CALIFORNIA SECURE CHOICE RETIREMENT SAVINGS INVESTMENT BOARD
Under the direction of the Chairperson, to provide policy, program and technical direction to the California Secure Choice Retirement Savings Investment Board in its purposes:
Develop, establish, administer and manage the California Secure Choice Retirement Savings Trust, and other programs administered by the Board, including the Retirement Investments Clearinghouse.
Develop and manage budget programs and staff to support administration of the program:
a) to assemble, review and analyze financial, legal and economic data and information which may have a bearing on the program, including the setting of minimum and maximum investment levels;
b) to advise and make recommendations to Board Members on policy issues related to pertinent features of the program.
Enter into and oversee contracts on behalf of the Board with purchasers and develop external service contracts for actuaries, marketing firms, consultants, investment advisors, auditors, etc., including a contract with a program manager for the Trust, providing investment, recordkeeping and marketing services.
Adopt regulations and undertake other duties, applicable to the California Secure Choice Retirement Savings Trust Act;
Conduct any business necessary for the efficient operation of the Board.
The Board consists of nine members including the State Treasurer, who is designated as Chairperson, the Director of Finance, the State Controller and six appointed members: an individual with retirement savings and investment expertise appointed by the Senate Committee on rules; an employee representative appointed by the Speaker of the Assembly; a small business representative appointed by the governor; and three additional members appointed by the Governor.
The purpose of this Request for Proposal (“RFP”) is to invite qualified service providers (“Respondents”) to prepare and submit a proposal (“bid” or “Proposal”) to provide the following professional consulting services related to payment card industry data security standards (“PCI DSS”) and payment application data security standards (“PA DSS”): PCI compliance services performed by a qualified security assessor (“QSA”), (“QSA Compliance Services”) and PCI approved scanning vendor services, (“ASV Services”) to the Office of The Illinois State Treasurer (“Treasurer”) and other State of Illinois state agencies (“State Agencies”), in accordance with the requirements defined throughout this RFP. This RFP also includes an optional request for PCI qualified integrator reseller evaluation services (“QIR Evaluation Services”). The Treasurer is issuing this RFP to award a master contract to a qualified PCI service provider (“Contractor”), thereby allowing for expedited PCI contract execution between said Contractor and State Agencies. The Contractor shall enter into a master contract with the Treasurer (“Agreement”) and ordering agreements (“Ordering Agreements”) as requested by any State Agencies approved by the Treasurer to enter into such agreements (“Participating Agencies”)
John Kennedy’s channel to victory was dredged and clear from the beginning of the Louisiana Senate race. All he had to do was stay the course.
He did that Saturday (Dec. 10), handily beating Democrat Foster Campbell in the runoff to succeed retiring Sen. David Vitter, R-La.
“Somebody once said winning isn’t everything, and that’s true, but it sure does feel good,” Kennedy said from his victory party at the Embassy Suites in Baton Rouge.
A five-time elected state treasurer, Kennedy rode Louisiana’s inexorable bend toward the Republican party and the popularity of President-elect Donald Trump to win the elected post he has coveted for much of his public career.
Kennedy, 65, will join an emboldened Republican Party in Washington. The GOP kept its majority in the House and control of the Senate — Kennedy’s addition increased that lead to 52-48. Trump, Vice President-elect Mike Pence and GOP congressional leaders have vowed to pursue an aggressive agenda on Day One.
The results confirmed Kennedy’s dominance despite Campbell’s attracting a late-inning surge of donations from Democrats distraught over Trump’s surprising Nov. 8 victory. After raising few outside funds for much of the campaign, the 69-year-old public service commissioner brought in more than $2.5 million in individual donations during the weeks just before and after the presidential election.
“We did everything humanly possible,” Campbell said in his concession speech. “We knew going into this race that it was going to be tough.”
The Board (Board) of VA529 is seeking proposals from investment consulting firms (“Consultant” or “Firm”) to provide investment consulting services. VA529 administers five programs under Section 529 and 529A of the Internal Revenue Code (“IRC §529”): Virginia529 prePAID (prePAID), Virginia529 inVEST (inVEST), CollegeAmerica®, CollegeWealth and Achieving a Better Life Experience (ABLE). Program descriptions are available at www.Virginia529.com (prePAID, inVEST, CollegeWealth and ABLEnow) and www.AmericanFunds.com (CollegeAmerica).
VA529’s Investment Advisory Committee (IAC) will review the proposals submitted and select the Consultant to be recommended for this service. After a review of the submissions, the Committee may either select a single finalist or conduct interviews with one or more Firm(s). Staff will then negotiate a contract with the selected Consultant to provide the services outlined in this RFP.
HARTFORD, CT – A $327.4 million General Obligation refunding bond sale conducted earlier this week will save taxpayers $29.3 million in debt service over eight fiscal years, State Treasurer Denise L. Nappier announced today.
