13-1. RFP Document. Investment Consultant RFP .pdf

MILWAUKEE COUNTY PENSION BOARD

REQUEST FOR PROPOSALS

INVESTMENT CONSULTING SERVICES

Issued: November 25, 2025

Response Due Date: January 14, 2026 at 5:00 p.m.

RFP-2025-030

INFORMATION SUMMARY SHEET

Request For Proposal Title:

Request For Proposal Number:

RFP Issued By:

RFP Issue Date:

Investment Consulting Services

RFP-2025-030

Milwaukee County Pension Board

November 25, 2025

Deadline for Receipt of Questions: December 10, 2025 at 5:00 PM Central Time

RFP Proposal Receipt Deadline: January 14, 2026 at 5:00 PM Central Time

Service Starting Date: July 1, 2026

RFP Upload Submission Location:

http://countymilwaukee.bonfirehub.com/opportunities/198321

Marina Litvinets

Department of Administrative Services

Procurement Division

600 N. Plankinton Ave., Milwaukee, WI 53203

Phone: 414-340-1291

Marina.Litvinets@milwaukeecountywi.gov

Except as otherwise set forth in this RFP, no one may contact any person at

Milwaukee County, any member of the Pension Board or any person working with

Milwaukee County or the Pension Board regarding this RFP, except the RFP

Administrator, without the RFP Administrator’s written consent. Any such unauthorized contact can be grounds for disqualification from consideration under this RFP.

http://countymilwaukee.bonfirehub.com/opportunities/198321

GENERAL INFORMATION 1.0

INTRODUCTION

This RFP is issued by the Pension Board of the Employees' Retirement System of the

County of Milwaukee (the "Pension Board"), which governs the Employees' Retirement

System of the County of Milwaukee ("ERS"), and the OBRA 1990 Retirement System of the County of Milwaukee ("OBRA"). The Pension Board is seeking proposals for services from qualified investment consultants to perform investment consulting services for the Pension Board. ERS, OBRA, Milwaukee County, and the Pension Board shall be collectively referred to as the “Entities” herein.

RFP DESCRIPTION

DESCRIPTION OF MILWAUKEE COUNTY GOVERNMENT

Milwaukee County is governed by an elected County Executive and an 18-member elected County Board of Supervisors. Other County elected officials include a Register of Deeds, Treasurer, Comptroller, County Clerk, and Sheriff, who in conjunction with administration provide a full range of associated governmental services, including but not limited to law enforcement, highways, courts, corrections, official record keeping, parks and recreation, airport operations, jail and juvenile detention, public assistance programs, and a zoo. Milwaukee County serves a constituent population of approximately 940,000 residents with an annual budget of $1.4 billion.

DESCRIPTION OF PENSION BOARD, ERS AND OBRA

Milwaukee County sponsors two qualified retirement plans for its employees: ERS and

OBRA. Both ERS and OBRA are governmental defined benefit pension plans qualified under the Internal Revenue Code. ERS covers full-time Milwaukee County employees hired prior to January 1, 2025, while OBRA generally covers temporary and seasonal

Milwaukee County employees.

ERS and OBRA are administered by the Milwaukee County Pension Board, a ten-person board established in accordance with the Milwaukee County General Ordinances (the

"Ordinances"). Three members of the Pension Board are appointed by the Milwaukee

County Executive, two members are appointed by the Chair of the Milwaukee County

Board of Supervisors, three employee members are elected by active Milwaukee County employees, one member is elected by ERS retirees, and one member is appointed by the

Deputy Sheriffs’ Association. ERS and OBRA are administered in accordance with the

Internal Revenue Code, Chapters 201 and 203 of the Ordinances, respectively, and the

ERS and OBRA Rules which are found at Appendices B and B1 of the Ordinances. The

Ordinances and Rules can be accessed online https://library.municode.com/wi/milwaukee_county/codes/code_of_ordinances

The Pension Board meets at least six times per year, and the Pension Board's Investment

Committee generally meets quarterly. Minutes of Pension Board meetings and

Investment Committee meetings can be accessed at:

https://county.milwaukee.gov/EN/Human-Resources/Retirement-Services

A copy of ERS and OBRA's annual report can be found at:

https://county.milwaukee.gov/EN/Human-Resources/Retirement-Services/Financial-

Reports https://library.municode.com/wi/milwaukee_county/codes/code_of_ordinances https://county.milwaukee.gov/EN/Human-Resources/Retirement-Services https://county.milwaukee.gov/EN/Human-Resources/Retirement-Services/Financial-Reports

The assets of ERS and OBRA are combined for investment purposes. As of January 1, 2025, the combined assets of ERS and OBRA totaled approximately $1.733 billion. For ERS as of January 1, 2025, there were 3,571 active plan members, 7,658 retirees/survivors currently receiving ERS benefits, and 1,689 inactive plan members entitled to but not yet receiving benefit. For OBRA as of January 1, 2025, there were 337 active plan members, 63 retirees, and 5,074 terminated members with vested benefits. The funded ratios (the ratio of a plan's assets to its liabilities,) for ERS and OBRA were 71.6% and 100.5% respectively. ERS's and OBRA's actuarial reports can be accessed at: https://county.milwaukee.gov/EN/Human-Resources/Retirement- Services/Financial-Reports

Pursuant to Ordinance section 201.24(9.1)(b), the Pension Board is limited to investing a maximum of 75% of the market value of ERS’s and OBRA’s assets in common stock.

