Oregon Retirement Savings Board, Salem, hired Sellwood Consulting as investment consultant for the Oregon Retirement Savings Plan, spokeswoman Kasey Krifka said.
The board issued an RFP in February because the three-year contract with the board's first investment consultant, Segal Marco Advisors, was set to expire July 31, said Michael Parker, executive director, at the meeting. Segal Marco Advisors was the other finalist.
The Oregon Retirement Savings Plan, which began in October 2017, offers workers without a workplace retirement or savings plan automatic enrollment, payroll deduction and automatic escalation, on an opt-out basis.
As of Dec. 31, the plan, known as OregonSaves, had $11 million in assets and more than 45,000 employees — or 73% of those eligible — have enrolled. The October 2017 premiere began with employers with 100 or more employees and will continue to roll out to smaller employers through 2020. When fully implemented, the program is expected to be available for more than 1 million Oregon-based workers.