ABLE03-24_-_FINAL_RFP_(12-02-24).pdf

CALIFORNIA ACHIEVING A BETTER LIFE EXPERIENCE ACT BOARD

ADDRESS

901 P Street, Suite 413 Sacramento, CA 95814

PHONE

(916) 653-1728

EMAIL

calable@treasurer.ca.gov

WEB

www.treasurer.ca.gov/able www.CalABLE.ca.gov

MEMBERS

FIONA MA, CPA

State Treasurer

MALIA M. COHEN

State Controller

JOE STEPHENSHAW

Director of Finance

JOE XAVIER

Director, Department of Rehabilitation

PETE CERVINKA

Acting Director, Department of Developmental

Services

WESLEY WITHERSPOON

Chairperson, State Council on

Developmental Disabilities

LIGIA ZUNIGA

Chairperson, State Independent Living Council

EXECUTIVE DIRECTOR

THOMAS MARTIN

Achieving a Better Life Experience (“ABLE”) Act Board

Request for Proposals No. ABLE03-24 529A Investment Consulting Services

Notice to Prospective Bidders

December 2, 2024

You are invited to review and respond to this Request for Proposals No. ABLE03-24 (“RFP”) for 529A Investment Consulting Services.

Proposals for these Services must comply with the instructions included in the RFP. The RFP includes the Sample Standard Agreement the selected firm will be expected to execute. The agreement that will be entered into with the State of California (“State”) will include by reference the General Terms and Conditions and Contractor Certification Clauses which may be viewed and downloaded online at https://www.dgs.ca.gov/OLS/Resources/Page-Content/Office-of-Legal-Services- Resources-List-Folder/Standard-Contract-Language. THE GENERAL TERMS AND

CONDITIONS AND ALL EXHIBITS THAT ARE A PART OF THE SAMPLE STANDARD

AGREEMENT ARE NOT NEGOTIABLE. By submitting a proposal, your firm agrees to the terms and conditions stated in this RFP. Any proposal submitted with proposed changes to the Standard Agreement’s Terms and Conditions will be considered nonresponsive and rejected by the ABLE Act Board. If you do not have Internet access, a hard copy of the RFP, which includes these Terms and Conditions and Certification Clauses, can be provided upon request by contacting the person listed below.

All responses to this RFP must be submitted in hard copy and received by the Board no later than 3:00 p.m. Pacific Time (“PT”) on January 8, 2025. Email or fax submissions will not be accepted. The ABLE Act Board does not accept any responsibility for any proposals that are not submitted to the Board by the indicated deadline.

mailto:calable@treasurer.ca.gov http://www.treasurer.ca.gov/able https://www.dgs.ca.gov/OLS/Resources/Page-Content/Office-of-Legal-Services-Resources-List-Folder/Standard-Contract-Language https://www.dgs.ca.gov/OLS/Resources/Page-Content/Office-of-Legal-Services-Resources-List-Folder/Standard-Contract-Language

CALIFORNIA ACHIEVING A BETTER LIFE EXPERIENCE ACT BOARD

All proposals must be mailed or delivered to:

ABLE Act Board 901 P Street, Suite 413 Sacramento, CA 95814

Attention: Thomas Martin, Executive Director

In the opinion of the ABLE Act Board, this RFP is complete and without need of explanation. However, if you have questions or should you need any clarifying information, contact staff by email at calable@treasurer.ca.gov. All questions must be submitted by email by 12:00 p.m. PT on December 12, 2024.

Please note that no verbal information given will be binding upon the State unless such information is issued in writing as an official addendum to this RFP.

PLEASE CAREFULLY READ THE RFP AND FOLLOW THE INSTRUCTIONS.

