2026 Exec Search Services CIO RFQ2026 100 final 06242026.pdf

EMPLOYEES’ RETIREMENT SYSTEM OF THE STATE OF HAWAII

HIePRO REQUEST FOR QUOTATION RFQ

Executive Search Firm Services for Recruitment of ERS Chief Investment Officer

HIePRO RFQ 2026-100, Executive Search Firm Services for Recruitment of ERS Chief Investment Officer 1

1. ADMINISTRATIVE OVERVIEW

BACKGROUND AND PURPOSE

The Board of Trustees of the Employees’ Retirement System of the State of Hawaii (“ERS Board”) is searching for an experienced executive to become the Chief Investment Officer for the Employees’ Retirement System of the State of Hawaii (“ERS” or “System”). This Request for Quotation is to obtain the services of an executive search firm to assist the ERS Board in its search for an Chief Investment Officer. The ERS estimates this project will take four-eight (4-8) months.

The ERS is one of the largest public pension funds in the country with over 158,000 members, retirees and beneficiaries and assets more than $25 billion. The ERS administers the retirement, disability and survivor benefits program for State of Hawaii (“State”) and county government employees in Hawaii. The general administration and responsibility for the proper operation of the ERS is vested in the ERS Board, with certain areas of administrative control vested in the State Department of Budget and Finance.

Interested offerors should note that the ERS Board’s current plan requires that the Chief Investment Officer search begin immediately and that the entire search process concluding with the final selection of the Chief Investment Officer is expected to be completed within four to eight (4-8) months from the time the award of this solicitation is made. See Scope of Work Section 2.1 for timeline requirements.

PROCUREMENT PROCESS AND ERS CONTACT

This RFQ is issued by the Employees' Retirement System of the State of Hawaii.

Refer to sections 2. Scope of Work through section 12. RFQ Evaluation Criteria for detailed description and important information regarding this procurement. This is an electronic solicitation. Offered through HIePRO, State of Hawaii eProcurement (hiepro.ehawaii.gov). All offers are to be received in HIePRO by RFQ in accordance with Section 9. PROCUREMENT TIMETABLE and SIGNIFICANT DATES. This RFQ will be awarded based on Section 12. RFQ Evaluation Criteria.

A standard ERS Purchase Order will be issued.

CHIEF INVESTMENT OFFICER POSITION IN RECRUITMENT

Appointed by and reporting to the ERS Board, the Chief Investment Officer serves as the senior executive responsible for the strategic leadership and execution of the ERS investment program. The CIO is accountable for designing and implementing the fund’s long term investment strategy and risk-based asset allocation framework, with the objective of

Firm Services for Recruitment of ERS Chief Investment Officer 2 meeting or exceeding the actuarial return assumption while maintaining sufficient liquidity to meet benefit obligations.

The CIO works closely with the ERS Board, Executive Director, State and county officials, investment managers, investment advisors, and other stakeholders on matters related to investment strategy, performance, and risk, including relevant legislative considerations. The position is responsible for implementing the Board’s investment policies and decisions, and for advising on portfolio positioning within the context of evolving market conditions and fund needs.

As a member of the Executive Leadership Team, the CIO provides leadership to the investment team and broader organization, overseeing all internal and external investment activities, including manager selection, portfolio construction, and investment risk management. The CIO leads the development and execution of both near-term and long-term investment priorities, ensuring alignment with the ERS mission, goals, and fiduciary responsibilities.

The Chief Investment Officer’s primary functions, include, but are not limited to:

• Leads the design and execution of a comprehensive long term investment strategy, including a risk-based asset allocation framework, to achieve sustainable returns aligned with the System’s actuarial objectives and liquidity needs.

• Builds and maintains a strong, trusted relationship with the ERS Board; provides regular reporting on investment performance, strategy, and risk; supports Board and Investment Committee meetings; and delivers timely analysis and recommendations on portfolio positioning, market developments, and investment policy matters.