“This latest bond sale reflects our ongoing commitment to proactively manage the State’s debt and to take advantage of opportunities in order to achieve real savings for Connecticut’s citizens,” Treasurer Nappier said. “The savings from this bond sale will provide some relief to the state budget — just when it is needed most!”
Of the savings, $2.8 million will be applied to Fiscal Year 2017 as already anticipated in current budget projections. The remaining $26.5 million will reduce debt costs in the state budget, starting in Fiscal Year 2018.
The General Obligation refunding bonds were sold as fixed rate bonds and the proceeds will refinance existing higher cost bonds to lower interest rates for budget savings. The total interest cost was 2.25 percent.
The bonds were first offered to individual investors during a one day retail order period on Monday, December 5. Over $186 million in orders came in from retail investors, the highest level on a General Obligation bond sale since June 2014. An additional $197.9 million of orders came in from institutional investors on the final pricing date of December 6, 2016.
“The retail orders support our belief in the solid value of State bonds. We are delighted to see such strong public demand for Connecticut bonds as worthy investments. By giving individual investors priority during the retail order period, we provide them a compelling opportunity to generate tax-exempt investment income,” said Treasurer Nappier.
The bonds were sold by an underwriting syndicate led by William Blair. The law firms of Day Pitney LLP and Soeder & Associates LLC serve as disclosure counsel with Robinson & Cole LLP and Soeder & Associates serving as tax counsel. Acacia Financial Group, Inc. and PFM are the financial advisors for General Obligation bond sales. The bond sale is scheduled to close on December 21, 2016.
Treasurer Nappier’s Debt Refinancing Program
The Treasurer’s Office has refinanced or defeased $13.1 billion in bonds through the execution of 77 separate financing transactions since Treasurer Nappier took office in January 1999. Total refunding savings on such bond sales now exceeds $1.1 billion. These transactions involved each of the State’s bonding programs, including General Obligation bonds, Special Tax Obligation bonds for transportation infrastructure, Clean Water Fund bonds, University of Connecticut bonds, Bradley Airport bonds, and other bonding programs.
“The State bonding program finances critical infrastructure, and my job is to make sure these investments are funded at the lowest possible cost for taxpayers.” said Treasurer Nappier.
Connecticut typically issues bonds with twenty-year maturities, with provisions that allow the State to pay them off after ten years at no cost. Savings are achieved by refinancing bonds to lower interest rates as well as refinancing longer maturity bonds with shorter maturity, lower cost bonds.
NAST continues to support the development of Electronic Municipal Market Access (EMMA). Transparency and timely disclosure of relevant information in the municipal securities market is in the best interest of all participants. NAST is constantly working with other organizations and associations to better define what financial, operating and other information is relevant and useful to the market recognizing the significant differences of issuers by size, sector and frequency of issuance. We understand that the Government Finance Officers Association (GFOA) has submitted its own comments regarding the MSRB’s Strategic Priorities document. In working with GFOA, we have decided to make some similar suggestions for EMMA improvement.
The more than $5 billion exodus from municipal-bond funds in November is creating bargains in an often overlooked corner of the tax-exempt debt market.
An index of municipal bonds that are pre-refunded — or paid off as they come due with the proceeds of Treasuries that are held in escrow — yields 1.53 percent, the highest since July 2009. To meet redemptions, mutual-fund mangers are selling the bonds, which are rated AAA because they’re secured by the income from the federal-government debt.
The selloff triggered by Donald Trump’s presidential victory drove state and local-government securities to a 3.46 percent loss in November, the worst month since September 2008, when financial markets seized up after the collapse of Lehman Brothers, according to the S&P Municipal Bond Index.
The Republican’s pledge to cut income taxes and boost spending on infrastructure stoked speculation that the Federal Reserve will need to increase interest rates more aggressively to keep inflation from picking up. Tax cuts could also lessen demand for municipal bonds, whose interest payments are exempt from the federal income tax.
WORCESTER – With last month’s national election signaling a likely move away from the concept of free higher education, state Treasurer Deborah Goldberg on Thursday said college savings programs like her office’s SeedMA initiative are now “more important than ever.”
Ms. Goldberg made her comments at a roundtable discussion on college costs and financial literacy at Clark University, where she answered questions from about a dozen attendees for about an hour. One of the participants, a student at Clark, asked the treasurer what she thought about free college, an idea that gained traction in the past year thanks to Democratic leaders like President Barack Obama and presidential candidate Bernie Sanders.
“I was for that,” Ms. Goldberg said. “But I’m afraid we’re going backwards right now. Now the kinds of programs we’re doing are even more important.”
Ms. Goldberg specifically was referring to the SeedMA program, which debuted as a pilot in Worcester this year. The initiative encourages parents of young children to save for college by giving each kindergartner in the city an initial $50 donation to open a 529 college savings account.
The treasurer’s office opened enrollment for the program to Worcester families in the summer. Deputy Treasurer Alayna Van Tassel said the treasurer’s office plans to release initial sign-up numbers soon.
“For year one, they’re certainly meeting our expectations,” she said.