CitiStreet has launched Success 401(k), an internet based defined contribution plan service aimed at small US companies looking to implement their first benefits plan.
Success 401(k) will include step-by-step instructions regarding the process of setting up a plan and will offer a choice of up to 20 mutual funds. Amongst the offerings are the funds of State Street Global Advisors and Smith Barney, which is part of Citigroup Asset Management.
CitiStreet claim that the primary difference between Success 401(K) and other internet services is that their service places a premium on customer service, whereas others are impersonal. Plan participants will be able to communicate with CitiStreet staff via an online real time messaging service during business hours. CitiStreet also say that ongoing customer support will be available to plan sponsors and participants after enrolment.
CitiStreet is a 50/50 joint venture between State Street and Citigroup and currently serves approximately 6.5m participants.
By Geoffrey Ho
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