The unit will reportedly be headed by Kent Hiteshew, a veteran public-finance banker at JP Morgan Chase.

Asset growth was driven by $14 billion of net inflows into BlackRock's retail products, including its mutual funds, the firm said.

Experts will take into account factors such as gender, place of residence and whether they smoke.

Christie has attacked employee benefits, saying that 50 percent of all new spending in his latest budget goes to pay for pensions, 30 percent pays for debt and 14 percent pays for health benefits.

Faurecia has 4,800 plan participants in its defined contribution plan, with $200 million in assets, and more than 2,000 plan participants in its defined benefit plan, with $45 million in assets.

Under the plan, workers at companies that have more than 25 employees and that do not offer a retirement plan could participate in one.

Among the changes, Eric Wietsma, current Senior Vice President of Investments, will lead the Sales & Worksite Education organization.

The move came after Social Security recipients and members of Congress complained that people were being forced to repay overpayments that were sometimes paid to their parents or guardians when they were children.