The Hartford introduced its Aviator Cash Balance Program as a new tool for small businesses and professional practices to save for retirement.

The defined benefit program is designed for individuals that want to enhance retirement benefits while potentially reducing their taxable income, according to the company. The product is designed to complement a 401(k) defined contribution program, allowing small businesses and professional entities to fund a plan that may generate as much as $195,000 in annual retirement income, The Hartford said.

With investment risk resting with the employer, the insurer said, benefits from a cash-balance plan can help offset market losses a defined contribution plan participant may have experienced within other retirement savings plans.

Annual employer-funded contributions made to the cash balance plan may generally be deducted on the firm’s federal tax return, providing an additional incentive to plan for retirement. The benefits from cash balance plans can be more heavily weighted towards business owners and key employees, provided certain requirements are met, unlike a defined contribution plan such as a 401(k), according to The Hartford.

“The only thing more difficult than running a successful small business is saving for retirement while running a small business,” said Jamie Ohl, senior vice president and director of The Hartford’s Retirement Plans Group, in a statement. “The Hartford’s new Aviator Cash Balance Program can help business owners and professional entities turbo-charge their retirement savings and overcome the many hurdles to enjoying a comfortable retirement.”