Cigna employee what is 401k match and total pension amount per year ? I heard very low 401k match of 3.5%. Is it true?
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I’m a Cigna employee and reading some of the comments by my co-workers here is wild. Do you really think Tim, et al. really didn’t have any idea of the benefits or benefit comparisons? They just haven’t wanted people to jump ship because that presented two-fold problem for them: hiring new employees who know they will be transitioning to a different company altogether is difficult, yet they have to convey a certain number of people over to HCSC. It makes sense from a business perspective.
There are many sources on the web that provide more insight related to general benefits, including PTO (you may want to check that as well, because Cigna’s policy is more generous). Have you compared your job position to current similar HCSC roles? You’ve had plenty of time to stalk their website and draw a lot of comparisons regarding wages, job responsibilities and so on. CM especially if going to be in for a rude awakening when they realize that their job probably won’t be 100% work from home but will require visiting customers.
To the person asking if Pension is immediate. Yes and no. The company will begin contributing the first full month after you start with the company. There’s a three yr vesting period. After that the pension is all yours. That doesn’t mean it’s paid out to you right away. You will have to check the rules when you join about your payout options.
Not sure where they got that $3k figure. Its a percentage of your annual salary, based on your age. It's around 3% if you are under 30 and goes up by half a percent every 5 years after that last I saw.
About the $3k pension contribution per year by HCSC....is that an immediate benefit? Or is that something you qualify for after a certain amount of time?
Pension is a percentage based on age, think 3-3.5%, and it is contributed automatically and vests after 3 years. 401k match is 100% of the first 1% of 401k contributions, then 50% of the next 5%, so a max of 3.5%. So you're getting ~3% automatically, and then if you contribute 6% to your 401k, you get an additional 3.5%.
Sorry folks. They sc--wed us HCSC employees over because of Cigna acquisition is my thought.
I guess this is why Cigna leadership is trying so hard to keep HCSC benefits under wraps away from Cigna employees. We've been asking our (Cigna) leadership and they tell us they can't share it because HCSC don't know what their benefits are yet. Well yes that's true for 2025, but what we really want to know is how does HCSC current 2024 benefits compare to ours. We understand it will change in 2025, but comparing current benefits is a good indicator as to what we will gain / lose with this merger.
So far from what I can tell, it appears we will lose roll over PTO hours and a HCSC contributes a smaller 401K match % than Cigna. We will be gaining a pension. Many Cigna employees have already jumped ship before this divesture and I think many more would jump now if we had a better understanding as to what kind of benefits we gain or lose. I guess we just have to wait a few more weeks for open enrollment. Cigna employees are told that we will have to enroll in both Cigna and HCSC during this open enrollment period.
To add on to the pay grade question below. Is grade 36 still the bottomless waste pit of a range?
Back in 2018, pay range was 55k-95kish. Is that still the case today? Grade 36 was the worst as it felt you were stuck in such a huge range even if you switched roles as a lot fell into this grade.
Another comparison question - what are HCSC grades/levels for employees? Is a Representative a Grade 1, an Analyst a grade 2… what is a senior manager or a director or a managing director?
Yes for 6% your match company matches 3.5%. Pension 3k$ per year no employee contribution.