CIGNA defined benefit plan sponsors can now tap into:
- On-Line Management – a new resource for plan sponsors providing online access to plan financial information on their defined benefit plan. CIGNA notes that a 24-month rolling history of financial reports will soon be available.
- Asset/Liability Forecasting — CIGNA has improved its defined benefit capabilities to include an asset/liability forecasting service that helps plan sponsors more effectively anticipate and respond to potential plan funding shortfalls.
In addition, CIGNA now offers some new and enhanced participant tools and resources, including:
- Interactive Calculation Capability – a web-based tool that enables employees to pose “what if” retirement questions, including real-time defined benefit pension estimates using varying assumptions about future earnings, age at retirement, and payment options.
- Redesigned Participant Statements – displaying earned benefits, as well as projected benefit levels at varying retirement ages. Employers can insert messages and information that provide additional context, such as feature articles tailored to the life stage of individual participants.
- CIGNA’s AnswerLine, which offers 24-hour access to expanded information on benefit payments, tax withholding, and deductions, as well as tax and direct-deposit assistance.
- The myCIGNA.com employee Web portal also allows employees to view their Social Security entitlements, and can include 401(k) account information, if the company’s 401(k) is also offered through CIGNA.