California Teachers’ 403(b) Plan Now Includes Advice

The California State Teachers’ Retirement System (CalSTRS) has expanded the number of funds it offers the 3,000 teachers in its 403(b) plan from three to 11, and, as a result, is offering advice to participants at no charge. CitiStreet, a joint venture between State Street Corp. and Citigroup, is providing the in-person advice, while Financial Engines is providing the online advice.

CalSTRS’ 403(b) plan previously offered only three basic funds: a money market fund, an S&P 500 index fund and an equity index fund. The new lineup includes three lifestyle funds targeted to specific retirement dates.

PNC Financial to Close Two Offices:Consolidation Will Eliminate 50 Jobs, Redundancies

Transfer agent and fund accounting firm PNC Financial Services Group of Wilmington, Del. will close its Tampa, Fla. and Westborough, Mass. offices by the end of the year. The closings will result in the elimination of 50 jobs and the consolidation of redundant retirement services into its Minneapolis, Minn. and Rockville, Md. offices. PNC’s call center and order fulfillment center will be centralized in Minneapolis, while retirement plan client services will be headquartered in Rockville.

The company is closing the offices to keep costs down, Nancy Wolcott, PNC executive vice president, said in a statement.

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