CIGNA Freezes Pension Plan

It is amazing to think that government and education workers will totally rule the post retirement era in the near future. While insurance actuaries and engineers will have to work until death, phys ed teachers and state workers will be golfing for 30 or more years on the nickel of the same actuary or engineer. Although this has been going on for 25 years, we have extremely stupid voters, extremely greedy unions, and extremely feckless elected "leaders" many of whom are employed by govt/ed or have family members who benefit Sad and not the Conn. we grew up in where everyone was in it together.

Pretty soon we will be working just to support the Stste. They are the only ones with 1950's style benefit packages.
Boycott Cigna.

My cheap company not only froze the pension, but stopped contributing to our 401k.

"CIGNA Corp. told its employees Monday it will freeze its pension plan July 1 to save $40 million a year"

just enough for one under performing greedy do nothing ceo

They just keep finding more and more ways to screw the american people.

Why anyone would want to do business with a company like this is beyond me.

Amazing a story about CIGNA matching a 401K with 4.5 % and the first couple of comments rag of state workers.

28 Years ago, I made a calculated and conscious decision to enter public service. I chose security over a chance at raking it in.

I was belittled a decade ago for not going for it. Now that my decision seems to be sound in the long run...I am shunned as a parasite.

Suffering and despair brings out the true character of a person. Rather than trying to adjust and reposition, you wish to have company in your misery.

Hint: 1985 dont go into the defense Business in CT.

Dont invest in BETA

2009...Don't plan on being a car dealer.

Public Service, the Law and Health care might look good. Be flexible.

You could always be a movie star or a pro athlete....but I wouldn't bank on that either.

MAN-Up Folks

Just the beginning of the domino effect.. It sets a precedence that can not be stopped. I think that it is decieving to hire someone with certain benefits to attract them and mid sream pull out the carpet. Did any execs lose their plan or have it rearranged??? I think not!!!

funny wrote:

"CIGNA Corp. told its employees Monday it will freeze its pension plan July 1 to save $40 million a year"
just enough for one under performing greedy do nothing ceo

A-Men, brother/sister!

CIGNA's CEO made $29 MILLION last year, a poor performing year.

Do the math: This single year's bloated bonus is 75% of what they'll save off the backs of the employees by eliminating the pension fund.

Ohhhh! Don't get me started.. Hopefully this won't spread.

The "generous" increase from 3% to 4.5% of matching the 401k is BS, since except for this past year, CIGNA regularly gave up to a 1% bonus to the 401k.

The net effect is MAYBE a .5% increase in the 401k matching....a FAR FAR CRY from doing anything DECENT compared to freezing the pension plan.

A few more bad years and what's to keep the company from raping the dollars that are frozen in the employees' pension funds?!

Stever wrote:

Just the beginning of the domino effect.. It sets a precedence that can not be stopped. I think that it is decieving to hire someone with certain benefits to attract them and mid sream pull out the carpet. Did any execs lose their plan or have it rearranged??? I think not!!!

You guessed right! Although the company crowed over its "responsible" decision not to offer any raises this year, it gave out plenty of generous bonuses to its executives. NONE OF THEM too a hit, believe me.

Seems all the whiners out there claiming only state employees have pensions in this day and age were wrong.

No wonder insurance is so outrageously expensive and corrupt. As soon as you make a claim, they either cancel your policy or go up on your rates. And heaven forbid you change carriers, they are all crooks - keeping a central database to track how many times you put in a claim because your TV was hit by lightening. Crooks!

alan wrote:

It is amazing to think that government and education workers will totally rule the post retirement era in the near future. While insurance actuaries and engineers will have to work until death, phys ed teachers and state workers will be golfing for 30 or more years on the nickel of the same actuary or engineer. Although this has been going on for 25 years, we have extremely stupid voters, extremely greedy unions, and extremely feckless elected "leaders" many of whom are employed by govt/ed or have family members who benefit Sad and not the Conn. we grew up in where everyone was in it together.

STFU... Funny, I don't know any state government workers who were ever getting their 401K contributions matched along WITH a pension.... Seems to me that the private sector was double-dipping here...

Old Guy wrote:

Amazing a story about CIGNA matching a 401K with 4.5 % and the first couple of comments rag of state workers.
28 Years ago, I made a calculated and conscious decision to enter public service. I chose security over a chance at raking it in.
I was belittled a decade ago for not going for it. Now that my decision seems to be sound in the long run...I am shunned as a parasite.
Suffering and despair brings out the true character of a person. Rather than trying to adjust and reposition, you wish to have company in your misery.
Hint: 1985 dont go into the defense Business in CT.
Dont invest in BETA
2009...Don't plan on being a car dealer.
Public Service, the Law and Health care might look good. Be flexible.
You could always be a movie star or a pro athlete....but I wouldn't bank on that either.
MAN-Up Folks

Well said!

Corporate America sucks.

Oh I feel so sad for these people..NOT! The get crazy bonuses, stock options and 4.5% is a great match in todays economy..
Hardly, close to what state workers get.. people education yourself!

so my question is, is the pension plan Cigna is freezing a defined benefit traditional pension? The Hartford froze theirs a little while ago and changed to a cash balance plan which is still better than nothing, plus they match up to 3% if you put in 6%.

penguin wrote:

so my question is, is the pension plan Cigna is freezing a defined benefit traditional pension? The Hartford froze theirs a little while ago and changed to a cash balance plan which is still better than nothing, plus they match up to 3% if you put in 6%.

They changed their traditional DBP to a cash plan last year. Now, they are eliminating the cash balance plan as well and going with a straight 401(k).

So Sad wrote:

Oh I feel so sad for these people..NOT! The get crazy bonuses, stock options and 4.5% is a great match in todays economy..
Hardly, close to what state workers get.. people education yourself!

The rank and file do not get bonuses and stock options. They usually don't even get raises.

I dont know of anybody belittling anybody that worked for the state, in fact there are always long lines whenever any kind of test wwas given. IN 1978 I got an offer from the state for 9500 and a computer company for the same. Both companies had pensions, etc. The computer company is long gone. To be fair, the "tax paying" sector of the state is long gone(New Brit, Waterbury, Torrington)and the tax consuming sector is booming(even health care is Medicare driven with huge deficits). State has huge debt/deficit and less jobs than 1989. Again, stupid voters(watch comment section light up when ex CYO player "coach geno" says something), no leadership elected or appointed, and greedy unions. Lucky for me my condo was bought in Florida long ago