I am new hire. I started two months ago, I heard they have a pension here. Does anyone know how it works? Is it good?
14 replies (most recent on top)
@3kz
"I doubt that Cigna EE's will get vesting based on their tenure with Cigna. Most likely the timer starts at day one, just like everyone else."
That is incorrect. Our tenure moved over and we are already vested in the pension program (those of us w/ 1+ year at Cigna). That was relayed to us throughout the process and I can see that I am 100% vested via Empower.
Pension service credits are given on a pay period by pay period basis based on age and eligible earnings (generally gross base and bonus). Your credit accrual starts from the 1st pay check with HCSC—4/4/2025. Age for the Pension credit is age as of pay date.
This is to distinguish that while you join the plan fully vested, the service credits begin with your pay and service with HCSC.
The Pension information takes some time to establish. The pension credits are there, but the amounts are deminimus. If you happen to separate prior to the account release you will still be eligible for a benefit if you are fully vested (3 years or more)
Standard timing to receive the earnings and calculate the balance in a couple of months and welcome letter will be mailed , then you will be able to access your account and view your balance in the pension plan
@3kz HR has been not only less than worthless, but obstructionist. They have been arrogant and condescending. All they have done is bully and gaslight Cigna EEs.
The vesting schedule is three years not one.
I doubt that Cigna EE's will get vesting based on their tenure with Cigna. Most likely the timer starts at day one, just like everyone else.
I'm really surprised that HR did not provide this information to you.
@1mf Your time at Cigna counts toward the 1 year vesting. If you were at Cigna for at least a year before the purchase, you are vested now.
There is no backpay based on years at Cigna. Contributions started post 3/19.
So if they get rid of us Cigna people before our one year at HCSC, then they do not have to vest us for our prior years with Cigna. Thanks for sharing those details!
Retirement Benefits Highlights
The HCSC Employees Pension Plan
Beginning automatically on the date of your one year of service, including years of recognized service from Cigna Healthcare/Care Allies, full-time and part-time regular non-union employees become eligible to participate in the Cash Balance Pension plan.
The Cash Balance Pension plan is a company-funded cash balance formula retirement plan that provides eligible employees with annual defined benefit credits tied to a percentage of their compensation.
HCSC's pension plan is based on a Cash Balance formula which credits a percentage of eligible pay ranging from 3%-6% based on age.
Eligible employees will receive benefit credit under the Pension Plan starting with your first HCSC paycheck. Non-union employees will become eligible for HCSC's pension plan as of their HCSC hire date and after reaching 1 year of service, including years of recognized service from Cigna Healthcare/Care Allies.
@1ja hate to sound d-mb but not following. Once you are vested it’s a done deal based on age and pay. Told out Cigna time carried over to become vested. What is back pay and carry over?
@1ah the FAQ said Cigna employees would be fully vested after 1 year with HCSC. but no backpay for cigna time with the pension only HCSC time moving forward
I seriously do not think HCSC is going give ex-Cigna employees a pension for the time they worked at Cigna. Not going to happen. No way, no how.
Does anyone know how the pension works for the Cigna employees? - Is it their original hire date with Cigna or just since the acquisition?
Plus side is it’s free money. In the scheme of things probably won’t be a big factor in your retirement though.
There is a chart available on the The Hub. The company contributes a certain percentage by your age. It’s good in the sense that we have one at least.
You’re saying HR didn’t describe this to you when you were hired? Seems odd. Search the Intranet, you’ll find all the info you need.