The new unit will be based in Jacksonville, Florida, home of CitiStreet’s Total Benefit Outsourcing Division. Services provided will include:
- actuarial consulting services, including strategy and plan design for retirement and health plans;
- health and welfare consulting services, including vendor procurement, negotiations, and cost analysis;
- CitiStreet’s customized plan participant communications
Monica Gallagher, director of CitiStreet’s client relationship practice, will head the new consulting services venture.
Actuarial consulting will be offered through Chicago Consulting Actuaries, while CitiStreet will expand its existing relationship with eBenX to offer health and welfare plan consulting.
CitiStreet, a joint venture between State Street and Citigroup, is headquartered in Quincy, Massachusetts, and has 3,000 employees. CitiStreet serves about 6.5 million participants and administers about $200 billion in assets for defined contribution, defined benefit and health and welfare plans of corporate, government, health care, Taft-Hartley and not-for-profit organizations, according to the company.