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CalSavers Retirement Savings Board

2022 Board Meetings

Executed Resolutions

Board meeting agendas shall be posted no later than ten days prior to each meeting. Individual agenda items will be posted prior to the meeting as they become available. The public shall be notified as the items are posted.

• December 15, 2022
• Agenda
• Item 1 – Minutes for the November 21, 2022 Board Meeting
• Item 2 – Discussion and Possible Recommendation and Approval Regarding Amendments to Agreement No. CSCRSIB07-17A
  • Attachment 2A: Agreement CSCRSIB07-17A with Proposed Amendments in Redline
  • Attachment 2B: Administrative Benchmarks Amendments (incorporated by reference into Agreement CSCRSIB07-17A)
  • Attachment 2C: AKF Consulting Comparison of Paper Statement Fees Across State-sponsored Savings Programs
  • Attachment 2D: Resolution 2022-11
• November 21, 2022
• Agenda
• Item 1 – Minutes for the October 3, 2022 Board Meeting
• Item 2 – Executive Director’s Report
• Attachment 2A: Summary of Program Participation & Funding as of October 31, 2022
• Attachment 2B: Quarterly Risk Heat Map
• Attachment 2C: Summary of Monthly Budget Report through June 30, 2022
• Item 3 -- Program Administrator’s Report Including Annual Marketing Review
• Attachment 3A: Presentation
• Item 4 – Third Quarter Investment Performance Report
• Attachment 4A: Presentation
• Item 5 – Resolution 2022-07: Authority to Readopt Emergency RegulationsAmendments to Sections 10000, 10001, 10002, and 10004 of Chapter 15 of Title 10 of the California Code of Regulations
• Attachment 5A: Text of Regulations Amendments
• Attachment 5B: Resolution 2022-07: Authorization to Readopt Emergency Regulations
• Attachment 5C: Resolution 2021-12: Approval of Emergency Regulations Amendments to Sections 10000, 10001, 10002, and 10004 of Chapter 15, Title 10 of the California Code of Regulations and Authority to Conduct Rulemaking
• Item 6 – Resolution 2022-08: Approval of Emergency Regulations Amendments to Sections 10000, 10001, 10002, 10005, and 10006 of Chapter 15 of Title 10 of the California Code of Regulations and Authority to Conduct Rulemaking
• Attachment 6A: Text of Regulations Amendments
• Attachment 6B: Resolution 2022-08: Resolution of the CalSavers Retirement Savings Board to Approve Emergency Regulations Amendments to Sections 10000, 10001, 10002, 10005 and 10006 of Chapter 15, Title 10 of the California Code of Regulations and Authority on Rulemaking
• Item 7 – Resolution 2022-09: Extension of Agreement No. CRSB03-20 with Meketa Investment Group, Inc. for Investment Consultant Services
• Attachment 7A: Agreement No. CRSB03-20, Amendment 1
• Attachment 7B: Resolution 2022-09: Resolution of the CalSavers Retirement Savings Board to Extend Agreement No. CRSB03-20 with Meketa Investment Group, Inc. for Investment Consultant Services
• Item 8 -- Resolution 2022-10: Authority to Issue a Request for Qualifications for External Legal Services
• Attachment 8A: Request for Qualifications No. CRSB05-22
• Attachment 8B: Resolution 2022-10: Resolution of the CalSavers Retirement Savings Board Relating to the Approval to Release Request for Qualifications No. CRSB05-22 For Legal Services
• Item 9 – Discussion and Possible Recommendation and Approval Regarding Amendments to Agreement No. CSCRSIB07-17A
• Attachment 9A: Agreement CSCRSIB07-17A with Proposed Amendments in Redline
• Attachment 9B: Administrative Benchmarks Amendments (incorporated by reference into Agreement CSCRSIB07-17A)
• Attachment 9C: Resolution 2022-11
• October 3, 2022
  • Agenda
  • Minutes for the August 22, 2022, CalSavers Retirement Savings Board Meeting
  • Item 2 – Discussion of and Possible Direction and Authorization to Negotiate Modifications to Contract (CSCRSIB07-17A) with Program Administrator (Ascensus College Savings Recordkeeping Services, LLC)
    • Attachment 2A: Contract CSCRSIB07-17A
    • Attachment 2B: Comparison of Hybrid Fees Across States
• August 22, 2022
  • Agenda
  • Minutes for May 24, 2022, CalSavers Retirement Savings Board Meeting
  • Item 2 – Executive Director’s Report
    • Attachment 2A: Summary of Program Participation & Funding as of July 31, 2022
    • Attachment 2B: Summary of Monthly Budget Report as of May 31, 2022
    • Attachment 2C: Quarterly Risk Heat Map
  • Item 3 – Research on Impact of Retirement Mandates
    • Attachment 3A: Presentation by John Scott, The Pew Charitable Trusts
    • Attachment 3B: Report from The Pew Charitable Trusts “State Auto-IRAs Continue to Complement Private Market for Retirement Plans,” July 25, 2022
  • Item 4 – Program Administrator’s Report
  • Attachment 4A: Presentation
  • Item 5 – Second Quarter Investment Performance Report
    • Attachment 5A: Presentation
