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Retirement Plans

Cigna’s acquisition of Express Scripts to combine nearly $12 billion in retirement assets

Cigna Corp. agreed to acquire Express Scripts Holding Co. for about $67 billion, according to a joint news release issued by both companies. This will result in a company with nearly $12 billion in combined retirement plan assets.

Cigna had $4.28 billion in defined benefit assets as of Dec. 31, according to its 10-K filed Feb. 28. It had $5.04 billion in its 401(k) plan as of Dec. 31, 2016, according to its most recent Form 5500.

Express Scripts had $2.3 billion in a 401(k) plan as of Dec. 31, 2016, according to its most recent Form 5500.

Cigna's target asset allocation for its pension plan as of Dec. 31 was 50% fixed income, 30% equities and 20% other, which includes private equity, real estate and hedge funds.

Express Scripts spokesman Brian Henry declined to comment on how the companies' retirement plans will be combined and managed once the deal is closed.

The transaction is expected to close by the end of the year.