CIGNA makes 401k Administration Difficult
Written: Apr 26 '01
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Pros: CIGNA offers a good selection of name-brand funds in a broad range of styles.
Cons: They offer minimal Plan Sponsor and Participant Support.
The Bottom Line: Stay away from CIGNA unless you are a large company with an in-house 401k staff to do plan administration.
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| esq2002's Full Review: CIGNA 401K Retirement Services |
CIGNA's Emerging Markets Group purports to be tailored to the small or medium business, but fails to offer the level of support a smaller employer needs. Our independent audit firm was appalled by the poor quality of the information provided and the lack of compliance support and sponsor education.
CIGNA sends out incomprehensible letters, with no explanation of how the content might affect the Sponsor. When a Sponsor calls and asks for clarification, the Account Rep either doesn't know, doesn't call back, or won't tell you. They also send boxes of loose fund performance updates, which we then have to collate and distribute.
The worst thing is their EDI Web Site. It takes me an average of 2 hours tweaking my browser settings to upload a simple data submission. They have minimal tech support, and the techs they do have simply don't know why my standard MSIE 5.5 installation doesn't work on their site. They don't care enough to figure it out, either.
Last year, we received our Spanish-language enrollment packets three weeks after the meeting had (sort of) taken place. I could go on, but this sampling should be sufficient to steer you away from CIGNA, unless you have a 401k Department to do what they will not.
Recommended:
No
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Epinions.com ID:
esq2002
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Reviews written: 2
Trusted by: 0 members
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