CalSTRS Chooses CitiStreet for 403(b) Administration

April 2, 2002 (PLANSPONSOR.com) - Participants in the California State Teacher's Retirement System's (CalSTRS) 403(b) plan will soon have access to investment education and advice.

The $60 million retirement plan will offer the advice through an agreement with CitiStreet, which the fund selected to provide administration services to its 403(b) plan.

The five-year contract covers an advice platform administered by Financial Engines, according to a news release from CitiStreet.

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The package, which includes a new Web site and an expanded fund lineup, will immediately affect the 3,000 teachers covered by the retirement system’s 403(b) plan, the Voluntary Investment Program. 

The program’s core investments include a money market fund, an S&P 500 index fund and an equity index fund. CalSTRS will be adding eight other funds, including three lifestyle funds, targeting specific retirement dates.

CalSTRS also offers participants a self-directed brokerage account.

Sen. Edwards Lashes Out at Frist-Breaux Draft

March 14, 2001 (PLANSPONSOR.com) - Senator John Edwards (D-NC) has lashed out at a new patient's bill of rights from Senators Frist (R-TN) and Breaux (D-LA), still in the draft stages.

Edwards called the bill an “HMO Bill of Rights”, according to CongressDaily/A.M., and said the terms of the draft “appear to have multiple problems”, including:

  • A provision that would allow states to opt out of having to adopt the federal patient protection standards if a governor could show that it would raise health care costs in the state by 2% or more
  • A requirement that most new cases be tried in federal court, which Edwards said don’t have the resources to handle the cases

The Frist-Breaux bill would also let a state opt out if it could establish that:

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  • It has a state protection that is essentially the same or
  • It has low HMO enrollment

In its current form, the Frist-Breaux bill ( Employers Might Find Patient Protection in Frist Bill ) would:

  • Allow employers to designate a third party that will have “clear and exclusive” authority to make determinations that give rise to a cause of action
  • Require patients to exhaust administrative appeals before going to court
  • Bar punitive damages
  • Limit non-economic damages to $500,000.

– Nevin Adams       editors@plansponsor.com

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