The California Secure Choice Retirement Savings Board is set to approve the execution of contracts for program administration and investment management for the California Secure Choice Retirement Savings Program (CalSavers), California’s state-run retirement plan for private-sector employees whose employers do not offer a retirement plan.
The board is scheduled to meet on Aug. 16. The agenda includes discussion of Resolutions No. 2018-06 and 2018-07: Approval to Execute Contracts for Program Administration and Investment Management. According to the San Francisco Chronicle, 13 firms submitted proposals to administer CalSavers and manage the investment of its funds, and the board staff is recommending that the Ascensus be the administrator and State Street Global Advisors serve as investment manager.
The board also expects to receive an update on the rollout of the pilot program, as well as discussion with its legal counsel concerning litigation before the U.S. District Court for the Eastern District of California over Cal Savers in Howard Jarvis Taxpayers Ass’n., et al. v the California Secure Choice Retirement Savings Program (Case No. 2:18-cv-01584-MCE-KJN).
Schedule
CalSavers, set in motion by the enactment of Senate Bill 1234 on Sept. 29, 2016, is expected to start a pilot program later this year and open to program officially for statewide enrollment in 2019.
Like OregonSaves, CalSavers is scheduled to be rolled out gradually based on employer size:
When Participation in CalSavers Is Mandatory
| Employer Size | Date Participation Mandatory |
| 100 or more employees | January 2020 |
| 50-99 employees | January 2021 |
| 5-49 employees | January 2022 |