• Oversees the management of the approximately $25 billion total fund across public and private markets, ensuring effective portfolio construction, diversification, and risk management across all asset classes.

• Develops and maintains investment policies, benchmarks, and governance frameworks in coordination with the Board, ensuring alignment with fiduciary standards and evolving best practices.

• Provides leadership and direction to the investment team, including setting priorities, informed by a risk based functional structure, and overseeing staff performance, compensation, recruitment, and professional development.

• Serves as the primary representative and spokesperson for ERS on investment related matters, building and maintaining relationships with external managers, consultants, service providers, public officials, and other key stakeholders.

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• Oversees the selection, monitoring, and evaluation of external investment managers, consultants, and vendors, ensuring accountability, alignment of interests, and strong performance outcomes.

• Leads the implementation of strategic initiatives, including liquidity management, risk reporting, and enhancements to manager selection and portfolio oversight processes.

• Provides input and guidance on the investment budget and resource allocation to support execution of the investment program.

Fosters a culture of integrity, collaboration, accountability, and continuous improvement, driving innovation and strengthening the overall effectiveness of the investment function.

Required or recommended qualifications for the Chief Investment Officer position include:

• Bachelor’s degree from an accredited college or university. An advanced degree is preferred. Professional designations such as CFA are also preferred.

• Significant investment experience, including at least 10–15 years of progressively responsible experience in institutional investment management, with demonstrated leadership over multi-asset class portfolios. Experience managing or advising on large, complex portfolios is strongly preferred.

• Demonstrated experience in a senior leadership role with responsibility for investment strategy, portfolio construction, and risk management within a complex organization.

Experience within a public pension fund, endowment, sovereign fund, or similar institutional setting is preferred.

• Deep knowledge of capital markets, asset allocation, portfolio construction, and risk management across both public and private asset classes, including equities, fixed income, real assets, and alternative investments.

• Strong understanding of fiduciary responsibilities, investment governance, and the development and implementation of investment policies, benchmarks, and oversight frameworks.

• Proven ability to lead, manage, and develop high performing teams, including experience in mentoring, succession planning, and fostering a collaborative and accountable culture.

• Excellent communication skills, including the ability to clearly present complex investment concepts, strategies, and risks to a range of stakeholders, including boards, policymakers, and non-technical audiences.

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• Demonstrated ability to build and maintain effective relationships with boards, investment managers, consultants, service providers, and public stakeholders.

• Understanding of public sector governance, including familiarity with legislative processes and the ability to operate effectively within a politically sensitive and transparent environment.

• Experience overseeing external investment managers and advisors, including selection, monitoring, and performance evaluation.

• High ethical standards, sound judgment, and a strong commitment to fiduciary duty and public service.

• Must be a citizen, national, or permanent resident alien of the United States. Non-citizens with unrestricted employment authorization from the U.S. Immigration and Naturalization Service may also apply.

• Must become a resident of the State of Hawai‘i within thirty days after beginning employment and as a condition of eligibility for continued employment..

The ideal candidate will be a strategic and disciplined investment leader with a long-term perspective and a strong sense of fiduciary responsibility. This individual will bring sound judgment, intellectual rigor, and the ability to navigate complex market environments while maintaining focus on the System’s mission. The successful candidate will be a collaborative leader, capable of working effectively with the ERS Board, Executive Leadership, policymakers, and external partners, while building and sustaining a high-performing investment organization.

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The Chief Investment Officer salary is determined by the ERS Board and will be based upon experience and capabilities of the candidate. The State of Hawaii is an equal opportunity employer.

2. SCOPE OF WORK

The Executive Search Firm selected will be the primary contact and resource to the ERS Board’s Human Resources Committee (“Search Committee”) during the search process for the permanent Chief Investment Officer.

The Executive Search Firm responsibilities shall include:

2.1 Propose a draft timeline for the search process, subject to the Search Committee approval (see Attachment A). Complete the project per timeline agreed to between CONTRACTOR and ERS.

