CitiStreet Expands Consulting Services; Plan Advisory Services Unit Offers Pension Regulatory News.

Business Editors

QUINCY, Mass.--(BUSINESS WIRE)--June 17, 2002

CitiStreet, a global benefits outsourcing provider, today announced it is expanding its consulting services capabilities to offer timely, Web-based information about qualified plan regulatory developments through CitiStreet Consulting Services.

This enhanced service is provided as part of a partnership with Plan Advisory Services, experts in qualified plan regulation coverage and analysis for plan sponsors. "Our partnership with Plan Advisory Services exemplifies our dedication to exceeding our clients' expectations by providing information they need, when they need it, and to help them make important decisions in a timely manner," said James E. Murphy, president of CitiStreet's Total Benefits Outsourcing Division in Jacksonville, Fla.

Murphy added that part of the impetus behind the expansion of CitiStreet Consulting Services was the growing demand of plan sponsors to cover compliance issues related to current and new regulatory and legislative developments.

CitiStreet offers plan advisory information to clients in the form of e-mail alerts with summary information such as e-postcards and Web links. The plan sponsor may choose to get additional information as business needs dictate. Recent articles include ERISA remedy reform, the current legislative outlook, summary of current qualified plan legislative initiatives and others.

"Together, with CitiStreet, we bring a powerful information package to the marketplace," said Mike Barry, president of the Plan Advisory Services Group. "It is exciting to offer something different: a quick, easy, reliable resource for plan sponsors, particularly in times when awareness to legislative issues are heightened."

This latest expansion to its consulting service practice further supports CitiStreet's aggressive growth strategy for 2002 and beyond. CitiStreet Consulting Services (CCS) was launched earlier this year to support retirement and health and welfare programs. CCS provides a fully integrated array of actuarial, health and welfare and participant communications consulting services.

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. It also has a division, CitiStreet Australia, with offices in Sydney and Brisbane. CitiStreet serves more than 6.5 million participants and administers approximately $200 billion in assets in the United States for defined contribution, defined benefit and health and welfare plans of corporate, government, health care, Taft-Hartley and not-for-profit organizations. It also serves about 700,000 participants and administers $1.5 billion in assets outside the United States. CitiStreet is a 50/50 joint venture between State Street Corp. (NYSE:STT) and Citigroup (NYSE:C). For more CitiStreet information, visit the Web site at www.citistreetonline.com.

About Plan Advisory Services Group

Plan Advisory Services Group is a consulting group that helps financial services corporations with the regulatory issues that face their sponsor clients. The Group publishes newsletters, provides content to Web sites and provides a number of other resources, including briefing papers of pension issues presented by mergers and spinoffs, participant choice and participant education, and the fiduciary issues presented when plans are funded with employer stock. For more information, visit the Web site at www.planadvisoryservices.com.