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California Teachers' 403(b) Plan Now Includes Advice

The California State Teachers' Retirement System of Sacramento, Calif., (CalSTRS) has expanded the number of funds it offers the 3,000 teachers in its 403(b) plan from three to 11, and, as a result, is offering advice to participants at no charge. CitiStreet, a joint venture between State Street Corp. of Boston and Citigroup of New York, is providing the in-person advice, while Financial Engines of Palto Alto, Calif., is providing the online advice.

CalSTRS' 403(b) plan previously offered only three basic funds: a money market fund, an S&P 500 index fund and an equity index fund. The new lineup includes three lifestyle funds targeted to specific retirement dates.