2.2 Assist Search Committee in finalizing the Chief Investment Officer’s position description and qualifications if needed. Discuss with Search Committee and/or its designee recruiting, screening, interview, and evaluation processes, if and as needed.

2.3 Coordinate placement of advertising in newspapers and other media (e.g. Pension &

Investments) in accordance with directions from the Search Committee and/or its designee, and ensure timely ad postings.

2.4 Receive and screen resumes; act as point of contact for candidate inquiries; keep candidates informed of process and their status.

2.5 Identify potential candidates through screening of resumes and preliminary interviews, with a focus on candidates possessing institutional investment leadership experience.

2.6 Select qualified candidates for presentation to the Search Committee.

2.7 Facilitate scheduling of interviews with prospective candidates; provide consultation on interview questions and techniques if needed; provide pre-briefing and debriefing with Search Committee and ERS Board for all interviews.

2.8 Schedule and coordinate second or third interviews as necessary before selection of final candidates.

2.9 Assist Search Committee to select the final candidates for the ERS Board’s consideration.

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2.10 Schedule and coordinate interviews of the final candidates with the ERS Board.

2.11 Conduct detailed reference checks (minimum of three) and background checks for the final candidates.

2.12 Assist the ERS Board with the final selection.

2.13 Assist the Search Committee and/or its designee in negotiating compensation and benefit package; help develop a mutually beneficial arrangement and ensure everyone is well-informed about the status of the negotiations and offer.

2.14 Facilitate the transition from acceptance of offer by the selected candidate to his or her employment.

2.15 Communicate as appropriate with candidates not selected.

2.16 Meet either in person or virtually via TEAMS or equivalent application with the ERS

Board, management and staff during ERS business hours (Monday-Friday 7:45 am – 4:30 pm, HST).

3. OFFEROR QUALIFICATION

3.1 Offerors shall have a minimum of five (5) years of experience performing executive searches for a large complex organization. Examples include, but are not limited to, searches for a Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Investment Officer, President, Vice President, Treasurer, or comparable executive level positions. Examples of searches that would not qualify include searches for an Accounting Manager, Information Technology Manager, etc.

3.2 Offerors shall have conducted an executive search within the past five (5) years for a minimum of three (3) large complex organizations.

3.3 Offerors must have the ability to meet either in person or virtually via TEAMS or equivalent application with the ERS Board, management and staff during ERS business hours. A Hawaii-based office or affiliate is preferred.

3.4 Offeror’s primary account contact must have experience conducting business in the

State of Hawaii.

3.5 Offeror must fully complete and submit ATTACHMENT B, OFFER FORMS.

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4. TERM OF SERVICES

4.1 The ERS Board’s current plan requires that the Chief Investment Officer search begin immediately. Consequently, the Executive Search Firm selected will need to initiate the search, review and screening of applicants and provide its recommendations and assessments to the ERS in accordance with a timeline agreed upon between the Executive Search Firm and the Search Committee. See Scope of Work, Section 2.1

5. PRICING

5.1 Offeror shall fully complete and submit the HIePRO Request for Quotation forms attached as Attachment B.

5.2 Offeror’s price quotation shall be a fixed fee that shall include: (a) all fees to be charged by Offeror; (b) all costs incurred in or associated with performing the services required under the Scope of Work, Section 2, except for the placement of advertising as per Section 5.3 below; and (c) Hawaii general excises taxes and all other applicable taxes. The contract will be awarded to the responsive and responsible offeror per the evaluation criteria per Section 12 RFQ EVALUATION CRITERIA.

5.3 ERS will pay directly to publications for the cost of all advertisements for the Chief

Investment Officer position that are placed in accordance with the Scope of Work, Section 2.3. Aside from this, the offeror selected shall be responsible for all costs incurred in or associated with performing the services required under the Scope of Work, Section 2.

5.4 For contract award purposes, any price quotation that is based on a percentage of salary will be evaluated using a salary of $300,000. The final award shall not exceed the lowest fixed fee proposal of a responsive and responsible offeror not awarded the contract.

