CIGNA Retirement & Investment Services has received U.S. Office of Thrift Supervision approval to convert CG Trust, an Illinois-chartered trust, into CIGNA Bank & Trust, a federally chartered full-service thrift.
The ruling allows CIGNA to add banking strategies to its menu of retirement plan options. Initially CIGNA Bank will leverage its federal charter to offer banking products such as IRAs to participants in retirement plans administered by CIGNA Retirement. Trust services currently provided to plan sponsors through CG Trust will continue to be offered through CIGNA Bank.