TABLE OF CONTENTS

1. PURPOSE AND DESCRIPTION OF SERVICES

1.1 Background

1.2 Scope Overview

1.3 Sample Standard Agreement

1.4 Scope of Work

1.5 Term of Agreement

2. MINIMUM QUALIFICATIONS

3. PROPOSAL REQUIREMENTS AND INFORMATION

3.1 Schedule (Key Action Dates)

3.2 Questions and Answers

3.3 Content and Format of Proposals

3.3.1 Background and Personnel Information

3.3.2 Investment Consulting Experience & Expertise in 529/529A Industry ... 8

3.3.3 Cost Proposal

3.3.4 References

3.3.5 Legal, Disciplinary, and Conflict of Interest Disclosure

3.4 Submission of Proposal

3.5 Evaluation Process

3.6 Award and Protest

3.7 Disposition of Proposals

3.8 Agreement Execution and Performance

4. PREFERENCE AND INCENTIVE PROGRAMS

4.1 Small Business or Microbusiness Preference

4.2 Non-Small or Microbusiness Preference

4.3 Target Area Contract Preference Act (TACPA)

4.4 Disabled Veteran Business Enterprise (DVBE) Incentive

5. REQUIRED ATTACHMENTS

Attachment 1 - Required Attachment Check List Attachment 2 - Proposal/Proposer Certification Sheet Attachment 3 - Cost Proposal Worksheet Attachment 4 - Proposer References Attachment 5 - Minimum Qualifications Certification Attachment 6 - Payee Data Record (STD. 204) Attachment 7 - Contractor's Certification Clauses (CCC 04/2017) Attachment 8 - Darfur Contracting Act Certification Attachment 9 - California Civil Rights Laws Certification Attachment 10 - Generative AI Reporting and Factsheet (STD 1000) Attachment 11 - Bidder Declaration (GSPD-05-105) Attachment 12 - Small Business or Microbusiness Preference (if applicable) Attachment 13 - Non-Small Business or Microbusiness Preference (if applicable) Attachment 14 - Target Area Contract Preference Act (TACPA) (if applicable) Attachment 15 - California Disabled Veteran Business Enterprise (DVBE)

Program Participation Instructions (if applicable)

SAMPLE STANDARD AGREEMENT

Standard Agreement (STD. 213 Form) Exhibit A - Scope of Work Exhibit A, Attachment 1 – Resumes of Key Personnel Exhibit B - Budget Detail and Payment Provisions Exhibit B, Attachment 1 Cost Proposal Exhibit C - General Terms and Conditions Exhibit D - Special Terms and Conditions

RFP No. ABLE03-24

1. PURPOSE AND DESCRIPTION OF SERVICES

1.1 Background

The California Legislature created the California ABLE Act Board, California ABLE Act Program, and California ABLE Program Trust in 2015 (Chapter 15 (commencing with Section 4875) of Division 4.5 of the Welfare and Institutions Code). (“Act”), intending it to be a qualified ABLE program as defined in Section 529A of the Internal Revenue Code of 1986, as amended (“IRC”). The Act authorizes Trust investments for a beneficiary’s savings for qualified disability expenses.

The Board was created to administer the state’s qualified ABLE program.

The seven-member Board is also the state entity responsible for the effective and efficient administration of the Trust. Board meetings are held in accordance with the Bagley-Keene Open Meeting Act and are generally held in Sacramento at the State Treasurer’s Office, 901 P Street, but may be held at other locations.

1.2 Scope Overview

The California ABLE Act Board (“Board” or the “State”) is the administrator of California’s 529A Qualified ABLE Program as defined in Section 4875(k) of the Welfare and Institutions Code (“Program”), and the State agency responsible for the effective and efficient administration of the California ABLE Program Trust (“Trust”).

A qualified 529A investment consultant is needed to assist the Board in its role as fiduciaries to the Trust. The investment consultant will assist the Board with (i) creating the statement of investment policy and monitoring criteria for the Trust, (ii) evaluating program manager and investment manager proposals, and (iii) monitoring the investment performance of the program manager(s). More information about the Act can be found online at www.treasurer.ca.gov/able.

1.3 Sample Standard Agreement

This Request for Proposals No. ABLE03-24 (“RFP”) includes a Sample Standard Agreement for each firm’s review. The Sample Standard Agreement contains the language that the Board expects to utilize for this contract. All terms and conditions noted in the Standard Agreement are not negotiable. Proposals that do not accept all items included in the Standard Agreement may be deemed nonresponsive and excluded from evaluation.

http://www.treasurer.ca.gov/able.

1.4 Scope of Work

1) The 529A investment consultant will assist the Board in fulfilling its fiduciary duties to the Trust, which includes the following:

• The Contractor will, under the direction of the Board or its designee, analyze and evaluate asset allocation plans for the Trust based on the expected use of accounts by eligible beneficiaries as well as risk reduction.

• The Contractor will create and regularly review an investment policy statement and monitoring procedures.

• As needed, the Contractor will participate in the development of request for proposals and the subsequent selection processes as subject matter expert to procure various program services, such as an investment manager and program administrator.

• The Contractor will advise the Board or its designee on which data should be reported quarterly by the program and/or investment manager(s).

• The Contractor will review and analyze the investment performance of the program and/or investment manager(s) of the Trust using criteria adopted by the Board; the Contractor will periodically perform additional evaluations comparing Program investment performance and fees to the performance of national and/or other state 529A plans.

• The Contractor will conduct quarterly monitoring and provide quarterly evaluations of the Trust that compare monthly investment results to appropriate indices and Board policies, including compliance by the program manager(s) to these policies, and provide evaluations to the Board or its designee within 10 business days of receiving the data from the program manager(s).

• The Contractor will provide assistance to the Board in understanding various investment vehicles and the investment market generally.

This assistance may include providing training seminars to the Board and its staff, as necessary, on rates of return, investment products, strategies or other fundamental concepts of investing.

• The Contractor will inform the Board or its designee in the event of significant changes in the investment climate or market conditions that could affect Trust investments.