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6. INVOICING AND PAYMENT

A standard ERS Purchase Order will be issued to the awardee of this solicitation.

Invoices shall contain a detailed description of the services performed, the costs paid, the amount invoiced, and the ERS Purchase Order authorizing the work. If charges are reimbursements, please include original receipts to ERS Accounts Payable with the invoice submittals. Invoices submitted are scheduled for payment net 30 terms upon satisfactory completion of services and ERS receipt of an acceptable invoice per State of Hawaii requirements. Submit invoices to the attention as follows:

Bill to:

Employees’ Retirement System Attention: Accounts Payable 201 Merchant St, Suite 1400 Honolulu, Hawaii 96813 Ph (808) 586-1650 dbf.ers.accountspayable@hawaii.gov

7. RESPONSIBILITY OF OFFERORS

Offeror is advised that in order to be awarded a contract under this solicitation, the vendor/contractor/service provider will be required to be compliant with all laws governing entities doing business in the State including the following chapters of the Hawaii Revised Statutes (“HRS”) and pursuant to HRS § 103D-310(c):

1. Chapter 237, tax clearance;

2. Chapter 383, unemployment insurance;

3. Chapter 386, workers’ compensation;

4. Chapter 392, temporary disability insurance;

5. Chapter 393, prepaid health care; and

6. Section 103D-310(c), Certificate of Good Standing for entities doing business in the State.

Offerors are to be duly registered to do business in the State of Hawaii via DCCA registration, (cca.hawaii.gov/resources) and to be compliant in Hawaii Compliance Express (HCE) (vendors.ehawaii.gov/hce), in order to be considered for award. Offerors are strongly encouraged to submit an HCE Certificate of Vendor Compliance in their proposal package to ensure the State's ability to verify vendor compliance.

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8. PROCUREMENT OFFICER AND CONTRACT ADMINISTRATOR:

The individual listed below, or designee, is the Procurement Officer and Contract Administrator for this procurement.

Mr. Kalbert Young, Executive Director Employees’ Retirement System of the State of Hawaii City Financial Tower 201 Merchant Street, Suite 1400 Honolulu, HI 96813

The ERS contact person for this solicitation is:

Gerri Konishi, MHL Assistant 201 Merchant Street, Suite 1400 Honolulu, HI 96813 Telephone: 808-586-1705 Fax: 808-587-5766

9. PROCUREMENT TIMETABLE and SIGNIFICANT DATES

The following are the important actions and corresponding final dates by which the actions must be taken or completed. Offerors are notified that these dates are estimated by the ERS and are subject to change at the discretion of the ERS. The ERS reserves the right to change any date(s) as deemed necessary and in the best interest of the ERS. If the ERS decides to change a date for any reason, notification will be given via the addendum in HIePRO.

Release of RFQ 06/24/2026 Questions Due Date: 07/2/26 @ 4:00 PM, HST Questions Answer Date 07/09/2026 Offers Due Date 07/24/2026 @ 4:00 PM, HST Offers Evaluation and Award Decision 07/31/2026 Contract Start Date 08/17/2026 **(estimated) Contract End Date 12/31/2026 ** (estimated)

** The ERS desires to commence this Contract per above. However, due to the time required for evaluation, award, and execution of this Contract, the exact commencement date is indeterminate at this time.

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10. COMMUNICATIONS WITH ERS, QUESTIONS

Offerors and potential offerors (including agents of offerors or potential offerors) should not contact any member of the ERS Board of Trustees or any member of the ERS staff. An exception to this rule applies to firms who currently do business with the ERS; provided that any contact made by any such firm should be related to that business, and should not relate to this RFQ.

Questions must be entered in HIePRO and will be accepted until the deadline listed in the Section 9 Procurement Timetable and Significant Dates. A written response to any questions will be published by the ERS via HIePRO, and an addendum will be issued if required in HIePRO.

