States Seek State Program Directors

Two states are taking action in seeking leadership to head their state-run retirement plan programs. Hawaii has just begun its search for an executive director; California has just named theirs. 

Hawaii Retirement Savings Board Seeks Exec. Director

 

Hawaii is seeking an executive director for the Hawaii Retirement Savings Program. Executive Assistant to the Deputy Director Nancy Bernal, who also serves as interim secretary to the Hawaii Retirement Savings Board (HRSB), made the announcement July 21. 

The executive director will provide technical guidance and assistance to the Hawaii Retirement Savings Program. His or her duties will include: 

• serving as the liaison the HRSB;
• keeping the HRSB Director abreast of all activities related to the program;
• planning, organizing, directing, and coordinating day-to-day operations of the program;
• overseeing requests for proposals for vendor selection for the HRSB;
• overseeing vendor performance;
• evaluating vendor recommendations;
• covering HRSB meetings and information sessions;
• providing guidance to HRSB members;
• collaborating to develop plans, policies, procedures, policies, and guidance;
• developing and maintaining contacts with personnel outside the department;
• establishing and coordinating development of materials and educational efforts to educate and inform employers, employees, and the public about the program; and 
• supervising staff. 

The application period began on July 18; it has no closing date and will be open until the state hires someone. 

About the Program. One year ago, Hawaii joined the states that provide retirement plan coverage for private-sector employees whose employers do not offer one. On July 12, 2022, Gov. David Ige (D) signed legislation creating the program into law. It went into effect immediately. 

The program has two unique features: (1) employees will not be automatically registered; in order to participate, employees will have to opt in; and (2) one of the members of the board that will administer the program will be a retiree living in Hawaii, to represent retirees.

 Teykaerts Tapped to Serve as CalSavers Executive Director

 

California State Treasurer Fiona Ma on July 20 announced that David Teykaerts has been appointed to serve as the executive director of CalSavers, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not offer one. 

Teykaerts previously spent a decade with the largest pension fund in in the United States, the California Public Employees Retirement System (CalPERS). During that time, he worked closely elected officials, professional management that represented local governments, labor leaders, school districts, retiree coalitions, and private-sector leaders. 

Teykaerts’ most recent positions at CalPERS had been serving as assistant chief of stakeholder relations, and then as the interim chief. 

Teykaerts’ appointment is part of a broader beefing up of CalSavers staff and pool of resources. Earlier in 2023, the California Retirement Savings Board issued a request for proposals for a qualified general consultant, including a registered municipal advisor, to provide expertise on the state-run retirement program industry.