State Street Research Investment Services is searching for a master trustee and a record keeper to provide private label back-office services for a quasi-bundled program the company will introduce this year for small 401(k) and 403(b) plans. Watson Wyatt Worldwide is conducting the search; it will focus on vendors with daily valuation and voice response system capabilities. State Street officials plan to make a decision in time to launch the new product in the fall.
The new DC plan program will be a simple, turnkey DC plan package offering six State Street Research mutual funds as the core plan options, said Gordon Evans, senior vice president and director of retirement plans. Eventually, State Street Research will offer a menu of pre-selected mutual funds from outside money managers and will allow plan sponsors to add any fund to their plans. The new program will be distributed by broker/dealers.