SCOPE OF WORK

The Pension Board is seeking an investment consultant to provide the following types of services, as and when requested.

a. Review and suggest modifications to the ERS and OBRA's current investment policy, guidelines, statements and restrictions for investments (which can be accessed at: https://county.milwaukee.gov/EN/Human-Resources/Retirement-

Services/Financial-Reports).

b. Advise on the asset allocation mix and other investment-related issues, including the addition or deletion of asset classes. Provide guidance on whether ERS and

OBRA have the appropriate diversification of funds within each asset class and as a whole.

c. Prepare one asset allocation study per year, as requested by the Pension Board. An asset allocation study was completed in 2025.

d. Perform an annual comprehensive investment analysis of all the investment managers.

e. Perform, quarterly, with respect to the overall portfolio as a whole, by asset class, or by investment manager, an extensive analysis of the sources of return and nature of risks, including, but not limited to attribution analyses, value at risk, skewness, kurtosis, Sharpe ratio and other meaningful measures.

f. Perform an asset/liability study once every other year awarded as a result of this

RFP and recommend that such a study be done more frequently if warranted. The latest study was completed in 2025.

g. Perform an attribution analysis by investment manager, explaining what contributed to the investment manager's gains or losses (e.g., security selection, asset allocation, market timing, etc.).

h. Provide educational sessions on topics selected by the Pension Board. Update

Pension Board on any new and relevant issues concerning governmental defined benefit plans. Provide the Pension Board members with investment research and group publications produced by your firm.

i. Evaluate, calculate, monitor and review the performance of current investment managers and the assets overall and provide comprehensive performance reports on a monthly basis.

j. Conduct investment manager searches, including organizing and attending due diligence trips, if applicable. Any such trips would be included in the flat fee proposal.

k. Advise the Pension Board on when to terminate a relationship with an investment manager or when to put an investment manager on a watch list.

l. Attend Pension Board meetings (generally six per year) and Investment Committee meetings (generally four per year), virtually or in person upon request. Provide a market update at each meeting and an in-person presentation, as requested, at the

Annual Meeting.

m. Review the portfolio and the individual investment managers to confirm the assets are invested consistent with the investment policies and guidelines.

n. Alert the Pension Board of any significant changes of investment manager personnel.

o. Advise the Pension Board relating to issues with respect to performance of the investment custodian.

p. Provide proxy voting reporting and recommendations regarding proxy voting policies and procedures.

q. Review management fees and trading costs and analyze brokerage expenses annually. Include a breakdown of fees, costs and expenses paid to minority-, women- and disabled-owned firms.

r. Increase the portfolio's efficiency by assisting in the evaluation of and reduction of managers' and others' fees.

s. Assist the Pension Board in optimizing risk adjusted returns.

t. Provide recommendations concerning risk management strategies.

u. Assist the Pension Board by increasing the portfolio's rate of return.

v. Improve communication between investment managers and the Pension Board.

w. Other special projects as requested by the Pension Board (e.g., additional asset/liability management study). The cost of any such special projects will be assessed separately from the Contract price.

CURRENT INVESTMENT MANAGERS

The assets of ERS and OBRA are presently invested among the investment managers and asset classes as listed in the most current “Flash Report” attached to this RFP as Attachment

A. ERS and OBRA's current strategic asset allocation targets and current asset allocation are also included in the Flash Report.

The investment custodian for ERS and OBRA is Northern Trust. The Pension Board participates in a securities lending program administered by its custodian.

MINIMUM REQUIREMENTS

Proposers to this RFP for Investment Consulting Services must certify in writing on

Attachment K that they meet all requirements of this section. Failure to meet all of the requirements listed in this section will result in the rejection of the applicable proposal.

a. Proposer must be an SEC-registered Investment Advisor or exempt from such registration (Form ADV or disclosure of the nature of the Proposer’s exemption must be submitted). If your firm is exempt from being a Registered Investment

Advisor, you must provide the rationale as to why your firm is exempt from registration and what regulatory bodies are responsible for your oversight;

b. Proposer must have ten (10) or more years in the business of investment consulting;

c. Proposer must have at least three (3) clients of at least $750 million in assets, one of which must be a public pension or trust fund (state, county or city level);

d. Proposer must agree to be, and act in the manner required of, a fiduciary.

RFP ADMINISTRATOR

The RFP Administrator is:

Marina Litvinets

Department of Administrative Services

Procurement Division

600 N. Plankinton Ave., Suite 600

Milwaukee, WI 53203

Phone: 414-223-8106

Marina.Litvinets@milwaukeecountywi.gov mailto:Marina.Litvinets@milwaukeecountywi.gov

QUESTIONS

Proposers may submit questions and requests for clarification regarding this RFP. All questions regarding this RFP shall be made in writing, citing the RFP title, RFP number, and section, and shall be submitted via e-mail to the RFP Administrator or via the RFP’s Project Board on the Bonfire website.

Questions sent to anyone other than the RFP Administrator will not be considered.

