CalSavers Retirement Savings Program, Sacramento, Calif., is searching for an investment consultant.
The board issued an RFP because the contract of current consultant Meketa Investment Group will expire on Jan. 9, said Kathleen Selenski, executive director. The firm is invited to rebid.
The program is available to an estimated 7.5 million California workers who do not have a workplace retirement plan.
The program is required for all California employers with five or more employees that do not already offer a retirement plan. The program officially launched on July 1, 2019, and as of Sept. 10 had $9.3 million in assets, Ms. Selenski said.
Employers with more than 100 employees have until Sept. 30 to register; those with 51 to 100 workers have until 2021; and those with five to 50 have until 2022.
The RFP is available on the state's procurement website. Registration is required. Proposals are due at 4 p.m. PDT on Oct. 2. A selection is scheduled for the week of Oct. 19.
