CRSB03-25 - Program Administrator and Investment Manager Services

The CalSavers Retirement Savings Board is seeking proposals from qualified entities to provide Program Administrator and Investment Manager services for the CalSavers Retirement Savings Program. The Program Administrator will be responsible for implementing and managing the program, including compliance, recordkeeping, marketing, and customer service. The Investment Manager will provide investment options for program participants. The selected contractors will be expected to provide high-quality services, ensure compliance with all applicable laws and regulations, and maintain the confidentiality of participant information. • Key services to be provided by the Program Administrator include: IRA management, compliance, administration, recordkeeping, marketing, and call center customer service. • Key services to be provided by the Investment Manager include: providing investment options with attractive investment performance, at the lowest possible cost to participants. • The program has a total of $1.33 billion in assets under management, with 562,147 funded accounts and an average funded account balance of $2,387. • The program offers a range of investment options, including target retirement funds, a money market fund, a core bond fund, a global equity fund, and an environmental, social, governance fund. • The program is governed by a nine-member board, which ensures compliance with state and federal regulations and directs strategic enhancements.