Your Cigna Benefits & Career: Financial Planning for Employees and Executives

Do you work at Cigna? Get the resources you need and expert insights from financial professionals who specialize in helping Cigna employees make the most of their compensation package and benefits.

Whether you’re a new Cigna employee or you’ve moved up the ranks into a management or executive leadership role over a multi-year career, it’s important to make smart money moves with your income and employee benefits. For example:

✅ Do you know the right moves to make to get the greatest value from the Cigna benefits available to you?

✅If you’re thinking about leaving Cigna for another job or planning to retire from the company in a few years, are you taking the right steps today to ensure you will receive all of the compensation and benefits that you’ve earned?

Get the Most Value from Your Cigna Benefits and Compensation Package

Throughout the year, Cigna provides its employees and executives with updates about their benefits, ranging from health insurance and health savings plans to retirement plans like 401(k), deferred compensation plans, and stock options. While the company offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with Cigna who specialize in helping Cigna employees make the most of their income and benefits.

Whether you work in the Cigna headquarters in Philadelphia, Pennsylvania, another office location around the country, or remotely from home, you may have questions about your compensation package and benefits better suited for a financial professional who can offer unbiased advice and guidance.

For example, sensitive topics like discussing the steps you should take before quitting your job at Cigna to work elsewhere, protecting yourself in advance of a corporate layoff, or deciding when you should plan to retire are all conversations that may be more comfortable with a trusted financial advisor.

💡 In the Q&A below, you’ll gain insights from financial advisors who work with Cigna employees to help them make smart decisions to get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.

🙋‍♀️ Do you have questions not yet answered? Use the form below to submit questions anonymously and watch this article for updates with answers to your questions. You can also reach out to the financial advisors below to set up an introductory call or contact them with your questions by email.

💸 Smart Money Insights for Cigna Employees & Executives

 

This page is organized into sections to help you quickly find the information you need and get answers to your questions:

1. Q&A: Financial Planning Tips for Cigna Employees & Executives
2. Get Answers to Your Questions About Your Cigna Benefits and Career
3. Quick Facts & Resources for Cigna Employees
4. Browse Related Articles

Q&A: Financial Planning Tips for Cigna Employees & Executives

Answers to Employee Questions with Ryan Langan, CFP®

 

Ryan Langan is a financial advisor based in Philadelphia, Pennsylvania, who specializes in offering financial planning services to Cigna employees. Ryan helps his clients get the most value from their Cigna benefits and compensation package so they can enjoy life and feel confident about their financial future.

Q: As a financial advisor with experience helping Cigna employees save for their retirement, how do you help them make the most of their employee benefits?

Ryan: Cigna offers a wide variety of benefits to its employees. There are elections that need to be made for the employee’s 401(k), deferred compensation, and health savings plans. I first ensure I understand the client’s specific financial situation and goals, and then we can determine how to optimize the various benefits and retirement savings.

Q: Is there a particular benefit available to Cigna employees you feel isn’t as well utilized or understood by employees as it should be?

Ryan: The Cigna 401(k) plan has an after-tax contribution option, allowing employees to save additional retirement dollars on top of their annual pre-tax or Roth max contribution limit. This allows individuals who have already maxed out their pre-tax and/or Roth contributions to continue saving more money in their 401(k) on an after-tax basis.

The 401(k) plan also has an in-plan Roth conversion feature, allowing employees to convert their after-tax contributions to Roth annually to take advantage of tax-free growth. Employees are only taxed on their earnings at the time of conversion. At separation from Cigna, employees can roll the Roth funds into a Roth IRA. This strategy allows individuals with higher incomes who are ineligible for direct Roth IRA contributions to still benefit from tax-free growth and withdrawals in retirement.

Q: Beyond Cigna employee benefits for retirement savings, are there other types of benefits offered by the company that you find valuable to discuss with your clients?

Ryan: Many Cigna employees receive a portion of their compensation in Cigna company stock split between Restricted Stock, Performance Stock, and Stock Options. Each equity component works slightly differently, carries different tax treatments, and should be managed appropriately. It is essential to consider the tax obligations and strategies to buy and sell company equity based on their specific financial situation, which is a core focus of my planning.

Get to Know Ryan Langan, Financial Advisor for Cigna Employees:

 

 

View Ryan’s profile page on Wealthtender or visit his website to learn more.

Q: For Cigna employees thinking about leaving the company to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?

Ryan: For those with stock compensation, it is important to understand what employees may be leaving on the table if they choose to take a new role. Each stock component is treated differently upon separation, and if not managed appropriately, it can be forfeited. If stock compensation is forfeited, it is important that employees reach out to their new employer to see if there is an option to compensate for the forfeited stock. Another item is to consider deferred compensation elections and how those will be paid out upon separation, as that will have tax implications to manage around. 

Q: For Cigna employees who have managed their finances on their own to this point, what would you suggest they consider to help them decide if they should begin working with a financial advisor at this stage in their lives?

Ryan: As employees advance in their careers at Cigna, stock compensation can become a more significant portion of their overall earnings. This can present challenges when managing their taxes and the concentration of company stock as part of their overall investment portfolio. Stock compensation can also have a substantial impact on funding life goals, such as retirement or children’s college costs. My goal as a financial planner is to take the burden of managing these challenges off their plate so that my clients can focus on their careers and families, knowing that their finances are proactively taken care of.

Q: What are some of the unique financial planning challenges you commonly see among your clients who are Cigna employees and how do you help them overcome these obstacles?

Ryan: As a Cigna employee with equity compensation, the biggest financial challenge most clients encounter is related to tax planning. With the taxation of bonuses and stock compensation, most of the time, employees are left with large tax bills due each April. If the appropriate payments are not made, this can add interest and penalties on top of a large liability. I help clients with tax planning throughout the year to ensure there are no surprises when tax time comes, and we work through strategies to help ease the tax burden where possible.

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