GE Asset Management hired BISYS Retirement Services to provide record keeping for the $1.5 billion in 401(k) plans it services, said Tim Benedict, GEAM spokesman. Incumbent CitiStreet was terminated by mutual agreement, he said. "CitiStreet has evolved to be more of a full-service 401(k) provider, and we needed a different provider because they are moving into the same space as GEAM, Mr. Benedict said.
GEs $25.7 billion 401(k) plan is not included in the BISYS deal; GEAM provides some of the investment options for that plan, but record keeping is done in-house, Mr. Benedict said.
The plans are expected to convert to BISYS this spring, said George F. Evans, executive vice president of business development for BISYS.
State Street Global Advisors will continue to offer investments to GEAMs 401(k) plan clients, and State Street Bank remains a service provider for parent General Electric Co.s $37.7 billion defined benefit plan, Mr. Benedict said.