11. OFFEROR SUBMITTAL

Offeror(s) shall annotate and sign the ERS provided forms, insert the completed forms into their proposal package and upload the complete proposal into the State of Hawaii’s HIePRO website (https://hiepro.ehawaii.gov/welcome.html) for award consideration by Offers Due Date. Items to be in the offeror's proposal shall include, but not be limited to, the following:

- Proposal:

Offerors Proposal to include an authorizing cover memo, which shall state the proposal signatory authority, read and understands the specifications herein and 103D General Conditions (AG-008 103D General Conditions) and has the authority to commit their company’s resources to provide and perform as stated herein.

Proposal to include Offeror’s core competencies, credentials, certifications, listing of jobs of similar complexity and scope successfully completed and resumes of key personnel. Include any ancillary documents, including service level agreements if/as required. Provide sufficient information for the Offer evaluation per section 12., RFQ Evaluation Criteria, in the following format.

https://hiepro.ehawaii.gov/welcome.html

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• Company Background

• Experience

• Availability and Project Timeline – Complete

• Fees - Refer section 12., RFQ Evaluation Criteria and section 5. Pricing

Offeror are to be Compliant in accordance with section 7. Responsibility of Offerors at time of RFQ award and remain compliant through-out the engagement terms.

Offeror’s are encouraged to submit a Compliant certificate issued by Hawaii Compliance Express (HCE) (https://vendors.ehawaii.gov/hce/splash/welcome.html) in their response.

- Attachment B Offer Forms.

The Offeror is requested to submit its offer using the Offeror's exact legal name as registered with the Department of Commerce and Consumer Affairs, if applicable;

and to indicate exact legal name in the appropriate space. Failure to do so may delay proper execution of the Contract. Offer is valid for 60 days.

The amount entered on Attachment B Offer Forms 3 Pricing, Line 3 , PRICE QUOTE, Firm & Fixed is entered as the Total in HIePRO.

The Offeror shall list as references, companies for whom the Offeror has provided or is currently providing services similar in nature and in volume to services specified herein. The STATE reserves the right to contact the references to inquire about the Offeror’s past performance.

- Attachment A, TIMELINE FOR ERS CHIEF INVESTMENT OFFICER (CIO)

RECRUITMENT, DRAFT TIMELINE PROPOSED BY OFFEROR

The Offeror shall propose a timeline for recruitment of the Chief Investment Officer, subject to the Search Committee approval. The ERS reserves the right to modify the proposed timeline. The CONTRACTOR awarded this procurement will complete the Recruitment Project per timeline agreed to between CONTRACTOR and ERS. See Scope of Work Section 2.1 for timeline requirements.

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- Attachment C, ERS Confidentiality Agreement for Offeror and Sub-Contractors (if used).

Confidential Information. Offerors shall designate those portions of their offer that contain trade secrets or other proprietary data that are to remain confidential subject to HAR §§ 3-122-21(7) and 3-122-30 (c) and (d). Material designated as confidential shall be readily separable from the offer in order to facilitate public inspection of the non-confidential portion of the offer. Prices, makes, and models, or catalogue number of items offered, deliveries and terms of payment, shall be publicly available at the time of opening regardless of any designation to the contrary.

12. RFQ EVALUATION CRITERIA

Offerors that pass the Minimum Requirements in 3. OFFEROR QUALIFICATION will be evaluated on the following.

CRITERIA POINTS

Experience 30 Company Background 25 Availability and Project Timeline 25 Fees *** 20 Total 100

*** FORMULA CALCULATION

Formula for determining allocation of points for fee:

allocated points = ($ amount of the lowest fee proposal x 20.0) / $ amount of the fee proposal being evaluated per Section 5, PRICING, and as provided on offeror submittal, form Attachment B OFFER FORMS, section 3 PRICE QUOTE.

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ATTACHMENT A

TIMELINE FOR ERS CHIEF INVESTMENT OFFICER (CIO) RECRUITMENT

DRAFT TIMELINE PROPOSED BY OFFEROR

DESCRIPTION OF TASK ESTIMATED

COMPLETION DATE

COMMENTS

1. Procure Executive Search Firm

2. Adhoc Committee for CIO Search:

work with Executive Search Firm to finalize CIO search criteria.

