Illinois launches search for Secure Choice program manager

Illinois State Treasurer’s Office, Springfield, is searching for a program manager for the Illinois Secure Choice Savings Program, said Greg Rivara, a spokesman for the treasurer’s office.

The selected firm will provide “all of the necessary services to run and operate Secure Choice,” according to the RFP.

Respondents could include record keepers, investment management firms, and financial services firms “with the expertise and ability to launch and manage (the) new state-run retirement savings program for private-sector workers,” according to the RFP.

The RFP is available on the treasurer’s website. Proposals are due by 2 p.m. CDT on May 25, with a hiring decision some time after.

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. It is expected that applicable employees will be enrolled using a phased-in approach, starting Jan. 1, 2018. The program was passed by the Illinois Legislature in December 2014 and signed into law on Jan. 4, 2015.

The investment lineup is expected to include a limited number of fund options, all passively managed.

A suite of passive target-date funds will be the default option. Off-the-shelf and custom glidepaths will be considered.