Compliance February 23, 2011

PBGC Gets Funding for Chicken of the Sea Plan

February 23, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation announced an agreement with Chicken of the Sea International to improve funding for a pension plan covering more than 2,300 of the company's workers and retirees.
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The agreement, based on mutual cooperation between PBGC and San Diego-based Chicken of the Sea, serves to satisfy requirements related to the September 2009 shutdown of a tuna packing facility in American Samoa, a U.S. territory located in the South Pacific Ocean, according to a news release.  

Under the agreement, the company will pay $3.7 million to the Retirement Plan for COS Samoa Packing Company Production Employees over the next three years. The payments exceed the company’s required plan contributions.  

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“Our agency is always ready to help companies improve the financial footing of the pensions they sponsor,” said PBGC Director Josh Gotbaum, in the announcement. “We hope more companies will follow Chicken of the Sea’s example in helping to shore up retirement income for their employees.”
Products February 23, 2011

CIGNA Finds Employee Absence Lowered by Integrated Program

February 23, 2011 (PLANSPONSOR.com) – An analysis of experiences by customers of CIGNA’s Disability & HealthCare Connect suggests combined medical and disability programs can lower employee absence.
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CIGNA’s study found that individuals using CIGNA’s integrated program were absent 20% less than those who had disability coverage alone. If each day of disability costs an employer $159 in direct and indirect costs, a company with 5,000 employees covered with CIGNA medical and disability programs could expect 2,500 fewer days of disability, representing nearly $397,500 in direct cost and productivity savings, the company contends.  

According to a press release, among individuals with an integrated program who do require short-term disability leave, CIGNA’s analysis shows customers required on average 13 fewer days of disability time than those individuals who did not have access to an integrated program. They also experienced an 11% better return-to-work rate than those without the integrated plan.  

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“Reining in costs associated with employee absence is an imperative for employers,” said Mark Marsters, senior vice president, Group Operations for CIGNA, in the announcement.  “CIGNA’s integrated disability and medical programs provide more opportunities to encourage and engage employees to improve their health and reduce disability absence, which benefits the employees as well as their employers.”  

CIGNA’s Disability & Healthcare Connect also integrates with CIGNA’s chronic care program. Customers with specific chronic conditions are provided education and coaching support to help them improve their medical condition.  

More information is at http://www.cigna.com.

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