BenefitsEmployee Engagement

State of Missouri Selects CitiStreet as Administrator for Plan

CitiStreet has been selected to be the third-party administrator for the $1.2 billion deferred compensation plan of the state of Missouri.

CitiStreet will handle all record keeping, customer service, advice, education and communication for the 457 plan, which has more than 50,000 participants.

"Bidding the TPA contract gave the commission a great opportunity to improve this state-provided employee benefit," said state Rep. Mark Bruns, chair of the Missouri Deferred Compensation Commission, which made the selection. "I feel employees will see significant improvements in the plan, and I encourage all employees to take advantage of them."

He said improvements to the plan’s features include a self-directed brokerage account, in addition to the core investment offerings, that allows participants access to more than 7,000 mutual funds. CitiStreet will provide advice to participants looking for direction on investments, as well as its award-winning, personalized and targeted communications for plan participants.

CitiStreet will open a state headquarters office in Jefferson City and establish satellite locations around the state. In addition, it will provide more than 250 transitional meetings with participants to explain the new services and provide plan and investment education, said Randy Taylor, CitiStreet senior vice president, government markets.

"We will also be increasing the ongoing investment education and plan enrollment opportunities available to employees throughout the state," he said.

"The Missouri board was very scrupulous in the selection process, and we are very pleased to have been chosen. We look forward to a long relationship," said Sandy McCarthy, CitiStreet president of retirement services.

The selection by the state of Missouri adds to CitiStreet’s industry-leading growth in recent years as a TPA in the government markets. The firm also provides services to Texas, Michigan, Ohio, California, Colorado, South Carolina, Oregon, Arkansas, Washington, D.C. and Hawaii, along with many county and city governments.

Tags: Benefits, Engaged Workforce, HRO Today Global

Recent Articles