California Secure Choice Retirement Savings Program, Sacramento, issued an RFI for financial service providers, scholars and other experts to help design the new defined contribution plan for private-sector employees in California, according to the website of the National Association of State Treasurers.
The California Legislature approved a bill last year to establish a supplemental retirement plan to Social Security for private-sector workers who do not have access to an employer-sponsored plan.
The RFI is solely for information and planning purposes and is the first step in a multiyear process to establish the plan, which will be available for an estimated 6.3 million workers.
The purpose of the study is to design the best structure, to decide whether the program can be self-sustaining without creating liabilities for the state or employers and to determine whether the program meets the legal conditions specified in the legislation, according to the RFI.
The RFI is available on the National Association of State Treasurers website.
Responses will be accepted through November. In 2014, an RFP will be issued for a market and feasibility study, which will be conducted through next October. If the board approves moving forward, RFPs for administrators of the plan will be issued in mid-2015, with the plan enrolling participants in early 2016.