Pentegra Retirement Services Selects State Street as its New Investment Manager
WHITE PLAINS, NY, December 26, 2005 -- Pentegra Retirement Services today announced that it has chosen State Street Global Advisors (SSgA) as its new investment manager for its more than $1 billion in qualified plan assets as part of its ongoing commitment to providing its clients with quality institutional funds. After extensively reviewing investment managers in the industry, Pentegra selected State Street for its broad range of extremely cost-effective index funds. Pentegra has primary ERISA-named fiduciary responsibility for the retirement programs of more than 500 DB and DC plans through its multiple-employer plans and is dedicated to providing more affordable retirement programs along with a wide array of asset allocation choices to the small plan market.
Gwen Burroughs, Pentegra's Chief Marketing Officer stated, "Pentegra provides a unique solution for retirement plans with this index fund offering from State Street Global Advisors. Each of these collective trust funds offers rigorous style consistency and substantially lower expense ratios than most retail mutual funds, annuities or actively managed investments. This keeps costs down while simplifying the investment selection and management process, benefiting both plan sponsors and participants."
Kenneth Montgomery, Pentegra's President and CEO said, "Pentegra selected SSgA after narrowing its search to a handful of providers who offered the unique combination of a full range of index funds with low asset management fees. Our agreement with SSgA will broaden our assortment of lower cost index fund options, allowing clients of all sizes to continue to provide an attractive fund line-up that offers the diversification that their participants require."
Michael Dalis, Director of Institutional Sub-Advisory Services at SSgA, said, "We are pleased Pentegra has chosen SSgA as its investment manager for its qualified plan offering. Index funds offer a way for plan sponsors to encourage participant diversification while maximizing value. We are committed to providing cost-effective, flexible and broad-based index products that support our customers' unique investment needs."
The transition of all plan assets to SSgA has been completed.
Founded in 1943, Pentegra Retirement Services is the leading provider of retirement products and services to community banks nationwide with over $3 billion dollars under management. With over 60 years of experience in managing retirement programs, the White Plains, NY based company provides a diverse array of retirement products including 401(k), KSOP, ESOP, Defined Benefit Pension, Profit Sharing and Executive Benefit and Director plans to the financial community and corporations nationwide.
About State Street Global Advisors
State Street Global Advisors, the investment management group of State Street Corporation (NYSE: STT), delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.4 trillion in investment programs and portfolios (as of September 30, 2005), State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in 26 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com.
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