Benefits December 29, 2003

Colorado PERA Taps CitiStreet for K Plan Recordkeeping

December 29, 2003 (PLANSPONSOR.com) - Colorado's Public Employees' Retirement Association (PERA) has tapped CitiStreet to administer its 401(k) plan for state and local employees.
Reported by

CitiStreet will act as the recordkeeper and administrator for PERA, and in these roles will provide education and communication materials for the participants. In addition, CitiStreet has plans to provide greater integration between the 401(k) plan and the defined benefit plan, according to a news release.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

PERA’s 401(k) plan includes 71,000 government employees and has about $830 million in assets. The PERA 401(k) award adds to CitiStreet’s state and local government clients. In past three years, that list has been expanded to include new business or contract extensions by the states of Texas, Michigan, Ohio, Florida, South Carolina, Washington and Hawaii.

Benefits December 24, 2003

AT&T Places Management Salaries on Hold

December 24, 2003 (PLANSPONSOR.com) - Looking to reduce its cost structure, AT&T Corp. will freeze management salaries until April 2005.
Reported by

The move by the telecommunication company will impact AT&T’s 43,000 non-union employees, who were scheduled to receive merit increase this coming April. The salary freeze though will not impact management bonuses, which will still be paid out to management employees in March, according to a Dow Jones report.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

AT&T Chairman and Chief Executive Officer (CEO) Dave Dorman told employees about the decision via an e-mail last week. The latest move represent the second such merit increase postponement this year – a similar measure was undertaken last April, pushing raises back to September – and keeps management increases on an 18-month cycle.

“By April 2005, business conditions permitting, we expect to resume merit increases on an annual basis, once again tying them to the yearly performance review cycle,” Dorman said in the e-mail.

An AT&T spokeswoman was unable to provide Dow Jones with an estimated savings the company will reap from the move.

«