Illinois picks consultant for Secure Choice Savings Program

Illinois State Treasurer's Office, Springfield, hired Segal Marco Advisors as investment and administrative consultant for the Illinois Secure Choice Savings Program, said Greg Rivara, spokesman for the treasurer's office.

An RFP for an investment consultant was initially issued in September 2015. No consultant was chosen and a new RFP was issued with administrative consulting added to the scope of services beyond investment consulting.

Illinois’ Secure Choice Savings Program is an auto-enrollment, payroll-deducted retirement savings account for certain private-sector employees whose employers do not offer retirement plans. Applicable employees are expected to be enrolled in 2018. The program was passed by the Illinois Legislature in December 2014 and signed into law on Jan. 4, 2015.