April 11, 2017
The Illinois Secure Choice Savings Board (“Board”) authorized the Office of the Illinois State Treasurer (“Treasurer”) to issue this Request for Proposals for Illinois Secure Choice Program Manager (“RFP”) on behalf of the Board for the Illinois Secure Choice Savings Program (“Secure Choice”).
The successful Respondent (“Contractor”) will provide all of the necessary services to run and operate Secure Choice, with the overall goal of providing Illinois workers with access to an easy, safe, and convenient retirement savings tool. The Treasurer and Board are seeking Proposals from vendors, such as record keepers, investment management firms, and financial services firms, with the expertise and ability to launch and manage a new state-run retirement savings program for private sector workers.
The ideal Respondent is one with a strong investment track record; comprehensive risk management skills; experience establishing, developing, and administrating defined contribution retirement programs and Individual Retirement Account (“IRA”) programs; the ability to provide comprehensive record keeping services; the capacity to successfully onboard and enroll a significant number of employers and employees; and expertise in client counseling, portfolio management, and management and evaluation of passive equity and fixed income index funds, asset allocation, glide paths, and defined contribution best practices.
The Contractor shall enter into a contract with the Treasurer and the Board (“Agreement”) for an initial term of seven ( 7) years. The Treasurer and the Board may elect to extend the Agreement for a period of time agreed upon by the parties, not to exceed a total term of ten (10) years, including the initial seven (7) years.
Respondents must submit their Proposals by 2:00 p.m. CT on May 25, 2017.