• The Contractor will provide general advice, counsel, and recommendations on a variety of investment related matters regarding the Trust including investment personnel, investment strategy, investment portfolio addition or division, as well as overall investment health of the program and/or investment manager(s), other 529A vendors, and 529A industry issues and trends.

• The Contractor will work with the Board’s consultants and program and/or investment manager(s) as needed.

• The Contractor will provide work product and materials that demonstrate cultural competence and designed in compliance with the Americans with Disabilities Act (“ADA”), Sections 7405 and 11135 of the Government Code, and Web Content Accessibility Guidelines 2.1 including future updates (“WCAG”) for people with disabilities, and "People First" language. All materials must include an accessibility certificate.

• The Contractor will attend or otherwise participate in all Board meetings unless notified otherwise by the Board.

• The Contractor will be available to consult with Board members and the Executive Director from 8am to 5pm Pacific Time, Monday through Friday.

• The Contractor will respond to the need for telephone consultation within a 24-hour period and be available for meetings with the Board with no greater than 10 days’ notice.

2) The services shall be performed at the offices of the selected Contractor and at the offices of appropriate affiliates, related entities, subsidiaries, and subcontractors; however, there will be some mandatory meetings at 901 P Street, Sacramento, California 95814.

3) Contractor shall ensure that the quality and availability of its personnel assigned to this agreement will be maintained over the term of the agreement. Any changes in assigned personnel are at the discretion of the firm, provided that any replacements have substantially the same as or better qualifications and experience than the original personnel.

Changes in assigned personnel must be pre-approved by the Board.

4) The performance of the Contractor will be evaluated based on the criteria outlined below.

https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=GOV&division=7.&title=1.&part=&chapter=18.1.&article https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?sectionNum=11135.&lawCode=GOV https://www.w3.org/WAI/standards-guidelines/wcag/ https://www.w3.org/WAI/standards-guidelines/wcag/

• Responsiveness and timeliness in responding to inquiries made by CalABLE (Board, Executive Director, and staff).

• Availability to CalABLE for conference calls and board meetings, as needed.

• Quality, completeness and timeliness in providing reports, memos, analyses and recommendations to CalABLE for review and consideration.

• Quality and accuracy of information, data and support included in all product submitted to CalABLE.

• Ability to provide CalABLE with, or direct CalABLE, to appropriate resources for information.

• Ability to provide CalABLE with up-to-date information on industry standards, changes in the law and state comparisons.

• Availability of resources to adequately perform on contract requirements (staff, consultants, etc.).

• Demonstrates working relationships with industry peers and organizations.

• Demonstrates the ability to provide day-to-day management of tasks, coordination of support and administrative activities, and supervision of all Contractor employees.

• Possesses the technical and functional skills, and knowledge to direct all aspects of the contract.

1.4 Term of Agreement

The term of the Agreement entered into pursuant to this RFP, if any, will be for a two-year period beginning April 1, 2025, through March 31, 2027. The total cost of services for this two (2) year period shall not exceed $198,000.00. At the Board’s sole discretion, there will be one-year option to extend this agreement for up to one (1) year and an additional $99,000.00, for a possible total term not to exceed three (3) years in the contractual amount of $297,000.00.

The Agreement will require approval by the Department of General Services (“DGS”). In no event shall services be performed prior to approval by DGS.

2. MINIMUM QUALIFICATIONS

Proposer must complete Attachment 5 certifying that the firm meets the following minimum qualifications:

• Proposing firm (“Proposer” or “Firm”) must have been actively providing advice on investment options for at least the last five years. Investment expertise must include knowledge and experience in a wide range of investment vehicles.

• Firm must have been providing consultation to or on behalf of individuals or governmental agencies that have been investing funds totaling at least $1 billion.

• Firm must agree in writing to serve as fiduciary with respect to its work.

• Firm may not during the term of a contract that may be executed pursuant to this RFP have a contractual or other business relationship with any program management services contractor that provides services for the Trust or any investment manager directing funds in the Program portfolio, either on its own or in partnership, with other entities. Ownership of an ABLE account does not constitute a business relationship for the purposes of this minimum qualification

• Firm must be qualified to do business in the State of California and must provide either (i) evidence of registration from the California Secretary of State or (ii) certification that no impediments to registration exist.

• If applicable, Firm must hold and maintain all licenses and registrations required by applicable federal and state laws for businesses offering investment and municipal advisory services. All such licenses and registrations must be current and in good standing.

3. PROPOSAL REQUIREMENTS AND INFORMATION

3.1 Schedule (Key Action Dates)

All Proposers are hereby advised of the following schedule and will be expected to adhere to the required dates and times (all times listed are Pacific Time (PT)).

Date Action December 2, 2024 by 5:00 PM RFP Available to Prospective

Proposers

December 12, 2024 at 12:00 p.m.

