wolin
Title: Executive Vice President and
General Counsel