All questions must be submitted by the specified deadline as identified on the

Information Summary Sheet. The Entities will not respond to any questions received after this date and time. Responses to all questions and inquiries received by the Entities will be posted on the RFP’s Project Board on the Bonfire website as identified in the

Information Summary Sheet. It is the responsibility of Proposers to check this website for any and all information such as questions and answers or addenda or related documents posted during the RFP process.

Communication initiated by the Proposer to any member of the Pension Board or any County official or employee or representative of the County or the Pension Board, whether or not such person is evaluating or considering the proposals, prior to the time of any award, is prohibited unless at the explicit direction of the RFP Administrator and any such unauthorized communication may constitute grounds for rejection or elimination of a proposal from further consideration, in the sole discretion of the Entities. Notwithstanding the foregoing, current ERS and Pension Board service providers may, in the normal course of business, discuss matters unrelated to this RFP with the Pension Board, individual trustees and other applicable County employees.

All Proposers shall use this written document, its attachments and any amendments as the sole basis for responding.

PROPOSER NOTIFICATION REQUIREMENT AND AMENDMENT

ACKNOWLEDGEMENT

Should any Proposer discover any significant ambiguity, error, omission or other deficiency in the RFP document, they must immediately notify the RFP Administrator in writing, via email, prior to the submission of the proposal. The failure of a Proposer to notify the RFP Administrator of any such matter prior to submission of its proposal constitutes a waiver of appeal or administrative review rights based upon any such ambiguity, error, omission or other deficiency in the RFP document.

If it becomes necessary to clarify or revise any part of this RFP, amendments will be posted to the RFP’s Project Board on the Bonfire website. It is the responsibility of prospective vendors to check the website for any amendments prior to the RFP submission date. All amendments are acknowledged by your submission of Sworn Statement of Proposer form, which is attached hereto as Attachment H.

If the Proposer fails to monitor the web site for any changes or modifications to the RFP, such failure will not relieve the Proposer of its obligation to fulfill the requirements as posted.

FIRM COMMITMENT, AVAILABILITY, PROPOSAL VALIDITY

Proposers shall maintain their availability of service and proposed price as set forth in their proposals for an anticipated service starting date provided in the Information Summary Sheet. Proposers are expected to perform planning and implementation activities prior to commencement of the Agreement, which may include communicating with the ERS Retirement Plan Services (“RPS”) office regarding the transition, providing the RPS team with examples and explanations of investment reports, and providing explanation of the anticipated processes for capital calls, rebalancing, and month-end money transfers. The Entities will not reimburse for these costs.

NON-INTEREST OF COUNTY EMPLOYEES AND PENSION BOARD

TRUSTEES

No Pension Board Trustee, Milwaukee County official, Milwaukee County employee or representative on the evaluation committee shall have any financial interest, either direct or indirect, in the proposal or contract or shall exercise any undue influence in the awarding of the contract.

No Pension Board Trustee, Milwaukee County official, Milwaukee County employee, officer or agent shall participate in the selection, award or administration of a contract if a conflict of interest, real or apparent, would be involved.

CODE OF ETHICS

Proposers shall strictly adhere to Chapter 9 of the Milwaukee County Code of General

Ordinances Code of Ethics, with particular attention to Subsection 9.05(2)(k):

“No campaign contributions to county officials with approval authority: No person(s) with a personal financial interest in the approval or denial of a contract or proposal being considered by a county department or with an agency funded and regulated by a county department, shall make a campaign contribution to any county elected official who has approval authority over that contract or proposal during its consideration. Contract or proposal consideration shall begin when a contract or proposal is submitted directly to a county department or to an agency funded or regulated by a county department until the contract or proposal has reached final disposition, including adoption, county executive action, proceedings on veto (if necessary) or departmental approval. This provision does not apply to those items covered by section 9.14 unless an acceptance by an elected official would conflict with this section. The language in subsection 9.05(2)(k) shall be included in all Requests for Proposals and bid documents.”

ASSIGNMENT & SUBCONTRACTING

The Consultant resulting from this RFP may not subcontract, transfer, or assign any portion of the Agreement awarded as a result of this RFP without prior approval of the Pension

Board. The Pension Board reserves the right to refuse approval, at its sole discretion, of any subcontract, transfer, or assignment.

If a Proposer intends to use subcontractors, the response to this RFP must specifically identify the scope and portions of the work each subcontractor will perform.

http://library.municode.com/HTML/12598/level2/MICOCOGEORVOI_CH9COET.html#MICOCOGEORVOI_CH9COET_9.05STCO http://library.municode.com/HTML/12598/level2/MICOCOGEORVOI_CH9COET.html#MICOCOGEORVOI_CH9COET_9.14HOFEEX http://library.municode.com/HTML/12598/level2/MICOCOGEORVOI_CH9COET.html#MICOCOGEORVOI_CH9COET_9.05STCO

Notwithstanding any Pension Board approval relating to subcontracts, the Consultant resulting from this RFP will be the prime service provider and will be responsible for all work under the Agreement.

