California Secure Choice Retirement Savings Investment Board, Sacramento, is searching for a firm to conduct a market analysis and feasibility study and serve as a program design consultant, said Eric Lawyer, acting executive director.
Mr. Lawyer said the board has issued an RFP for a firm to submit proposals to determine the feasibility of a Secure Choice Retirement Savings Program. The California Legislature approved a bill in 2012 to establish the board, intended to oversee a supplemental retirement plan to Social Security for private-sector workers who do not have access to an employer-sponsored plan.
The chosen firm would assist the board in preparing the market analysis and feasibility study, which is one of the requirements of the legislation, Mr. Lawyer said. Additional legislation must be passed to create an approved program following the study, along with approvals from the IRS and Department of Labor.
The RFP is available on the California treasurer’s website. Proposals are due at 4 p.m. PST on Feb. 5. A decision is expected on March 2, followed by a contract start date of March 16.