Press Release
CIGNA and Mellon Form Alliance
HARTFORD, CT, December 11, 2002 -- As part of CIGNA Retirement & Investment Services' ongoing commitment to make life easier for plan sponsors and their participants, CIGNA and Mellon Investor Services have formed an alliance to provide CIGNA retirement plan sponsors with simplified stock option and employee stock purchase plan administration.
The new alliance also makes it easier for retirement plan participants to access their stock plan account information and to make account transactions.
"This arrangement with Mellon Investor Services enables CIGNA to deliver a 'best-in-class' capability that meets both employers' and employees' needs for superior administrative services for their stock option and stock purchase plans," said David Musto, vice president, product management, CIGNA Retirement & Investment Services. "It also provides employees with the ability to access stock plan account information easily and conveniently, using existing CIGNA points of contact. This is just one of a full range of services CIGNA provides through the workplace to make retirement and financial planning easier for employees."
Through the new offering, CIGNA clients can:
- Manage the administration of stock plans through their CIGNA representative, thereby simplifying the benefits administration process. At the same time, they can take advantage of the stock plan administrative services available through Mellon Investor Services.
- Provide employees with convenient, easy access to both their retirement and stock plan account information through a variety of CIGNA retirement plan channels - including the "myCIGNA.com" Internet portal, touch-tone telephone services and through direct discussions with client service representatives.
"It's gratifying for us to be recognized as having 'best-in-class' capabilities with respect to stock plan services," said Jim Aramanda, president and chief executive officer of Mellon Investor Services. "We're very pleased to be working with CIGNA to help bring those capabilities to employers and employees."
In addition to the specific enhancements related directly to stock plan administration and service, Musto noted that "this new alliance is also an opportunity for plan sponsors to think about their retirement and compensation programs in an integrated way."
"By working with a single employee benefits provider like CIGNA that can deliver and integrate a broad range of administrative and advisory services, employers can showcase the total value of the retirement and compensation benefits they make available to their employees," Musto said.
"Employees gain a greater appreciation for the benefits they receive, including employee stock plans, if they enjoy integrated access to information about all their workplace benefits across every possible point of contact -- over the Internet … the phone … even through client service representatives. That's what CIGNA can provide, making it easier for employers to highlight their benefits packages as a means to attract and retain top talent," Musto added.
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 $81 billion, CIGNA Retirement & Investment Services provides retirement products to approximately 3,300 plan sponsors serving some 1.5 million plan participants through various subsidiaries of CIGNA Corporation, including Connecticut General Life Insurance Company. Securities products are offered through CIGNA Financial Services, Inc., member NASD/SIPC. Banking products are offered by CIGNA Bank & Trust Company, FSB.
Mellon Investor Services, a wholly owned subsidiary of Mellon Financial Corporation, is a leading provider of shareholder services and related securities products in North America. Mellon Investor Services and its wholly owned subsidiaries offer transfer agency services that include global shares; stock option and employee stock purchase plan administration; corporate-sponsored financial planning; securities brokerage; direct purchase and dividend reinvestment plan administration; merger and acquisition services; demutualization services; proxy solicitation, stock watch; odd-lot programs; unclaimed property compliance, information agent services; and consulting services. Additional information about Mellon Investor Services is available at www.melloninvestor.com.
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