ERRORS, OMISSIONS, MINOR IRREGULARITIES AND RETAINED RIGHTS

All information in this RFP, including any addenda, has been developed from the best available sources; however, the Entities make no representation, warranty or guarantee as to its accuracy. Should the Proposer discover any significant ambiguity, error, omission or other deficiency in the RFP document, they must immediately notify the RFP Administrator in writing, via email, prior to the submission of the proposal. The failure of the Proposer to notify the RFP Administrator of any such matter prior to submission of its proposal constitutes a waiver of appeal or administrative review rights based upon any such ambiguity, error, omission or other deficiency in the RFP document. The Entities reserve the right to waive minor irregularities in proposals. Minor irregularities are defined as those that have no adverse effect on the outcome of the selection process by giving a Proposer an advantage or benefit not afforded by other Proposers. The Entities may waive any requirements that are not material.

The Pension Board may make an award under the RFP in whole or in part. The Entities reserve the right to use ideas presented in reply to this RFP notwithstanding selection or rejection of proposals. The Entities reserve the right to make changes to and/or withdraw this RFP at any time and change any scheduled dates.

MULTIPLE PROPOSALS

Multiple proposals from a single Proposer will not be permitted.

PROPOSAL ACCEPTANCE, REJECTION, CANCELLATION AND

WITHDRAWAL

Each proposal is submitted with the understanding that it is subject to negotiation at the option of the Pension Board. However, the Pension Board reserves the right to make an award on the basis of the original proposal, without negotiation with any proposer.

The Pension Board reserves the right to negotiate with the Proposer within the scope of the RFP in the best interests of ERS and OBRA. The Entities may request and require clarification at any time during the procurement process and/or require correction of arithmetic or other apparent errors for the purpose of assuring a full and complete understanding of a proposal and/or to determine a proposer’s compliance with the requirements of the solicitation. The Entities may use information obtained through the investigation of a Proposer’s qualifications, experience, ability or financial standing, and any material or information submitted by the Proposer in response to the Entities’ request for clarifying information in the course of evaluation and/or selection under this RFP.

Upon acceptance in writing by the Pension Board of the final offer to furnish any and all of the services described herein, and any negotiation of a final contract, the parties shall promptly execute the final Agreement documents. The written Agreement shall bind the Proposer to furnish and deliver all services as specified herein in accordance with conditions of said accepted proposal and this RFP as negotiated.

The Entities reserve the right to accept or reject any and all proposals submitted or cancel this RFP in whole or in part if such cancellation is in the best interest of the ERS and OBRA. Prior to the date and time set forth as the Proposal Receipt Deadline, proposals may be modified or withdrawn by the Proposer’s authorized representative. After the proposal deadline, proposals may not be modified or withdrawn without the consent of the Entities.

All proposers are notified that the Entities reserve the right to delete or modify any task from the Scope of Services at any time during the course of the RFP process.

FEE ADJUSTMENT; AVAILABLE FUNDING

The Proposer may not change the rate established by an Agreement throughout the term of the Agreement.

Continuance of the Agreement beyond the limits of funds available shall be contingent upon appropriations of the necessary funds and the termination of this Agreement for lack of appropriations shall be without penalty. All Proposers are notified that the Entities reserve the right to delete or modify any task from the Scope of Services at any time during the course of the RFP process.

The Agreement shall be between the Pension Board, on behalf of ERS and OBRA, and the successful Proposer. Responses to this RFP should be based upon an Agreement term of three (3) years, with two (2) possible one (1) year extension terms. The Pension Board contemplate award of an Agreement resulting from this RFP that reflects payment for fee for services. Any final contract structure resulting from this RFP may be subject to negotiation and the required approvals by the Pension Board.

EEOC COMPLIANCE

All proposers shall complete and submit Equal Employment Opportunity Commission (EEOC) Compliance Certificate (Attachment E).

INSURANCE AND INDEMNITY REQUIREMENTS

All proposers must agree to the terms set forth on the “Insurance and Indemnity Acknowledgement Form” (Attachment C). This form outlines required insurance requirements for Consultant related to this acquisition and the Proposer’s ability and commitment to provide.

NOTICE OF PROFESSIONAL LICENSURE AND INSURANCE

1. All persons, agencies, firms or other entities that provide legal or financial opinions, which a Proposer provides for consideration and evaluation by the Entities as part of a response to this RFP, shall be have the minimum qualifications required by this RFP.

2. Before the Agreement resulting from this RFP is signed, the apparent successful

Proposer (and Proposer employees and subcontractors, as applicable) must hold all necessary, appropriate business and professional licenses to provide service as required. The Entities may require any Proposer to submit evidence of proper licensure.

RESPONSIBLE CONTRACTOR POLICY

The Entities recognize superior service requires that service providers hire well-trained and dedicated staff. Assuring the availability of a qualified staff and avoiding labor disruption and costly employee turnover to treat workers fairly and to abide by applicable labor laws.

The Entities support the development of a healthy business environment. Therefore, contractors shall abide by all applicable local, State and Federal laws. Contractors shall at all times maintain safe and healthful working conditions and abide by all applicable wage and hour regulations and prohibitions against child labor. Contractors’ working conditions shall conform to the standards set by the Federal OSHA. Contractors shall on request provide to the Pension Board a report on their compliance. The Entities recognize the right of an employee to self-organization and the right to form, join or assist labor organizations to bargain collectively through representatives of their own choosing, and to engage in lawful, concerted activities for the purpose of collective bargaining or other mutual aid or protection and, conversely, the right of such employees to refrain from any or all such activities. All proposers shall provide working conditions for services of a similar character in a similar locality in which the services are performed.

