Press Release
Dollar General Selects CitiStreet For $67 Million 401k
QUINCY, MA, October 14, 2003 -- Dollar General, one of the world's fastest growing retailers, has selected CitiStreet to provide full benefits services for the 19,000 participants in its 401k defined contribution program, it was announced today.
CitiStreet will provide administration, record keeping and communications and education services for the plans, which had more than $67 million in assets as of last fiscal year. "Dollar General is both a pioneer and a fast-growing leader in discount retailing, and the company's commitment to its employees can be seen in its extensive benefits packages. We are pleased that Dollar General has chosen CitiStreet as their 401k provider, and we are looking forward to a long-standing relationship," said Sandy McCarthy, president of Core Market Defined Contribution Services at CitiStreet.
Dollar General said CitiStreet had the high level of service it was seeking. "Service to our employees is as important as service to our customers, and we feel that CitiStreet had the combined retirement plan sophistication and commitment to personal service that we wanted for our people," said Chandra Matthews, Dollar General's benefits director. The first Dollar General store opened in 1955, with all merchandise selling for $1 or less. The Dollar General chain, headquartered in Goodlettsville, Tenn., now counts more than 6,500 discount stores in 27 states offering basics such as paper products, snack and food items, cleaning supplies, and health and beauty aids. The company has added more than 400 stores in the current fiscal year.
The stores are located mainly in small communities of low- and middle-income families, where Dollar General also is known for its support of literacy initiatives.
About CitiStreet
CitiStreet, one of the largest global benefits delivery firms in the United States, is headquartered in Quincy, Mass. It has 3,500 employees and offices in East Brunswick, N.J., Jacksonville, Fla., Lewiston, Maine, and Boston, and field offices around the nation. It also has a division, CitiStreet Australia, with offices in Sydney and Brisbane. CitiStreet serves more than 8 million participants and administers $170 billion in assets in the United States for defined contribution, defined benefit and health and welfare plans of corporate, government, health care, Taft-Hartley and not-for-profit organizations. It also serves more than 800,000 participants and administers about $3.5 billion in assets outside the United States. CitiStreet is a 50/50 joint venture between State Street Corp. (NYSE:STT) and Citigroup (NYSE:C). For more CitiStreet information, visit the Web site at www.citistreetonline.com.
###
