Cigna freezes pension plan, replaces CFO

NEWS IN BRIEF — Posted June 8, 2009

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Struggling with declining enrollment and investment losses, Philadelphia-based health plan Cigna announced in May it would freeze its pension plan effective July 1, saving $79 million this year.

The action was among several adjustments Cigna has made since the beginning of 2009.

The company announced in January it would lay off 1,100 workers, or about 4% of its employees. On April 30, the company revised its full-year earnings estimates to between $3.70 to $3.90 per share, down from $3.95 to $4.25 per share predicted in February.

The pension freeze was included in that projection.

In May, longtime Cigna Chief Financial Officer Michael W. Bell resigned and was replaced by the company's chief accounting officer, Annmarie Hagan. Spokeswoman Gloria Barone called the resignation a "logical step" in the company's executive succession planning.

Note: This item originally appeared at

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