Pentegra Retirement Services, which sells retirement products and services to community banks, has selected State Street Global Advisers to manage its more than $1 billion of qualified plan assets.

Officials at White Plains, N.Y.-based Pentegra said it selected the Boston investment manager for its broad range of extremely low-cost index funds.

"Each of the collective trust funds offers rigorous style consistency and substantially lower expense ratios than most retail mutual funds, annuities, or actively managed investments," said Gwen Burroughs, chief marketing officer, Pentegra. "This keeps costs down while simplifying the investment selection and management process, benefiting both plan sponsors and participants."

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