Press Release

CIGNA Forms Advisory Board of Industry Leaders to Promote Retirement Security

HARTFORD, CT., March 19, 2002 -- With American workers increasingly concerned about their retirement security -- but not necessarily taking the steps required to prepare for their long-term financial well being -- CIGNA Retirement & Investment Services has formed the Participant Communications Board, an independent organization dedicated to helping ensure retirement readiness for everyone.

The board, composed of some of the retirement industry's most-respected thought leaders, will focus on promoting awareness about the need for effective retirement planning -- and will develop programs to encourage savings and motivate employees to chart an informed course for a more secure future.

"Our goal is to help American workers more effectively plan for and enjoy their retirement," said Victor Saliterman, senior vice president, Participant Solutions, at CIGNA Retirement & Investment Services. "Today's workplace offers a wealth of retirement planning options and benefits -- and we want all Americans to take full advantage of every opportunity. The data, however, indicate that something else is going on. Americans are saving and investing less, while at the same time becoming increasingly concerned about having sufficient funds to live comfortably once they decide to retire. We need to reverse these trends with new and innovative approaches to retirement education and communication."

Members of the Participant Communications Board, which met for the first time on March 12th, include:

• Dallas Salisbury, chief executive officer of the Employee Benefit Research Institute (EBRI);
• Don Phillips, managing director of Morningstar, Inc.;
• Professor Barry Sheckley, section head of the University of Connecticut's Adult Learning Program;
• Rochelle Lamm, chief executive officer of the Academy of Financial Services Studies, LLC, creators of adult learning programs for the retirement industry;
• Charlie Ruffel, chief executive officer of Plan Sponsor magazine; and
• Lynne Ellis, director of personnel and benefits, Spang & Company, a mid-sized manufacturing firm with locations throughout the U.S.

"Our aging population is still not doing enough to prepare for the realities of retirement," said Mr. Salisbury. "There has been significant progress over the past several years in helping workers understand the importance of saving and investing. But survey data suggest that the time is now for all of us to make an even greater effort toward educating and motivating Americans to play a more active role in their retirement planning."

Survey data highlight retirement-planning needs

According to the 2002 Retirement Confidence Survey -- sponsored annually by EBRI, the American Savings Education Council and Mathew Greenwald & Associates -- only 23 percent of American workers are "very confident" about having enough money for a comfortable retirement. The percent of people who are "very confident" in their retirement investment choices dropped to 29 percent this year from a high of 45 percent in 1998. Moreover, according to the 2002 survey, fewer Americans are currently saving for retirement than in past years and over half say they are behind where they need to be to ensure a secure future.

The findings confirm CIGNA's own "Workplace Report on Retirement Planning" survey -- conducted last fall -- which uncovered similar trends and found that workers are increasingly seeking help in managing their retirement plan assets. The CIGNA survey also revealed that workers are looking to the workplace -- to their employers and retirement plan providers -- for the help they need, because 80 percent of retirement benefits are housed in workplace- sponsored programs.

"Our charter compels us to think creatively about new ways to help individuals achieve retirement readiness through adequate savings strategies, appropriate asset allocation and a greater understanding of financial wellness concepts," said Mr. Saliterman. "We intend to do just that. And we look forward to achieving measurable results through increased participation and deferral rates, and widespread acceptance of asset diversification strategies targeted to specific stages in life."

CIGNA Retirement & Investment Services, a division of CIGNA Corporation (NYSE: CI), is one of the nation's leading asset management and retirement services firms. The organization offers defined benefit, defined contribution and non-qualified plans, either on a stand-alone basis or as part of a complete retirement solution customized to the needs of plan sponsors and tailored to the needs of plan participants. With global invested assets of more than $88 billion, CIGNA Retirement & Investment Services provides retirement products to approximately 3,200 plan sponsors serving some 1.5 million plan participants through various subsidiaries of CIGNA Corporation, including Connecticut General Life Insurance Company. Security products are offered through CIGNA Financial Services, Inc. Member NASD/SIPC. Banking products are offered by CIGNA Bank & Trust Company, FSB.

CIGNA Corporation, headquartered in Philadelphia, and its subsidiaries constitute one of the largest publicly owned employee benefits organizations in the United States. Its subsidiaries are major providers of employee benefits offered through the workplace, including health care products and services; group life, accident and disability insurance; retirement products and services; and investment management. As of December 31, 2001, CIGNA Corporation had consolidated assets of $91.6 billion and shareholders' equity of $5.1 billion. Full-year 2001 revenues from continuing operations totaled $19.1 billion. Web site: http://www.cigna.com.

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