The
CitiStreet will provide administration, investment management, advice and education services to members of the union, which has more than 700,000 members, according to a statement.
Robert Dawson, who oversees CitiStreet's union business said unions are "one of the last frontiers for 401(k)s." Citistreet sees new opportunities in unions that have started offering participant directed plans, such as the one the company will oversee, in addition to the defined benefit plans unions already provide.
CitiStreet's 401(k) package includes 12 core funds, three of which are lifestyle funds. Core funds include offerings of State Street Global Advisors, Smith Barney Funds from