CalSavers Retirement Savings Board, Sacramento, Calif., is considering launching a search for a program administrator and investment manager.
The board at its March 6 meeting will vote on approving a staff recommendation to issue RFPs for the services because the contracts of current administrator Ascensus and manager State Street Global Advisors are set to expire Nov. 30.
The two firms were originally hired in 2018 and signed seven-year contracts with the option of three additional one-year contract renewals, according to a memo included with March 6 board meeting materials.
CalSavers staff is recommending initiating an RFP process now “given the long lead time required to conduct a competitive procurement process” to ensure the successful transition of new or renewed contracts before the final expiration in November 2028.
The specific timing, structure and approach of the RFP has yet to be determined. A board vote would simply initiate the process, according to the staff recommendation memo.
The CalSavers program is California’s state defined contribution plan for private-sector workers without access to a tax-favored retirement plan. As of Dec. 31, it had more than $1.1 billion in assets.
