Deals and People December 30, 2003

mPower Founding President Joins FIRSCO

December 30, 2003 (PLANSPONSOR.com) - The founding president of online advice company mPower has signed on as executive vice president of marketing for Fidelity Institutional Retirement Services Company (FIRSCO).
Reported by

According to a news release, Stephen Deschenes will oversee marketing and product development efforts for Fidelity’s 401(k) business and report to FIRSCO President William Carey.

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Prior to joining Fidelity, Deschenes founded Bow Street Capital, a venture capital firm, and was the founding president of mPower. Morningstar hammered out a deal in May to acquire the San Francisco-based mPower (See Morningstar Bulks Up with mPower Acquisition ).

Deschenes has also worked with various firms in the media industry, including Gruner & Jahr and Time Warner/Time Inc., the announcment said. He is a graduate of Harvard University.

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.

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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.

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