AUDIT

The Contractor, its officers, directors, agents, partners and employees shall allow the County Audit Services Division and department contract administrators (collectively, “Designated Personnel”) and any other party the Designated Personnel may name, with or without notice, to audit, examine and make copies of any and all records of the Contractor related to the performance of the contract for a period of up to three (3) years following the date of last payment. Any subcontractors or other parties performing work on this contract will be bound by the same terms and responsibilities as the Contractor. All subcontracts or other agreements for work performed on this contract will include written notice that the subcontractors or other parties understand and will comply with the terms and responsibilities.

Any bidder, proposer, contractor and their officers, directors, agents, partners and employees understand and will abide by all provisions of Chapter 34 of the Milwaukee County Code of General Ordinances. The Contractor agrees to prominently post in locations accessible to its employees County-provided bulletins concerning the County Fraud Hotline. Any subcontractors or other parties performing work on this contract will be bound by the same terms and responsibilities as the Contractor. All subcontracts or other agreements for work performed on this Contract will include written notice that the subcontractors or other parties understand and will comply with the terms and responsibilities.

FALSE INFORMATION

If the Entities determine that the Proposer purposefully or willfully submitted false information in response to this RFP, the Proposer will not be considered for an award and any resulting agreement that may have been executed may be immediately terminated.

PREPARING AND SUBMITTING A PROPOSAL 2.0

GENERAL INSTRUCTIONS

In an effort to ensure the most efficient and economical service, the Pension Board utilizes the RFP process, to procure investment consulting services. This process bases the contract award on the Evaluation Committee’s evaluation of work history, technical experience, creativity, resources and other pertinent factors of the Proposer in conjunction with the total cost proposal.

INCURRED EXPENSES

The Entities shall not be responsible for any cost or expense incurred by the proposers preparing and submitting a proposal or cost associated with meetings and evaluations of proposals prior to execution of an agreement. This includes any legal fees for work performed or representation by Proposer’s legal counsel during any and all phases of the RFP process, any appeal or administrative review process, and prior to the approval of a contract award.

SUBMITTING A PROPOSAL

Please follow these instructions to submit via our Public Portal.

1. Prepare your submission materials:

Requested Information

Name Type # Files Requirement

Technical Proposal (Questionnaire) File Type: Excel

(.xlsx) 1 Required

Attachment C - Insurance and

Indemnity Form

File Type: PDF

(.pdf) 1 Required

Attachment D - Proprietary

Information Disclosure Form

File Type: PDF

(.pdf) 1 Required

Attachment D-1 - Redacted Version of Proposal (REQUIRED to be provided if proprietary/confidential information is set forth on

Attachment D)

File Type: PDF

(.pdf) Multiple Optional

Attachment E - EEOC Compliance

Form

File Type: PDF

(.pdf) 1 Required

Name Type # Files Requirement

Attachment F - Conflict of Interest

Form

File Type: PDF

(.pdf) 1 Required

Attachment G - Certification re

Debarment or Suspension

File Type: PDF

(.pdf) 1 Required

Attachment H - Sworn Statement of

Proposer

File Type: PDF

(.pdf) 1 Required

Attachment I - Exceptions File Type: PDF

(.pdf) 1 Required

Attachment J - Cost Proposal

Submission Form

File Type: PDF

(.pdf) 1 Required

Attachment K - Vendor

Information Sheet

File Type: PDF

(.pdf) 1 Required

Additional Information File Type: PDF

(.pdf) Multiple Optional

Commodity Codes

Commodity Set Commodity Code Title Description

UNSPSC 841217 Investment advice

Requested Documents:

Please note the type and number of files allowed. The maximum upload file size is 1000

MB.

Please do not embed any documents within your uploaded files, as they will not be accessible or evaluated.

2. Upload your submission at:

https://countymilwaukee.bonfirehub.com/opportunities/198321 https://countymilwaukee.bonfirehub.com/opportunities/198321

The Q&A period for this opportunity starts November 25, 2025 9:00 AM CT. The Q&A period for this opportunity ends December 10, 2025 5:00 PM CT. You will not be able to send messages after this time.

Your submission must be uploaded, submitted, and finalized prior to the Closing Time of

January 14, 2026 at 5:00 PM CT. We strongly recommend that you give yourself sufficient time and at least ONE (1) day before Closing Time to begin the uploading process and to finalize your submission.

Important Notes:

Each item of Requested Information will only be visible after the Closing Time.

Uploading large documents may take significant time, depending on the size of the file(s) and your Internet connection speed.

You will receive an email confirmation receipt with a unique confirmation number once you finalize your submission.

Minimum system requirements: Internet Explorer 11, Microsoft Edge, Google Chrome, or Mozilla Firefox. Javascript must be enabled. Browser cookies must be enabled.

Need Help?

Milwaukee County uses a Bonfire portal for accepting and evaluating proposals digitally.

