Superior Essex Chooses CitiStreet For DC Plan Administration
QUINCY, MA, December 5, 2005 -- Superior Essex Inc., one of the largest manufacturers of wire and cable in the world, has selected CitiStreet to be the administrator of its two defined contribution plans, it was announced today.
Superior Essex, which is based in Atlanta, has 5,400 participants in the plans and $100 million in assets. Prior to the CitiStreet contract, Superior Essex had three plans with two vendors.
"CitiStreet's excellent services and its ability to combine our previous three plans into two, as well as allow participant plan transfers, led us to choose them," said Debrah Baker-Oliver, senior vice president of Corporate Administrative Services for Superior Essex.
Some of the special services chosen by Superior Essex are CitiStreet Advisor Service, Automatic Clearing House processing for loans and withdrawals, automatic enrollment into age-based SSgA Life Cycle Funds, Beneficiary On-line and CitiStreet's Rate Escalator, which allows a participant to schedule automatic increases in the rate of savings.
"We are very pleased to be awarded this new business that was derived from, and now enhances, our reputation as an industry leader in plan administration," said Wayne Finnegan, CitiStreet executive vice president for corporate sales.
Superior Essex has a 75-year legacy of providing a wide range of cable, wire and electrical insulation products that are integral to the operations of vast communication networks, electrically powered machinery and numerous consumer and industrial goods. It generates more than $1 billion in annual revenue.
About CitiStreet
CitiStreet, one of the largest global benefits delivery firms in the United States, is headquartered in Quincy, Mass. CitiStreet has 3,000 employees at offices in Somerset, N.J., Jacksonville, Fla., Lewiston, Maine, Boston and field offices around the nation. It also has a division, CitiStreet Australia, with offices in Sydney, Brisbane and Melbourne. CitiStreet serves more than 9 million participants and administers approximately $215 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 about 1 million participants and administers about $9 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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