(PT)

Deadline to Submit any Written Questions

December 18, 2024 by 5:00 PM Answers to Written Questions Distributed

January 8, 2025 at 3:00 p.m. (PT) Deadline to Submit Proposals January 8, 2025 - January 24, 2025 Evaluation of Proposals January 27, 2025 Notice of Intent to Award Contract April 1, 2025 Commencement of Contract

(pending Board and DGS approval)

The Board reserves the right to change the above dates and times, and, if so, CalABLE may modify this RFP prior to the date fixed for submission of proposals by the issuance of an addendum. CalABLE will also provide post updates online at www.treasurer.ca.gov/able and on Cal eProcure at https://caleprocure.ca.gov/pages/index.aspx. CalABLE reserves the right to reject all proposals and not award an agreement.

3.2 Questions and Answers

In the opinion of the Board, this RFP is complete and needs no further explanation. However, if you have questions, or should you need any clarifying information, you may submit written questions no later than 12:00 p.m. PT on December 12, 2024 by email to calable@treasurer.ca.gov or by fax to (844) 761-0239.

Answers to all written questions received by 12:00 p.m. PT on December 12, 2024 will be available online at www.treasurer.ca.gov/able and on Cal eProcure at https://caleprocure.ca.gov/pages/index.aspx by close of business on December 18, 2024.

3.3 Content and Format of Proposals

a) Proposals should provide straightforward and concise descriptions of the Firm’s ability to satisfy the requirements of this RFP. The proposal must be complete and accurate, include the questions and answer in numerical order, use 12 point font, have 1 inch margins, and be single spaced. The proposal’s maximum page number is 50 pages, including resumes and attachments. Grammar errors, inaccuracies, misstatements, or omissions may be cause for rejection of a proposal.

b) Proposals must include a cover letter with the following items:

• The name, address, email, phone numbers and fax numbers of the principal contact responsible for the oversight of the agreement.

Indicate the availability of this person for meetings with the Board.

http://www.treasurer.ca.gov/able https://caleprocure.ca.gov/pages/index.aspx mailto:calable@treasurer.ca.gov https://caleprocure.ca.gov/pages/index.aspx

• The name, address, email, phone numbers and fax numbers of the project representative who will be available to the Board on a day-to-day basis during the term of the agreement.

• The name, address, email, phone numbers, fax numbers and name of a key contact at each partner, if a consortium, and subcontractor and what the aforementioned would be responsible for under the agreement.

c) Questions in this Section are intended to demonstrate the Firm’s qualifications. Points will be awarded for the Firm’s response(s) to each question. The allocation of points is defined in Section 3.5 of this RFP entitled “Evaluation Process.” Questions should be answered for each relevant partner or subcontractor to the extent applicable if a Firm is a consortium or is using subcontractors. In preparing proposals, the Firm must list each question and then provide the response to that question in the same order listed in this RFP. The selected Contractor is expected to ensure that the quality and availability of personnel assigned to perform services under the contract will be maintained over the term of the contract. Replacements must have substantially the same or better qualifications and experience than the original personnel. Any change in assigned personnel must be pre-approved by the Board.

3.3.1 Background and Personnel Information (Maximum of 20 points)

a. Provide an overview of the Proposer’s firm, including mission statement and vision statement, number of years’ experience providing investment consulting, and what services the Proposer’s firm will bring to this contract.

b. Describe the organizational structure and explain how this structure will be used to perform the requirements of this contract. Explain the advantages of this structure.

c. Identify the personnel who will be providing the services if awarded the contract, including years and type of experience for each person. Experience should include the number of years at the current firm as well as all prior relevant employment. Please also include staff of subcontractors, if any. The contractor is expected to ensure that the quality and availability of personnel assigned to perform services under the contract will be maintained over the term of the contract. Replacements must have substantially the same or better qualifications and experience than the original personnel. Any change in assigned personnel must be pre-approved by the Board or the Executive Director. Identify the role each person will serve in the contract and their title. Provide detailed resumes for the individuals that will be directly involved in providing the services under the contract including any proposed subcontractors and their employees, if any.

d. Indicate who will have ultimate responsibility for this contract.

Indicate the availability of this person for live or telephone meetings with the Board. Describe the Proposer’s backup procedures if the primary person assigned to this account leaves the firm or is otherwise unavailable.

3.3.2 Investment Consulting Experience and Expertise in 529/529A

Industry (Maximum of 35 points)

a. Describe Proposer’s experience in advising boards on formulating and reviewing investment policies and in interpreting investment data. Include the names of the boards, the number of years that the Proposer has provided such service, the number of agencies or boards to which the Proposer is currently providing investment advice and the approximate dollar value of the portfolios for which consultative services are provided.

b. Describe in detail what data, information, and advice the Proposer proposes to provide to the Board in formulating its investment policies and analyzing and interpreting the investment performance of the program and/or investment manager(s).

