Oregon Public Employees Retirement System, Tigard, hired CitiStreet as the first record keeper for the $400 million defined contribution portion of its hybrid retirement plan, started in January, said David Crosley, communications officer. The defined contribution portion applies to new plan members and existing retirement system members; the defined benefit portion of the plan, which has less than $1 million in assets, is for employees hired as of Aug. 29, 2003. Great-West and ICMA Retirement were also finalists, Mr. Crosley said. The Oregon Investment Council, which reports to the Oregon Treasury, handles the investing, said Mr. Crosley.
Separately, CitiStreet was rehired as record keeper for the $675 million Oregon Savings Growth 457 plan for a three-year contract. The fund was required by state law to issue an RFP. Marsha Bacon, customer service division administrator, cited CitiStreet's track record with the 457 plan as "one of the key reasons" the firm was chosen for the hybrid plan.