Please contact Bonfire at support.bonfire@eunasolutions.com for technical questions related to your submission. You can also visit their help forum at Bonfire Hub.

mailto:support.bonfire@eunasolutions.com https://customer.eunasolutions.com/public/s/knowledge-base/bonfire-hub

PROPOSAL AND AWARD PROCESS 3.0

PRELIMINARY EVALUATION

The proposals will be reviewed to determine if mandatory submission requirements are met. Failure to meet mandatory submission requirements may result in rejection of the proposal. Proposals that do not comply with submittal instructions established in this document may be rejected as non-responsive. The Proposer assumes responsibility for meeting submission requirements and addressing all necessary technical and operational issues to meet the objectives of the RFP.

PROPOSAL SCORING

An Evaluation Committee will be established to evaluate all responsive proposals and to make a recommendation. A proposer may not contact any member of an evaluation committee except at the RFP Administrator’s direction. Notwithstanding the foregoing, current service providers may, in the normal course of business, discuss matters unrelated to this RFP with the Pension Board, individual trustees and other applicable County employees. Reference the “Questions” section for additional information.

These proposals will be reviewed by the Evaluation Committee and scored against the criteria outlined in this RFP.

Technical Proposal Scoring: The Evaluation Committee shall conduct its evaluation of the technical merit of all responsive proposals. The process involves applying the evaluation criteria and the associated weighting as outlined in the RFP to assess each vendor’s proposal. The criteria that will be used by the Evaluation Committee for the technical evaluation of this RFP are outlined below.

Cost Proposal Scoring: The least expensive Cost Proposal shall receive the maximum number of points available. To determine the number of points to be awarded to all other

Cost Proposals, the least expensive Cost Proposal will be used in all cases as the numerator. Each of the other Cost Proposals will be used as the denominator. The percentage will then be multiplied by the maximum number of available points and the resulting number will be the cost points awarded to other responsive Proposers. The responsive Proposer's Technical Proposal points will be added to its Cost Proposal points to obtain the total points awarded for the Proposal.

The Evaluation Committee's scoring will be tabulated and proposals ranked based on the total numerical scores, comprising the sum of both technical and cost scoring. The

Evaluation Committee reserves the right to determine that one or more proposals are outside of any competitive range in comparison to other proposals.

Oral presentations may be requested by the Evaluation Committee of the highest scoring proposer(s). If oral presentations are requested, proposers will be notified of when the presentations are to take place and what information should be provided. The Evaluation

Committee reserve the right to adjust scoring based on such oral presentations.

The Evaluation Committee may request Best and Final Offers from any or all respondents.

Best and Final Offers are a supplement to the original offer. The Evaluation Committee reserves the right to make an offer based on the original submitted proposal.

Following final evaluation, the Evaluation Committee will make a recommendation to the

Pension Board as to whose proposal is determined to provide the best value. Award may be made to the proposal with a higher technical ranking even if its price proposal is not the lowest.

The award of the Agreement, if made, shall be with an organization whose proposal provides the best value to ERS and OBRA. The Entities reserve the right to reject any and all proposals received if it deems appropriate and may modify, cancel or re-publish the

RFP at any time prior to an agreement being awarded up to and through final action of the

Pension Board.

EVALUATION CRITERIA

The Evaluation Panel will use the following criteria to evaluate each RFP response. The weights specify the percentage value for each criterion. The criteria will be applied to both the technical and cost proposal information submitted by each Proposer.

RFP EVALUATION CRITERIA

Responsiveness Pass/Fail

Cost Proposal Response 15%

Technical Proposal Response

General Company Information 10%

Potential Conflicts of Interest 10%

Investment Consulting Staff and Personnel 10%

Investment Consulting Experience/Expertise 15%

Clients 5%

Investment Philosophy 15%

Services 10%

Investment Manager Database 10%

Interviews (Optional) TBD

RIGHT TO REJECT PROPOSALS AND NEGOTIATE CONTRACT TERMS

The Entities reserve the right to reject any and all proposals.

EXCEPTIONS

Exceptions must be explicitly noted in the proposal using the form provided in Attachment

I of the RFP. Lack of exceptions listed on the Attachment shall be considered acceptance of all of the terms and conditions as presented in this RFP. Alternative language is subject to negotiation and/or approval. The Pension Board may not accept any or all Proposer exceptions.

INTENT TO AWARD

An Intent to Award will be issued and all proposers will be notified. The Pension Board reserves the right to negotiate with the selected Proposer, at its option, regarding the terms of a contract and other issues to be incorporated into the contract.

In the event that a successful agreement cannot be executed, the Pension Board reserves the right to proceed with contract negotiations with the other responsive, qualified bidders to provide service.

An agreement will only be fully executed following final approval by the Pension Board.

INFORMATION RELEASE

All materials submitted become the property of the Pension Board and ERS. Any restriction on the use of data contained within a request must be clearly stated in the bid itself. Proprietary information submitted in response to a request will be handled in accordance with applicable Milwaukee County Ordinances, State of Wisconsin procurement regulations, and the Wisconsin public records law. Proprietary restrictions normally are not accepted. However, when accepted, it is the Proposer’s responsibility to defend the determination in the event of an appeal or litigation.

Data contained in a Request for Proposal, all documentation provided therein, and innovations developed as a result of the contracted commodities or services cannot be copyrighted or patented. All data, documentation and innovations become the property of the Pension Board and ERS.

