Colorado Treasurer's Office, Denver, hired BlackRock as global equity manager and State Street Global Advisors as manager of fixed income, money market and target-date fund investment options for the Colorado Secure Savings Program and the New Mexico Work and Save Program, said Sheena Kadi, spokeswoman for the Colorado program, in an email.
The treasurer's office issued an RFP in June. The Colorado and New Mexico programs, both enacted through legislation passed in 2020, are state-facilitated payroll-withholding IRA savings programs for private-sector workers who do not have access to a workplace retirement savings plan.
Executives of both programs signed a memorandum of cooperation in November to pursue a formalized partnership agreement. Vestwell was hired as program administrator for both programs earlier this year.
Colorado is planning to implement its program this October, while New Mexico's implementation is scheduled for July 2024.