Describe the Proposer’s methodology used for measuring risk.

c. Describe how benchmarks are chosen or developed and how the manager’s performance is compared to similar portfolios. Indicate whether your Firm has ever developed benchmarks and, if so, provide a description of the benchmarks developed.

d. Discuss any changes/material refinements in Proposer’s advisement philosophy which have occurred within the past three years. What prompted the changes/refinements?

e. Describe the Firm’s experience with the use of mathematical, computer, or other models in evaluating both investment performance and risk. Provide a sample of at least one such modeling report demonstrating thoroughness and understandability by Firm’s staff.

f. Provide a list of the investment selection models and investment evaluation models that the Firm uses on a regular basis.

g. Describe the Firm’s understanding of the objectives of the ABLE Program. How does this understanding affect your views on the investment options that should be offered? What special expertise does the Firm bring to advising the Board?

h. List any consulting accounts lost within the past three years and note the reason for the account lost.

i. Provide the name, address, telephone number, contact name, and title for three (3) references for the Firm, using the format in Attachment 4. Provide three (3) references for any subcontractors the Proposer plans to use. These references should include governmental agencies, preferably State of California agencies or agencies located in California, which are charged with overseeing the investment of funds held in trust for others. Identify the individuals at the Firm who were responsible for providing investment consultation to these references. Submission of Attachment 4 is mandatory. Proposals that do not include Attachment 4 shall be considered nonresponsive and will be rejected.

3.3.3 Cost Proposal (Maximum of thirty (30) points)

Use Attachment 3 (Cost Proposal) as a guide in completing your cost proposal for each year of the contract term (including the optional extension year), which will be a full and final estimate. The Board expects the total amount of the contract not to exceed $297,000.00 for this potential three-year contract. Review this section and the calculations in your Cost Proposal carefully.

Mathematical errors may be corrected by the Board. Do not make any modifications to the Cost Proposal form.

a. The cost proposal shall:

i. Follow and complete the template outlined in Attachment 3

(Cost Proposal)

• Cost Proposal Detail (Year One)

• Cost Proposal Detail (Year Two)

• Cost Proposal Detail (Optional Year Three)

ii. Identify and include an hourly rate for each level of staff who will be assigned to work on the services outlined in this RFP.

The hourly rates identified will be utilized in the contract awarded to the winning proposer for reimbursement for services performed. All-inclusive flat fees and/or retainer fees will not be accepted for consideration.

Travel costs are capped at $10,000.00 per year. The rates for travel costs shall be set in accordance with the California Department of Human Resources (CalHR) rates for comparable classes and no travel outside the State of California shall be reimbursed unless prior written authorization is obtained from the Board.

3.3.4 References (Maximum of five (5) points)

a. Using the format in Attachment 4, provide the name, address, telephone number, contact name title and email for three (3) firms you have served within the last five years, including a minimum of two (2) references from State agencies. Provide three (3) references for any subcontractors you plan to use. Submission of Attachment 4 is mandatory. Proposals that fail to submit Attachment 4 shall be considered nonresponsive and rejected.

3.3.5 Legal, Disciplinary, and Conflicts of Interest Disclosures

a. Advise if any partner, officer, investment officer, portfolio manager, research analyst, or trader of the Firm has been convicted or pleaded no contest in a case stemming from a felony indictment.

Any such conviction or plea must be disclosed and must be accompanied by a full explanation of the circumstances surrounding it.

b. Advise if the Firm is or was a defendant in litigation relating to any services that it proposes to provide to the Board. Any final settlement, administrative decision, or judgment made in connection with this litigation shall be disclosed and shall be accompanied by a full explanation of the circumstances surrounding it.

c. Advise if the Firm, any partner, related company (parent, subsidiary, sister), affiliate or joint venture, or any owner, officer, director, principal, or management level employee of the Firm has been involved in any enforcement action by the Securities and Exchange Commission or any other governmental regulatory agency or been named a defendant in litigation where there was an allegation of violation of fiduciary responsibility. If yes, explain in detail.

d. Disclose any other legal or disciplinary event that is material to the Board’s evaluation of the proposal or the integrity of the Firm’s management or advisory personnel by either: (1) identifying the specific type of event and specifically referring to the relevant portions of the Firm’s most recent Forms MA or MA-I (and, if doing so, providing detailed information specifying where the Board may electronically access those forms), or (2) providing a written statement that fully and fairly discloses the information required to be disclosed under MSRB Rule G-42(c)(ii) and (b).

e. Advise if the Firm has ever been terminated for cause from any contract. If the answer is yes, cite the background of the contract, reason for the termination, and what the Firm has done subsequently to change operations or personnel to preclude the circumstances regarding the termination from re-occurring.

f. Disclose any business relationships, that may be construed to be potential or actual conflicts of interest. The selected Contractor will have a continuing requirement to disclose any business relationships that may be construed to be a potential or actual conflict. The disclosure shall be sufficiently detailed to inform the Board of the nature, implications, and potential consequences of each conflict and shall include an explanation of how the Firm addresses, or intends to manage or mitigate, each conflict.

g. The Board may reject a proposal due to any disclosure or conflict of interest (potential or actual) that is material in the sole opinion of the Board.

