Association of American Railroads, Washington, hired CIGNA Retirement...

Association of American Railroads, Washington, hired CIGNA Retirement Services to be bundled provider for both its $27.8 million defined benefit plan and its $28 million defined contribution plan. MassMutual was the other finalist, said Jeffrey Marsh, vice president of financial administration. The investments, all from CIGNA, in the defined benefit plan are: Charter large company index; Charter large company stock; Charter large company stock growth; small company stock; small company value; small company growth; guaranteed deposit; mortgage-backed securities; investment-grade corporate bond; high-yield bond; Charter real estate fund; and a foreign stock fund. The investment options in the defined contribution plan, which has been changed to daily valuation from quarterly, include guaranteed long-term fixed income, high-yield bond, investment-grade corporate bond, five lifestyle funds, a global fund, a balanced fund, a large company stock index fund, large company stock, small company value, large company growth, small company growth and foreign stock funds. The association retained Fidelity’s Growth Opportunities Account, Fidelity Magellan and American/20th Century Ultra fund for the defined contribution plan. The association also added a self-directed account option but limits the percentage of participant account assets that can be invested to 30%, Mr. Marsh said.