Press Release

CIGNA Retirement & Investment Services Forms Strategic Alliance with Ayco

One-on-one Counseling Helps Consumers Achieve Their Financial Goals; Employers Benefit by Strengthening, Expanding Their Retirement Plan Offerings

HARTFORD, CT., April 29, 2002 -- With the economy stutter-stepping toward recovery and a steady stream of news about Enron and other high-profile business failures, American workers are acutely aware of the challenges to their future financial security. But despite exposure to a barrage of financial information and the proliferation of self-help tools, many find it difficult to apply even the most basic financial-planning principles to their own circumstances.

To help close the gap between theory and practice, CIGNA Retirement & Investment Services is now offering access -- through the workplace -- to personalized, one-on-one financial counseling services.

"There's an abundance of financial-planning material circulating in the marketplace. But the vast majority is mass-produced and does little to address the specific financial-planning needs of individual consumers," said David Musto, vice president, product management, CIGNA Retirement & Investment Services. "CIGNA's financial counseling program gives employees easy workplace access to comprehensive, objective counseling that's tailored to each individual's stage in life and designed to encourage informed action that helps people move confidently toward their financial goals."

Available as an employer- or plan-paid option to CIGNA's corporate and Taft-Hartley clients, the program utilizes the professional advisory services of The Ayco Company, L.P., an SEC-registered investment advisor and one of the nation's leading fee-based financial counseling and education companies. Employees in CIGNA-provided retirement plans that select the service will have direct, confidential access to Ayco's financial planners through its toll-free Ayco AnswerLine(R). And Ayco's services will be actively promoted through all CIGNA's consumer touch points -- participant statements, on-site seminars, CIGNA's AnswerLine(R) and CIGNA's AnswerNet(R) -- to increase awareness and use among plan participants.

Moreover, the Ayco financial counseling program will address a broad range of financial concerns beyond retirement planning, including investing in and outside the company savings plan, education funding, insurance planning, home ownership, estate planning and the financial impact of key life events. Because Ayco's services are fee-based, consumers can be assured they're receiving independent, objective advice.

As part of the alliance, Ayco will maintain on-line, benefit-plan summaries for all CIGNA corporate and Taft-Hartley clients that select the service. This will allow Ayco's financial planners to provide every plan participant with benefit information and advice, including specific recommendations on investment choices and asset allocations within a company's savings plan. Following consultations, Ayco can transfer callers to CIGNA's participant support center, allowing employees to take immediate action based on the advice they receive. There's no limit to the number of times participants can use the service, and employees have the option of using the same planner whenever they call.

"This type of financial planning service historically has been offered to highly compensated employees, but the CIGNA/Ayco alliance brings premier, independent financial and benefits advice to every employee at every level in an organization," noted Musto. "It's an ideal program for companies looking to maximize plan participation and contributions, while boosting retention by enhancing the financial awareness and sophistication of their workforce. It can also help provide a competitive edge in recruiting top talent.

"Seen another way, the program significantly expands access to reliable financial planning advice that's personalized to each individual's financial circumstances, stage in life and tolerance to risk," said Musto. "It also adds another vital capability to CIGNA's suite of decision support tools, complementing existing programs such as on-site seminars, on-line investment education and personalized communication materials. The CIGNA/Ayco alliance brings us another step closer to fulfilling our mission of delivering fully integrated financial solutions -- through the workplace -- as part of a complete program targeted to each consumer's distinct set of circumstances and needs."

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 is located at One Liberty Place, 1650 Market Street, Philadelphia, Pa., 19192. Its telephone number is 215.761.1000.

CIGNA Corporation 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 totaled $19.1 billion. Web site: http://www.cigna.com.

The Ayco Company, L.P.
With offices nationwide and with roots in the financial planning field that stretch back to 1939, The Ayco Company, L.P. is one of the nation's oldest and largest firms dedicated primarily to objective, fee-based financial counseling. Ayco has over 1,000 associates and more than 9,200 personal financial counseling clients - including CEOs, chairpersons and senior and mid-management executives at over 325 major corporations nationwide. Ayco also provides financial planning advice to hundreds of thousands of corporate employees and their families each year through the Ayco Financial Planning Center, Ayco AnswerLine(R) and Ayco Financial Network (aycofn.com) services. It also provides seminars, benefits education and life-event counseling programs such as the Money in Motion(R), RetireRight(R) and award-winning SurvivorSupport(R) Financial Counseling services. For more information about Ayco, visit http://www.ayco.com.

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