Is there a way to get rid of Cigna stock investments in my Empower Retirement portfolio and move those funds into a different investment option? It seems to be locked, and I’m unable to make any changes.
I disagree with Cigna’s decision to reduce its workforce, and I’m concerned about the company’s future outlook and potential decline. I would prefer not to have my retirement savings invested in Cigna stock. Has anyone experienced this or knows how to make changes?
@gp (a6 here), my choice is the US Total Stock Market index, this includes large, mid and small cap and makes up the largest percentage of my 401k at 27%. My second choice is the S&P 500. You can always split it up and do some to total market or s&p 500, and maybe a smaller percentage to one of the international funds for more diversity if you prefer.
I just did a pretty decent sized purchase using funds from the Fixed income fund and moved the money into the Us Total today, will do so again tomorrow and so on if the market continues to slide.
@ga 100% large cap fund or 50-50 Large cap and 50 to the emerging market fund.
Long term
@a6 what investment option should we transfer it to
@OP Dump it. I got rid of mine last year when the stock was at around $285. I had over 25% of my 401K in Cigna stock. I got tired of the drastic Cigna stock swings. And the whole Enron thing many years ago where employees lost everything.
I'm glad you're did this. Unfortunately I don't have much faith in the future of Cigna.
Nobody should have more than 5% of their total investments in their own company stock. No matter who your employer is.
@a6 Many thanks for the detailed instructions! It worked, and I’m now able to transfer the funds to others.
I'm curious why it would be locked. Have you been here less than 2 years? If so, any company matched money may not be vested yet, but any money you put in is 100% vested.
I'll try to help, once in the 401k, go to My Investments > Change my Investments > Do it Myself > Trade Specific Funds. Choose ALL and Continue. Tap Select, from there choose the Cigna stock and tap Add Fund. In your case choose percentage, and enter 100. Then you will Select the fund you want the proceeds to go into.
If you are unable to sell for some reason, call empower to find out why. But at a minimum you can change your contributions to stop investing in Cigna stock until you find out why you are unable to sell the stock.
Hope this helps.
Yes I did that two years ago - call the Empower support number and ask them to walk you through the steps you can move 100% of the funds into another selection.