Press Release
Colorado PERA Selects CitiStreet as 401k Administrator
QUINCY, MA, December 29, 2003 -- The Public Employees’ Retirement Association of Colorado (Colorado PERA) has selected CitiStreet, one of the nation's largest providers of benefit services, to be the administrator for its 401k plan covering state and local government employees.
"We selected CitiStreet after a vigorous search because of their overall plan expertise, technological capabilities, high level of personal service and extent of services, which were all key areas of enhancement we were looking at," said Katie Kaufmanis, Colorado PERA’s communications director.
As the recordkeeper and administrator for the Colorado PERA plan, CitiStreet will partner with Colorado PERA to provide extensive education and communication materials for the participants, as well as greater integration between the 401k plan and the defined benefit plan. For example, fully integrated Web and call center operations will make review and transactions by plan participants a one-connection process whether they desire information on their 401k plan or the pension plan provided by Colorado PERA.
The Colorado PERA 401k plan includes 71,000 government employees and has about $830 million in assets.
"We look forward to partnering with Colorado PERA in its decades-long mission of promoting financial security for its members," said Randy Taylor, CitiStreet senior vice president, government markets.
CitiStreet is a leader in serving state and local governments, and in the last three years has been awarded new business or contract extensions by entities including the states of Texas, Michigan, Ohio, Florida, South Carolina, Washington, Hawaii and most recently, Colorado PERA; municipalities such as the city of Baltimore; and county-level clients such as Macomb County, Mich.
The 72-year-old Colorado PERA, which provides retirement and other benefits to the employees of more than 390 government agencies and public entities in Colorado, is the 23rd largest public pension plan in the United States.
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.
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