The retirement program provides benefits to more than 64,000 Texas state employees who participate in its 401(k) and 457 plans, which have $940 million of assets, CitiStreet said Wednesday.
CitiStreet, a joint venture of State Street Corp . and Citigroup Inc ., is to offer personalized investment and retirement planning advice to participants. The advice will be delivered through personalized statements, on-line and by licensed advisers.
The service also includes tracking and monitoring of account performance, periodic follow-ups for review, a total portfolio view of all retirement accounts, and periodic portfolio rebalancing. Online users are to get progress reports, forecasts, and reminders to revisit the service for changes and checkups.
CitiStreet is headquartered in Quincy, Mass. It has 3,500 employees and offices in East Brunswick, N.J.; Jacksonville, Fla.; Lewiston, Maine; and Boston, as well as field offices nationwide. It also has a division, CitiStreet Australia, with offices in Sydney and Brisbane. CitiStreet serves more than nine million plan participants and administers about $200 billion of assets in the United States for defined contribution; defined benefit; and health and welfare plans of corporate, government, health-care, Taft-Hartley, and not-for-profit organizations.