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CIGNA SAYS AMERICANS MAY NOT BE SAVING ENOUGH TO MEET LIFESTYLE NEEDS IN RETIREMENT

 HARTFORD, Conn., July 7 /PRNewswire/ -- To help consumers better prepare for the day when their employment income will stop, CIGNA today introduced a fast, easy-to-use retirement planning model on a personal computer diskette that not only offers consumers the most comprehensive view available of their projected income upon retirement -- but offers them guidance on what they can do now to meet their lifestyle needs in retirement.
 "Many Americans do not yet see the advantages of setting aside funds early enough to meet their future needs," said Dayle L. Allison, CIGNA Group Pension Division's senior Marketing specialist. "Even some employees who contribute to 401(k) plans do not see these accounts as primarily a retirement program," she added. "Consumers often withdraw too much or don't deposit enough into retirement savings accounts for a comfortable, secure future."
 According to Ms. Allison, CIGNA's new retirement planning model has been designed to help consumers better focus on their future. The Diskette, called CIGNA ProFiles(TM), is a new component of a package of CIGNA retirement and investment services available to American employers for their employees.
 "While some retirement savers already use diskettes to project 401(k) account balances, CIGNA believes consumers need to see total estimated retirement income from all sources, including 401(k), IRA and bank savings accounts, stock or bond holdings, Social Security and a company pension plan," Ms. Allison said.
 She noted that most employees are unaware of the sizable dollars set aside by their employer in a company pension plan. "Until now, the income you might expect from your pension, as well as Social Security, typically have been missing information from an employee's retirement savings strategy," she said.
 "CIGNA is seeing more employers interested in communicating anticipated pension benefits so that employees may carefully plan their future," said Ms. Allison. "If you can anticipate today what you'll receive from the government or your company pension when you retire, you can better determine how much you should be saving on your own in order to meet your lifestyle needs in retirement," Ms. Allison said.
 CIGNA ProFiles asks employees to identify their retirement income goals, then projects anticipated income from their personal savings and investments, Social Security and the company pension. It permits employees to experiment with different savings and investment strategies if their current plan comes up short of their goals. And, it offers guidance on what employees can do to meet their goals, such as change an investment allocation within a 401(k) or additional personal savings.
 CIGNA ProFiles was produced by a team of CIGNA retirement savings specialists. It is customized to reflect the specific features of an employer's retirement program at a cost of $7,500. Last month, more than 40,000 employees of CIGNA companies received the diskettes to better plan their retirement income.
 CIGNA Group Pension Division's professionals counsel America's chief financial officers and benefit mangers on programs and investments designed to prepare employees for financial security in their retirement years. CIGNA is a leading provider of retirement and investment services to American business, managing more than $32 billion in retirement savings funds for more than one million employees at more than 7000 companies. The CIGNA Companies also provide financial advice, health care, insurance, employee benefits and related services to businesses and individuals worldwide.
 -0- 7/7/93
 /CONTACT: Rick Goulart of CIGNA Corporation, 203-725-3224/
 (CI)


CO: CIGNA Corporation ST: Connecticut IN: INS SU: PDT

LG-LR -- NYW003 -- 8982 07/07/93 10:00 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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