3.4 Submission of Proposal

a) All proposals must be submitted in hard copy under sealed cover and received by the Board by 3:00 p.m. (PT) on January 8, 2025.

Proposals received after this date and time will not be considered.

Proposals received by fax or email will be rejected.

b) One (1) unbound original, two (2) copies, and one (1) digital copy of the proposal must be mailed or delivered to the following address:

Sacramento, California 95814

c) The original proposal must be marked "ORIGINAL COPY." All documents contained in the original proposal package must have original signatures and must be signed by a person who is authorized to bind the proposing firm. The digital copy of the proposal must be submitted via disc or USB as a non-encrypted PDF file. Proposals received by fax or email will be rejected.

d) The proposal envelopes must be plainly marked with the RFP number and title, your firm name and address, and "DO NOT OPEN," as shown in the following example:

Request for Proposals No. ABLE03-24 529A Investment Consulting Services

Firm Name Firm Address

Contact Person and Phone Number

“DO NOT OPEN”

e) If the proposal is made under a fictitious name or business title, the actual legal name of Proposer must be provided.

f) Proposals not submitted under sealed cover and marked as indicated may be rejected.

g) Proposals that omit the Minimum Qualifications Certification that is included as Attachment 5 in Section 5 will not be considered.

h) Proposals shall include each of the Attachments (if applicable) on the Required Attachment Check List in Section 5. Proposals that do not comply with the requirements of the RFP shall be deemed nonresponsive. A nonresponsive proposal is one that does not meet the basic proposal requirements and will be rejected.

i) The Board reserves the right to reject all proposals and not to award a

Contract pursuant to this RFP.

j) Proposals must be submitted for the performance of all the services described herein. Any deviation from the work specifications will not be considered and will cause a proposal to be rejected.

k) A proposal may be rejected if it is conditional or incomplete, or if it contains any alterations of form or other irregularities of any kind. The Board may reject any or all proposals and may waive any immaterial deviation in a proposal. The Board’s waiver of immaterial defects shall in no way modify the RFP document or excuse the Firm from full compliance with all requirements if awarded the Agreement.

l) The Firm is solely responsible for the costs of developing proposals and costs incurred in anticipation of award of the Agreement. Those costs shall not be charged to the Board.

m) An individual who is authorized to bind the proposing firm contractually shall sign Attachment 2, the Proposal/Proposer Certification Sheet, provided in Section 5. The signature must indicate the title or position that the individual holds in the firm. An unsigned proposal may be rejected.

n) A Firm may modify a proposal after its submission by withdrawing its original proposal and resubmitting a new proposal prior to the proposal submission deadline as set forth in the Schedule (Key Action Dates) in Section 3.1 of this RFP. The submission of a new proposal must comply with the requirements in this section. Proposal modifications offered in any other manner, oral or written, will not be considered.

o) A Firm may withdraw its proposal by submitting a written withdrawal request to the Board, signed by the Proposer or an agent authorized in accordance with subsection (m) above. A Firm may thereafter submit a new proposal prior to the proposal submission deadline. Proposals may not be withdrawn without cause subsequent to the proposal submission deadline.

p) The Board may modify this RFP prior to the date fixed for the submission of proposals by the issuance of an addendum to all potential Proposers providing contact information, including an email address and phone number. The contact information should be provided to Thomas Martin at calable@treasurer.ca.gov by December 18, 2024, when the Board will provide answers to any questions submitted in accordance with Section 3.2 of this RFP.

q) Upon the announcement and release of this RFP and until selection of the winning Proposal (and notice of intent to award the agreement), Proposers (and potential Proposers) are not permitted to communicate with the Board, its staff, or its Consultants with respect to the RFP except in connection with the process and procedures related to the RFP. Any communication must be directed to CalABLE at calable@treasurer.ca.gov.

r) Firms are cautioned to not rely on the Board to discover and report to

Proposers any defects and/or errors in the submitted documents. Before submitting proposals, Firms should carefully review, correct all errors, and confirm compliance with all of the RFP requirements.

mailto:dante.allen@treasurer.ca.gov

s) More than one proposal from any firm, organization, partnership, corporation, or association under the same or different names will not be considered. Reasonable grounds for believing that a Firm has submitted more than one proposal for the work contemplated herein will cause the rejection of all proposals submitted by that Firm. If there is reason for believing that collusion exists among Firms (and potential Proposers), none of the participants in that collusion will be considered in this or future procurements.

t) Where applicable, Firms should carefully examine work sites and specifications. Additions or increases to the agreement amount shall not be made due to a lack of careful examination of work sites and specifications.

u) Oral understanding or agreement shall not be binding on either party.

