State Street Boston Corp. and the International Brotherhood of Teamsters have designed a model 401(k) retirement savings plan for members of the union.
Plans based on the model will be offered to companies that employ teamsters. The banking company's State Street Global Advisors would act as manager and administrator.
State Street announced the pact Friday.
James S. Phalen, State Street's managing director of retirement and investment services, said the teamsters had approached the bank because of its expertise in managing Taft-Hartley plans - used by unions to coordinate retirement benefits with more than one employer.
State Street manages more than $40 billion of retirement assets and is a leading 401(k) plan provider.
The company is following the lead of mutual fund giant Fidelity Investments, which recently announced a similar deal to market its 401(k) plans to members of the U.S. Chamber of Commerce.
"By creating a product with an organization that is nationally aligned," said consultant Adele Heller Langie, State Street "can literally get a lot of new business through one channel." Ms. Langie is associate director of defined contribution services at RogersCasey in Darien, Conn.
The teamsters 401(k) plan offers six investment options, including three of State Street's proprietary Seven Seas mutual funds, as well as other mutual funds, stocks, bonds, and an asset allocation strategy.