3. Adhoc Committee for CIO Search to conclude CIO search.

4. Adhoc Committee for CIO Search:

determine Finalists for ERS Board’s consideration.

5. Executive Search Firm to schedule interviews with CIO finalists.

6. ERS Board to conduct interviews.

Suggest one (1) all day or two (2) half days.

7. References and other background checks by Executive Search Firm.

8. Final CIO Selection made by ERS Board.

9. ERS to process State paperwork for hiring CIO.

10. CIO start date.

ATTACHMENT B OFFER FORMS

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Procurement Officer Employees’ Retirement System 201 Merchant Street, Suite 1400 Honolulu, Hawaii 96813

Dear Procurement Officer:

The undersigned has carefully read and understands the terms and conditions specified in the Specifications and the attached General Conditions and agrees to same. Offeror hereby submits the following offer to perform the work as specified in this specification, in accordance with the true intent and meaning thereof. The undersigned further understands and agrees that by submitting this offer, 1) he/she is declaring his/her offer is not in violation of Chapter 84, Hawaii Revised Statutes, concerning prohibited State contracts, and 2) he/she is certifying that the price quote submitted was independently arrived at without collusion.

Offeror Exact Legal Name of Entity: *

Doing Business As (dba): **

Federal Employer ID #: Hawaii Tax No.:

Business address:

City, State, Zip Code:

Payment address (if different than business address):

City, State, Zip Code:

Offeror is:

___ Corporation ___ Limited Liability Company ___ Limited Partnership

___ Other:

State of Incorporation/Organization:

Respectfully submitted:

Date: (x) Authorized (Original) Signature Telephone No.:

Fax No.: Name and Title (Please Type or Print) Email Address:

* Furnish the exact legal name of the entity under which the awarded contract will be executed.

**If Offeror is a “dba” or a “division” of a corporation, furnish the exact legal name of the corporation under which the awarded Contract will be executed.

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1. Offeror Contact Information

Offeror Name Offeror’s Contact Name

Contact address if different:

City, State, Zip Code:

Telephone No.:

Fax No.:

2. Qualification Requirements

Offeror shall comply with ALL the following qualification items as described in Attachment A, OFFEROR QUALIFICATIONS, Section 3. Any non-compliance (i.e., any “No” answers) for Minimum Qualifications will result in the offeror not qualifying for this award.

Offeror meets Minimum Qualification Yes No

2.1 Offeror has a minimum of five (5) years of experience

performing executive searches for a large complex organization.

2.2 Offeror has conducted an executive search within the past five (5) years for at least three (3) large complex organizations. Contact information for these executive searches must be provided.

2.3 Offeror has the ability to meet either in person or virtually via TEAMS or equivalent application with the Employees’ Retirement System Board of Trustees, ERS management and ERS staff during ERS business hours

2.4 Offeror’s primary account contact must have experience

conducting business in the State of Hawaii

3. PRICE QUOTE

Offeror to provide Executive Search Services price quotation in accordance with Section 5, PRICING for services only. Offeror Total Price Quote for Services below are to be fully encumbered, firm and fixed, lump sum inclusive of all labor, product, taxes and fees but does not include the cost of advertising, noted in Section 5.3 pricing, which shall be reimbursed back to the awardee under separate cover.

Total Price Quote for Services: $

This total price quote, Offeror is to place in HIePRO in total quote for services for the job.

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4. REFERENCES

List 3 clients within the past 5 years where Offeror conducted an executive search for a large complex organization. Offeror hereby authorizes the Employees’ Retirement System of the State of Hawaii to contact these clients.

(1) Client Name Contact Person Telephone No. Facsimile No.

Description of Service Provided:

Contract Period of Service Provided:

(2) Client Name Contact Person Telephone No. Facsimile No.

(3) Client Name Contact Person Telephone No. Facsimile No.