The $60 million retirement plan will offer the advice through an agreement with CitiStreet, which the fund selected to provide administration services to its 403(b) plan.
The five-year contract covers an advice platform administered by Financial Engines, according to a news release from CitiStreet.
The package, which includes a new Web site and an expanded fund lineup, will immediately affect the 3,000 teachers covered by the retirement system’s 403(b) plan, the Voluntary Investment Program.
The program’s core investments include a money market fund, an S&P 500 index fund and an equity index fund. CalSTRS will be adding eight other funds, including three lifestyle funds, targeting specific retirement dates.
CalSTRS also offers participants a self-directed brokerage account.