CIGNA launched nine new, no-load mutual funds as part of its Charter Funds family for employee retirement investment plans, on February 1. Each fund has a distinct and disciplined investment style and is offered in three fund classes: institutional, premier and retail.
Jamie Kalamarides, vice president of business development for CIGNA Retirement and Investment Services said that the company is adding these funds to give participants a greater selection and make the selections match as closely as possible to their 401(k) plans. He explained that participants become comfortable with investment managers and certain funds from their 401(k) plans and wish to maintain the same positions outside of their plans.
"One of our visions is to be a total retirement services provider. We want the employee and employer to look at their retirement positions and not have to change investments in their non-qualified plans and IRAs," Kalamarides said. "Now the funds are institutionally managed with the things investors have liked."
According to a 1998
Employee Benefits Research Institute report, 42% of all workplace employees reported rolling some or all their funds over to an IRA when they retire or change jobs. Often these IRA providers do not offer the same funds that were in an individual's 401(k) plan, which makes the rollover process more difficult for the individual.
The new funds are:
Large Company Stock Growth Fund, sub-advised by Morgan Stanley Dean
Witter Investment Management
Large Company Stock Value Fund, sub-advised by John A. Levin & Co.
Large Company Stock Index Fund, advised by TimesSquare Capital
Management
Small Company Stock Growth Fund, sub-advised by Fiduciary
International
Small Company Stock Value Fund, sub-advised by Berger and
Perkins,
Wolf, McDonnell & Company
Foreign Stock Fund, sub-advised by Bank of Ireland Asset Management
Balanced Fund, sub-advised by INVESCO Capital Management
Core Plus Fixed Income Fund, advised by TimesSquare Capital
Management
Money Market Fund, advised by TimesSquare Capital Management
"They all have a very specific investment objective and strict style consistency," Kalamarides said. "We choose funds that allow appropriate asset allocation for retirement."
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