CitiStreet Announces Launch Of Benefits Business In Australia; State Street and Citigroup Joint Venture Makes First Global Move.Business Editors QUINCY Quincy. 1 (kwĭnt`sē) City (1990 pop. 39,681), seat of Adams co., W Ill., on a bluff above the Mississippi; inc. 1839. It is a trade, industrial (steel parts), and distribution center in a grain and livestock area. , Mass.--(BUSINESS WIRE)--Jan. 8, 2002 CitiStreet, a leading provider of employee benefit services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today announced it is launching an Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. business that will offer full services for retirement funds and their participants in Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. . The venture marks the first expansion for CitiStreet outside the United States. "Australia provides CitiStreet a tremendous opportunity. The depth of our products, services and experience with retirement plan services will enable us to offer an unprecedented solution to retirement funds and their participants in Australia," said James S. Phalen, CitiStreet chairman of the board and chief executive officer. Jointly owned (50/50) by State Street Corp. (NYSE NYSE See: New York Stock Exchange :STT STT State Street Corporation (stock symbol) STT Suomen Tietotoimisto (Finnish National News Agency) STT Secure Transaction Technology STT Surface Tension Transfer (welding) ) and Citigroup (NYSE:C), CitiStreet integrates the complementary strengths of two of the world's leading financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organizations. Formed in April 2000, CitiStreet integrated the parent companies' existing businesses in retirement plan administration and has since cemented its leadership position as the world's second largest service provider to retirement plans. The Australian business, CitiStreet Australia Pty Limited (CitiStreet Australia), will offer Australian retirement funds a powerful technology solution for fund administration as well as a broad range of member services, including ongoing member communication, investment education and savings planning advice. CitiStreet Australia is scheduled to begin operations this month. CitiStreet's services use SunGard software and the OmniPlus administration platform, which will also act as the foundation for services offered in Australia. In addition, CitiStreet Australia will acquire the back office administration business of the Australian unit of SunGard Employee Benefit Systems (SEBS). Gary Cox, chief executive officer of SEBS in Australia, will be appointed managing director of the new company and will report to Phalen. "CitiStreet, along with the advanced technology of SEBS and the resources of two of the world's leading providers of financial services, represents a formidable combination. The CitiStreet business in Australia will leverage that combination and focus on the needs of the superannuation Superannuation An organizational pension program created by companies for the benefit of their employees. Notes: Funds deposited in a superannuation account will typically grow without any tax implications until retirement or withdrawal. industry," said Cox. The employee retirement income system in Australia is based on superannuation, a government-regulated pension system of tax concession-based savings that was made mandatory for all businesses in 1992. About CitiStreet CitiStreet, one of the largest global benefits delivery firms in the United States, is headquartered in Quincy, Mass. It has 3,000 employees and offices in East Brunswick, N.J., Jacksonville, Fla., Minneapolis and Boston, and 35 field offices around the nation. CitiStreet serves about 6.5 million participants and administers approximately $200 billion in assets for defined contribution, defined benefit and health and welfare plans of corporate, government, health care, education, Taft-Hartley and not-for-profit Not-for-profit An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses. organizations. CitiStreet is a 50/50 joint venture between State Street Corp. (NYSE:STT) and Citigroup (NYSE:C). |
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