CitiStreet, a retirement benefits provider of Quincy, Mass., has signed an agreement with the state of Florida to administer a new defined contribution retirement option for state employees, the company announced last week.
CitiStreet will provide record keeping, plan administration and customer services to some 300,000 public employees, representing $13 billion in assets, who are expected to take part in the program, the company said.
The plan will be administered by 750 employees working in CitiStreet's Jacksonville, Fla. office and the company plans to open an additional office to provide employer level education to the 800 state employers, according to CitiStreet.
The state is currently considering investment options to include in the plan, according to the company.
Florida's program will allow state employees to move all of their assets into the new defined contribution plan or keep their assets in the defined benefit plan and start investing in the defined contribution plan.
CitiStreet currently serves 6.5 million participants and administers nearly $200 billion in assets, according to the company.