The Pension Board may, at any time during the procurement process, request and/or require additional disclosures, acknowledgments, and/or warranties, relating to, without limitation, confidentiality, EEOC compliance, collusion, disbarment, and/or conflict of interest.

Any materials submitted by the applicant in response to this Request for Proposal that the applicant considers confidential and proprietary information and which Proposer believes qualifies as a trade secret, as provided in s. 19.36(5), Wis. Stats, or material which can be kept confidential under the Wisconsin public record law, must be identified on the

Designation of Confidential and Proprietary Information form (Attachment D – Proprietary

Information Disclosure). If the proposer so designates any such information as confidential, it must upload a version of its proposal with all such identified information redacted (Attachment D-1). Confidential information must be labeled as such. Costs

(pricing) always become public information and therefore cannot be kept confidential. Any other requests for confidentiality MUST be justified in writing on the form provided and included in the bid submitted. The Entities has the sole right to determine whether designations made by a proposer qualify as trade secrets under the Wisconsin public records law.

APPEAL

Protests and appeals related to this RFP after issuance of an “Intent to Award” are subject to the provisions of the MCERS Pension Board Procurement Policy (“Procurement

Policy”), which has been included as Attachment L. If there is any conflict between the terms of the Procurement Policy and the terms of this RFP, the terms of this RFP shall govern.

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COST PROPOSAL RESPONSE

COST PROPOSAL

State the total fee or fee basis for providing the services described in this RFP. Describe also the proposed manner and basis for billing this fee and billing for services that may be requested that are not listed in this RFP. Include the hourly rates of any individuals who would be assigned to this account if the Pension Board were to be billed on that basis, for example if a special project was completed that is not included in the total fee.

Travel expenses are expected to be included in the flat fee for attendance at the number of meetings listed above. If any additional in-person meeting attendance is required, please explain how travel expenses and other out-of-pocket expenses will be billed, if not included in your fee quote.

Please complete the cost proposal response form set forth as Attachment J by stating the annual total fee (inclusive of all expenses) you would charge the Pension Board for performance of the services proposed pursuant to this RFP: $_________.

NOTE: Your fee must be guaranteed for the three (3)-year term of the Agreement.

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TECHNICAL PROPOSAL RESPONSE

Guidelines

▪ Proposers should complete the following questions in their Technical Proposal

Response. The proposer’s responses will be used in the evaluation of the proposal.

▪ Proposers who require additional space should feel free to upload related documents in the “Additional Information” section on Bonfire.

▪ Responses should be brief and direct and address all subset questions. Please do not reference any pre-printed materials.

▪ Proposers must not reference Cost Proposal data in the Technical Proposal

Response.

A. GENERAL COMPANY INFORMATION.

1. Please provide an organizational chart of your firm and describe the relationship between the investment consulting group and the other divisions of your firm. Describe the business structure and ownership of your firm.

What are your firm's principal business entities? Please indicate the dollar amount and the percentage of the firm's revenue derived from investment consulting.

What services does your firm render other than investment consulting?

Where is your firm's corporate headquarters located? Where is your firm's primary investment consulting office located? Which office would provide investment consulting services to the Pension Board, ERS and OBRA?

What is your firm's target market?

2. Describe any significant developments in your organization within the last three years, such as changes in ownership, personnel reorganization and staff departures or changes in corporate strategy. Are any such changes anticipated in the near future? If so, please explain.

3. With respect to (a) the services contemplated under this RFP; and (b) all services provided by your firm: Is there any litigation pending against your firm or subcontractors proposed to provide work on this engagement? Is your firm or any of its officers, directors, shareholders, partners or principals now under indictment, court order, investigation or order issued by any regulatory agency? Has your firm or any of its officers, directors, shareholders, partners or principals been convicted of a felony within the last 10 years? Describe any material litigation or investigations involving your firm during the past three years. Has your firm or any member of your firm ever been fined and/or suspended by the SEC, National Association of Securities Dealers or any regulatory agency? Is your firm or any member of your firm currently undergoing an examination by the SEC?

4. Does your firm utilize a code of conduct and code of ethics or similar standards

(e.g., CFA Code of Ethics and Standards of Professional Conduct)? If so, how are they monitored and enforced?

5. Describe any special knowledge of Wisconsin law related to investments by public entities.

6. Please describe briefly, or provide a copy of, your firm's disaster recovery and succession plan.

7. What sets your firm apart from the competition? What unique value added services could your firm provide to the Pension Board, ERS and OBRA?

8. Diversity is important to the Pension Board. The Pension Board believes that racial, ethnic, and gender diversity amongst both leadership and staff within an investment organization can translate into diversity of thought and augment the decision making process, ultimately leading to better outcomes for investors. Please comment on your organization’s commitment to building a diverse workforce within your own firm and include your process to attract, connect and hire diverse employees. Please also provide the following:

a. How many minority and women investment consultants are currently employed at your firm?

b. How many minorities and women are currently employed on your senior management team?

B. POTENTIAL CONFLICTS OF INTEREST.

1. Describe any affiliations your firm has with any person or entity that may be viewed as creating a potential conflict of interest in providing investment consulting services to the Pension Board, ERS, and OBRA.