3.5 Evaluation Process

a) All proposals will be reviewed by an evaluation committee. The initial review of the proposals will confirm that all information has been submitted in conformity with the requirements of the RFP. The absence of required information may cause a proposal to be deemed nonresponsive and may result in the proposal’s disqualification.

Responsive proposals will then be scored according to the criteria listed in the RFP. The Experience in 529A Investment Consulting Services includes an optional interview in the final score.

b) The evaluation committee will allot points for each scored category of the RFP, up to 110 points. The scoring will be done in two phases. The first phase will be worth 100 points, with all items being scored with the exception of the Interview portion. In this first phase a minimum score of 85 out of 100 is required to be eligible for the second phase, the Interview. The Proposers with the top three highest scoring proposals after the first phase is completed may be contacted for an interview.

c) Optional Interview (maximum of 7 additional points)

Answers provided to questions during the interview will be the basis for awarding up to 7 points. Only Proposers with the top three highest scoring proposals, scoring a minimum of 85 points in the first phase of the evaluation process, may be interviewed. CalABLE reserves the right to not conduct interviews if deemed unnecessary to the selection of a 529A Program Consulting Services (e.g., only one proposal scored a minimum of 85 points in the first phase).

d) Proposers’ second phase score will be added to the first phase score, and the responsive and responsible proposal earning the highest total score will be announced as the winner. The weighting of the Cost Proposal evaluation will be adjusted to 33 points if an interview is granted, to retain the necessary 30-percent weighting margin for cost.

The scored categories and the corresponding weighting of each scored category is as follows:

Evaluation Criteria Weighting Background and Personnel Information 20 points Experience in 529A Program Consulting Services 45 points References 5 points Cost Proposal 30 points

[33 points if interviews are held]

Total 100 points Optional Interview Additional 7 points Total Possible Points 110 points

e) The following point scale will be used to score the responses to each scored category except with regard to costs.

Percent of Maximum Score Allotted to Particular Weighted Criterion 100% Excellent response backed by demonstrated ability.

85% Good response backed by demonstrated ability.

75% Fair response backed by demonstrated ability.

60% Poor response.

0% Response does not demonstrate ability.

The lowest cost proposal, based on the estimated Total Cost for a Three-Year Contract Term (two years and an optional one-year extension) from Attachment 3, is awarded the maximum cost points.

Other proposals are awarded cost points based on the following calculation:

(Lowest Cost Proposal / Other Cost Proposal) = (Factor)

Cost Points for Other Cost Proposal = (Factor) x (Maximum Cost Points)

EXAMPLE (when a maximum of 30 points is available):

Lowest Cost Proposal = $222,750.00 Other Cost Proposal = $297,000.00

$222,750.00 / $297,000.00 = 0.75

(Lowest Cost Proposal / Other Cost Proposal) = (Factor)

Cost Points awarded to Other Cost Proposal:

0.75 (Factor) x 30 (Maximum Cost Points) = 22.50 Cost Points

f) Tiebreaker – In the event two (2) or more responsive and responsible proposers earn the highest score, the contract will be awarded to the responsive and responsible firm earning the higher score for Cost Proposal. If the scores for Cost Proposal are the same, the contract will be awarded to the responsive and responsible firm earning the higher score in Experience in 529A Investment Consulting Services.

g) Proposals that contain false or misleading statements, or that provide references that do not support an attribute or condition claimed by the Firm, may be rejected. If, in the opinion of the Board, that information was intended to mislead the Board in its evaluation of the proposal, and the attribute, condition, or capability is a requirement of this RFP, it will be the basis for rejection of the proposal.

h) The contract will be awarded to the responsible and responsive Firm with

i) The Board is not required to award an Agreement.

3.6 Award and Protest

a) Notice of the proposed award shall be posted in a public place at the Office of the ABLE Act Board located at 901 P Street, Suite 413 , Sacramento, CA 95814, and online at www.treasurer.ca.gov/able for five

(5) working days prior to awarding the agreement.

b) If any proposing firm, prior to the award of the agreement, files a protest with the Board and DGS on the grounds that they would have been awarded an Agreement had ABLE correctly applied the evaluation standard in Section 3.5 of the RFP, or had ABLE followed the evaluation and scoring methods, the agreement shall not be awarded until either the protest has been withdrawn or DGS has decided the matter.

c) An initial written statement of protest, including the RFP Number, the name of the State Agency, and the contact person listed within the RFP, should be submitted to:

State Treasurer’s Office California ABLE Act Board

Email Address: calable@treasurer.ca.gov

Department of General Services Office of Legal Services

Attention: Protest Coordinator 707 Third Street, 7th Floor, Suite 7-330

West Sacramento, CA 95605 Email Address: OLSProtests@dgs.ca.gov

If submitting the initial written statement of protest via mail, it is suggested that the firm do so by certified or registered mail.

d) Within five (5) days after filing the initial protest, the protesting Firm shall file with the Board and the DGS Office of Legal Services a detailed written statement specifying the grounds for the protest. It is suggested that this detailed written statement be submitted by certified or registered mail.

e) If the protest is based on permissible grounds, DGS will decide the protest and prepare a written decision within 30 days of the final submission of evidence.

