December 27, 2016
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.