Snap-on Selects CitiStreet for Its DC Plan
QUINCY, MA, December 15, 2005 -- Snap-on Incorporated, a leading global developer and manufacturer of tool, diagnostic and equipment solutions for professional tool users, is now being provided third-party administration by CitiStreet for the company 401k plan.
CitiStreet provides plan administration, record keeping, customer service, communications and education for the plan, which has 4,500 participants and about $190 million in assets.
The new service plan includes some changes in the funds line-up, with more indexed funds from State Street Global Advisors, and the addition of lifecycle funds.
"We selected CitiStreet because their 401k product offering is very well aligned with our objectives of helping Snap-on employees better prepare for retirement while providing comprehensive services at a low cost," said Paul Prickett, Snap-on director, corporate benefits.
Kenosha, Wis.-based Snap-on, one of the most widely recognized product names among tool and equipment users worldwide, offers more than 14,000 products for transportation service, industrial, government, educational and agricultural customers, among other commercial applications, including construction and electrical.
"We are always pleased to be awarded new business, and especially pleased when the customer happens to be a widely known world leader in its field," said Sandy McCarthy, CitiStreet president of retirement services.
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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