  • Item 6 – Administrative Fund Audit Report for Fiscal Year 2020-21
    • Attachment 6A: Administrative Fund Audit Report for FY 2020-21
  • Item 7 – Program Fund Audit Report for Fiscal Year 2020-21
    • Attachment 7A: Program Fund Audit Report for FY 2020-21
  • Item 8 – Resolution 2022-06: Authority to Readopt Emergency Regulations
    • Attachment 8A: Text of Regulations Amendments
    • Attachment 8B: Resolution 2022-06: Authorization to Readopt Emergency Regulations
    • Attachment 8C: Resolution 2021-11: Approval of Emergency Regulations Amendments to Sections 10000, 10001, 10002, and 10004 of Chapter 15 of Title 10 of the California Code of Regulations and Authority to Conduct Rulemaking
  • Item 9 – Fiduciary Training
    • Attachment 9A: Presentation
• May 24, 2022
  • Agenda
  • Minutes
  • Item 2 – Executive Director’s Report
    • Attachment 2A: Summary of Program Participation & Funding as of April 30, 2022
    • Attachment 2B: Summary of Monthly Budget Report as of March 31, 2022
    • Attachment 2C: Quarterly Risk Heat Map
  • Item 3 – Program Administrator’s Report
  • Attachment 3A: Presentation
  • Item 4 – First Quarter Investment Performance Report
    • Attachment 4A: Presentation
  • Item 5 – Resolution 2022-03: Approval of Contract for Environmental, Social, and Governance Investment Option
    • Attachment 5A: Request for Proposals No. CRSB01-22
    • Attachment 5B: Scoring Summary
    • Attachment 5C: Resolution No. 2022-03
    • Attachment 5D: Draft Contract
  • Item 6 – Resolution 2022-04: Treatment of Participants Holding Assets in Outgoing Investment Option
    • Attachment 6A: Resolution 2022-04
  • Item 7 – Investment Policy Statement Amendments
    • Attachment 7A: Proposed Investment Policy Statement with mark-up
  • Item 8 – Resolution 2022-05: Extension of Contract No. CRSB04-20 with AKF Consulting for General Consulting Services
    • Attachment 8A: Agreement No. CRSB04-20
    • Attachment 8B: Resolution 2022-05
  • Item 9 – Fiduciary Training
    • Attachment 9A: Presentation by AKF Consulting: Fiduciary Training
• February 28, 2022
  • Agenda
  • Minutes
  • Item 2 – Executive Director’s Report
    • Attachment 2A: Summary of Program Participation & Funding as of January 31, 2022
    • Attachment 2B: Summary of Monthly Budget Report as of December 31, 2021
    • Attachment 2C: Quarterly Risk Heat Map
  • Item 3 – Projections of Program Metrics and Budget
  • Item 4 – Program Administrator’s Report
  • Item 5 – Fourth Quarter Investment Performance Report & Education Session on Economic and Market Trends
  • Attachment 5A: Quarterly Investment Performance Report for the Quarter Ending December 31, 2021
  • Attachment 5B: Economic and Market Trends Presentation
  • Item 6 – Resolution 2022-02: Board Position on Senate Bill 1126 to Expand CalSavers Eligibility
  • Attachment 6A: Copy of SB 1126 (as published February 16, 2022)
  • Attachment 6B: Text of Expected Bill Language Including Amendments Regarding Registration Deadline and Exclusions for Sole Proprietorships and Self-Employed Without Additional Employees
  • Attachment 6C: Resolution 2022-02: Resolution of the CalSavers Retirement Savings Board to Adopt a Support Position on SB 1126 or Related Legislation
  • CLOSED SESSION
  • Item 7 – As authorized by Government Code Section 11126(e)(1), the Board will meet in closed session to confer with, and receive advice from, its legal counsel regarding the following pending litigation: Howard Jarvis Taxpayers Ass’n., et al. v. The California Secure Choice Retirement Savings Program, et al.; Supreme Court of the United States Case No. 21-558
  • Item 8 –As authorized by Government Code Section 11126(a)(1), the Board will meet in closed session to discuss a performance evaluation for the Executive Director
• January 24, 2022
  • Agenda
  • Minutes
  • Item 2 – Resolution No. 2022-01, Authority to Issue a Request for Proposals for an investment option considering environmental, social, and governance (ESG) factors
    • Attachment 2A: Investment Policy Statement
    • Attachment 2B: RFP No. CRSB01-22
    • Attachment 2C: Resolution No. 2022-01
  • Item 3 – Presentation of Executive Director’s 2021 Year in Review Report
  • CLOSED SESSION
  • Item 4 – As authorized by Government Code Section 11126(a)(1), the Board will meet in closed session to discuss a performance evaluation for the Executive Director
  • Item 5 – As authorized by Government Code Section 11126(e)(1), the Board will meet in closed session to confer with, and receive advice from, its legal counsel regarding the following pending litigation: Howard Jarvis Taxpayers Ass’n., et al. v. The California Secure Choice Retirement Savings Program, et al.; Supreme Court of the United States Case No. 21-558