2. State whether your firm is affiliated with any brokerage firm or whether your firm has any in-house brokerage arrangements. If so, how do you avoid potential conflicts? Also, if your firm does have in-house brokerage or is affiliated with a brokerage firm, does your firm (or its affiliate) receive commission dollars from any manager that is in your database of recommended managers?

3. Please describe any current or prior relationships your firm has had with the

County of Milwaukee, ERS, OBRA, or the Pension Board.

4. Does your firm have any formal relationship or affiliation with any investment managers, including the managers listed in the Flash Report? If so, how would you prevent potential conflicts?

5. How do you prevent conflicts of interest in recommending investment

6. Does your firm sell investment products to its clients?

7. Does your firm receive any type of compensation, directly or indirectly, from any investment managers? What percentage of your employee benefit plan clients utilize a money manager, investment funds, brokerage services or other service providers from whom you receive fees?

8. Is your firm a broker-dealer or affiliated with a broker-dealer? Does your firm execute trading for client accounts through a designated broker-dealer?

9. Do you have any policies or procedures to address conflicts of interest or to prevent the payments from money managers or relationships from being a factor when providing advice to clients? If yes, describe.

10. Do you have any arrangements with broker-dealers under which you or a related company will benefit if money managers place trades for their clients with such broker-dealers? If yes, describe.

C. INVESTMENT CONSULTING STAFF AND PERSONNEL.

1. Please provide the number of professionals and support staff in your firm who are involved in providing the investment consulting services described in this

RFP. Who would be the principal individuals assigned to the Pension Board?

Please provide for each individual assigned to the account a list of public retirement plans and plans of a similar size to ERS and OBRA that the individuals have worked on. Attach biographies of those individuals who would be assigned to this account. Provide detail of the qualifications and experience that each individual named above has advising public and private pension plans with regard to the matters described in this RFP. Please indicate size (by asset value) of the plans and specifically, but briefly, identify the areas in which these individuals rendered their advice. Provide any additional detail that demonstrates the individuals described above have specific experience in the areas described in this RFP.

2. What level of personnel turnover among investment consulting professionals have you experienced during the past three years?

3. Have any senior investment consulting personnel left your firm within the past three years? If so, please explain the circumstances.

4. On average, how many clients does each consultant handle? What is the largest number of clients handled by one consultant? How many clients is the lead consultant who would service the Pension Board be responsible for?

5. Please describe how your consultants are compensated.

6. How are consultants' client recommendations reviewed and monitored?

7. Describe your standards in hiring the individuals who perform the services described in this RFP and indicate whether you utilize any type of peer review.

8. How many investment consultants work on the retirement plan accounts supervised by the representative who will be the primary contact on this account? What is the total number of investment consultants working on all of your firm's retirement plan accounts?

9. Do you currently or anticipate subcontracting? If so, please provide the names of the subcontractors and services have been subcontracted.

D. INVESTMENT CONSULTING EXPERIENCE/EXPERTISE.

1. How long has your firm been providing investment consulting services to retirement plans and governmental pension plans, respectively?

Describe specifically, but briefly, the experience of your firm in providing investment consulting services to the following types of clients and include examples:

[a] Retirement plans comparable in size to the combined assets of ERS and

OBRA.

[b] State, county or city governmental pension clients.

2. Do you have separate investment consulting divisions for major asset classes?

Describe.

3. List the number of investment manager searches your firm has conducted in the past three years.

4. Describe how your firm searches for transition managers.

5. Describe your firm's expertise with respect to ERS’s and OBRA's investment classes. Please describe specifically your firm's capabilities with respect to international and alternative investments, including infrastructure investment vehicles.

6. Please explain your firm's capabilities to analyze the risk/return characteristics of the entire portfolio and by asset class.

7. Please describe the experience your firm has with defined benefit plans that are closed to new participants.

8. Please describe any relevant experience your firm has consulting on the investment of a relatively large contribution (compared to the size of ERS and

OBRA) of uninvested assets; for example, a large contribution following the issuance of pension obligation bonds.

E. CLIENTS.

1. Provide a representative list of your current clients and list the total number of clients for whom you perform investment consulting services. How many public pension plans and nonpublic pension plans does your firm provide investment consulting services to?

2. Please provide the following information on the number of clients your firm provides investment consulting services to in the following categories: $500 million to $1 billion; greater than $1 billion; Defined Benefit Pension Plans;

Public Defined Benefit Pension Plans.

3. Provide a list of investment consulting accounts that have left your firm within the past three years and the reasons why they left.

F. INVESTMENT PHILOSOPHY.

1. Describe in general terms your approach to fulfilling the role of investment consultant as described in this RFP. Explain how each step will be accomplished.

2. Please describe how a pension plan should evaluate the performance of its investment consultant.

3. Describe your firm's approach and philosophy in reviewing and evaluating investment objectives and guidelines and preparing recommendations to the investment objectives and guidelines.

4. Does your firm engage in soft-dollar payment arrangements? Please explain why or why not.

5. Philosophically speaking, how proactive should an investment manager be?

How proactive should an investment consultant be?

6. Explain your research procedures and decision-making process in recommending new and/or additional investment managers to pension…