CitiStreet will act as the recordkeeper and administrator for PERA, and in these roles will provide education and communication materials for the participants. In addition, CitiStreet has plans to provide greater integration between the 401(k) plan and the defined benefit plan, according to a news release.
PERA’s 401(k) plan includes 71,000 government employees and has about $830 million in assets. The PERA 401(k) award adds to CitiStreet’s state and local government clients. In past three years, that list has been expanded to include new business or contract extensions by the states of Texas, Michigan, Ohio, Florida, South Carolina, Washington and Hawaii.