California Secure Choice Retirement Savings Investment Board, Sacramento, will launch a search on Dec. 3 for a manager to provide a balanced ESG investment option for the CalSavers Retirement Savings Program, said Katie Selenski, CalSavers executive director, in an email.
The board, which approved the RFP at its meeting on Monday, will seek a manager that provides a single mutual fund or other vehicle with exposure both to equities and fixed income, incorporating environmental, social and governance factors, according to the RFP.
The RFP also states the board "is open to finding an investment management firm that offers such a strategy, or is willing to combine passive and/or active strategies to create a 'blended,' 'white label' ESG offering. Investment options from multiple firms may be combined into a white label offering by the program. As such, firms offering any type or style of ESG fund are encouraged to submit a proposal for evaluation."
The CalSavers program, which is in a pilot phase and launches July 1, is a state defined contribution plan for private-sector workers without access to an employer-sponsored tax-favored retirement plan.
The RFP will be available on Dec. 3 on the state of California's procurement website. Proposals will be due at 4 p.m. PST on Jan. 11. A notice of intent to award is scheduled for Jan. 28.
Investment consultant Meketa Investment Group is assisting.