CitiStreet Introduces Web-Based Tools for Sponsors, Participants
QUINCY, MA, December 12, 2006 - CitiStreet has begun the rollout and development of a new generation of Web-based applications that will give plan sponsors and participants broader and easier access to information about their benefit plans, the company announced at a recent series of customer forums.
The enhancements for defined contribution, defined benefit and health and welfare plans are planned over the next twelve months, and CitiStreet has already begun rolling out a new reporting tool on the Sponsor ConnectSM Web site for defined contribution customers. The enhanced reporting tool provides plan sponsors intuitive, real-time access to a full range of defined contribution plan reports in a familiar Microsoft Windows environment.
"These enhancements are part of the ongoing process at CitiStreet of refining, developing and enhancing technology to improve service for both plan sponsors and their participants," said Sandy McCarthy, CitiStreet president of retirement services.
"Our enhanced Sponsor Connect Web site gives plan sponsors easy-to-understand performance dashboards and business intelligence reporting, right at their desktops, guarded by the highest levels of security," said Dave Tolve, CitiStreet executive vice president for Web development.
Over time, the Sponsor Connect reporting tool will replace all traditional reporting methods currently available for all the services CitiStreet offers. Sponsor Connect provides customers with:
- Easy-to-use functionality with Windows-style drag-and-drop capabilities
- Access to comprehensive plan and participant data
- Real-time ad hoc custom reporting capabilities
- Pre-built 'Dashboard Reports' measuring plan and participant metrics
- Online payroll integration for small companies or payroll locations
"With the new Sponsor Connect, the design and presentation of queries and reports is limited only by our customers' imagination," said Tolve, who discussed the new features at the customer forums in several major cities in October and November. "This gives plan sponsors the tools to make strategic decisions about their benefit plans without tying up the IT department."
CitiStreet is also developing a next-generation plan participant Web site that will advance the Web from just a self-service tool for employees to a powerful communication and decision-support tool.
"Our investment in personalization is very far-reaching across our business and a key to our success at providing what we call Direction-for-Life.ä Web-based technology is one of those areas where we have made, and will continue to make, innovations and enhancements to help sponsors and participants make decisions in their best interests," said McCarthy.
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 11 million participants and administers $200 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 1 million participants and administers about $15 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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