Arkansas State Officials have selected CitiStreet, the joint venture between Citigroup and State Street Corp. and Stephens, a Little Rock-Ark.-based investment banking firm, as the administrators for the state’s new deferred compensation plan.

The new 457 plan will likely attract many more participants because of enhancements to the plan regarding investment options, retirement planning and advice which will take effect next year, said Arkansas state officials. Only about 7,000 of 30,000 eligible state employees are enrolled in the current plan.

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