3.7 Disposition of Proposals

a) Upon proposal opening, all documents submitted in response to this RFP will become the property of the Board and the State, and will be regarded as public records under the California Public Records Act (Chapter 3.5 (commencing with Section 6250) of Division 7 of Title 1 of the Government Code) and subject to review by the public.

b) Proposal packages may be returned only at the Firm's expense, unless that expense is waived by the Board.

c) The Board has the right to use any or all ideas or concepts presented in any proposal. The selection or rejection of the proposal does not affect this right.

3.8 Agreement Execution and Performance

a) Performance shall start on the contract start date, or on the express date set by the awarding agency and the Contractor, after all approvals have been obtained and the agreement is fully executed. If the Contractor fails to commence work at the agreed upon time, the awarding agency, upon mailto:OLSProtests@dgs.ca.gov five (5) days written notice to the Contractor, reserves the right to terminate the agreement. In addition, the Contractor shall be liable to the State for the difference between Contractor's proposal price and the actual cost of performing work by another contractor.

b) All performance under the agreement shall be completed on or before the termination date of the agreement.

4. PREFERENCE AND INCENTIVE PROGRAMS

4.1 Small Business or Microbusiness Preference

(If there are any inconsistencies herein with the applicable statutes, regulations, and State Contracting Manual, the statutes, regulations, and State Contracting Manual shall supersede.)

A five percent (5%) preference will be applied to certified small businesses submitting proposals for this RFP. To obtain the preference, Proposer must either be certified as a small business and submit a copy of their certification approval letter from DGS / Office of Small Business and DVBE Services (OSDS) or submit a complete application for certification to DGS / OSDS by 5:00 pm PT on the proposal due date. However, the proposed winning Proposer must be a certified small business at the time of contract award. The 5% preference is used only for computation purposes to determine the winning Proposer and does not alter the amounts of the resulting contract.

Once each proposal has been scored, if the highest scored proposal is from a non-certified small business, then 5% of the highest scoring proposal is added to the total "earned" points for each proposal submitted by a certified small business. These final numbers, with the 5% included, are then used to determine the highest scoring proposal.

Questions regarding the small business certification or preference approval should be directed to the OSDS at (916) 375-4940 or can be found online at https://www.dgs.ca.gov/PD/Services/Page- Content/Procurement-Division-Services-List-Folder/Certify-or-Re-apply-as- Small-Business-Disabled-Veteran-Business-Enterprise. \

4.2 Non-Small or Microbusiness Business Preference

(If there are any inconsistencies herein with the applicable statutes, A five percent (5%) preference is available to a non-small business claiming twenty-five percent (25%) California certified small business https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Certify-or-Re-apply-as-Small-Business-Disabled-Veteran-Business-Enterprise.%20/ https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Certify-or-Re-apply-as-Small-Business-Disabled-Veteran-Business-Enterprise.%20/ https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Certify-or-Re-apply-as-Small-Business-Disabled-Veteran-Business-Enterprise.%20/ subcontractor participation. If claiming the non- small business subcontractor preference, the proposal must include a list of the small business(es) with which the Proposer commits to subcontract in an amount of at least 25% of the net proposal price with one or more California certified small businesses. Each listed certified small business must perform a “commercially useful function” in the performance of the Contract as defined in Section 14837(d)(4) of the Government Code.

The required list of California certified small business subcontractors must be attached to the proposal and must include the following: 1) subcontractor name, 2) address, 3) phone number, 4) a description of the work to be performed and/or products supplied, 5) and the dollar amount or percentage of the net proposal price (as specified in the solicitation) per subcontractor.

Proposers claiming the 5% preference must commit to subcontract for at least 25% of the net proposal price with one or more California certified small businesses. Completed certification applications and required support documents must be submitted to the OSDS no later than 5:00 pm PT on the proposal due date. Questions regarding certification should be directed to the OSDS at (916) 375-4940 or can be found online at https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division- Services-List-Folder/Certify-or-Re-apply-as-Small-Business-Disabled- Veteran-Business-Enterprise.

The preference to a non-small business firm that commits to California certified small business subcontractor participation of 25% of its net proposal price shall be 5% of the highest scoring proposal. A non-small business, which qualifies for this preference, may not take an award away from a certified small business.

4.3 Target Area Contract Preference Act (TACPA) (if applicable)

The TACPA preference will be granted for this procurement. Proposers wishing to take advantage of the TACPA preference will need to review the following website and submit the appropriate response with the proposal:

https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division- Services-List-Folder/Request-Target-Area-Contract-Preference Proposers wishing to take advantage of the TACPA preference are required to submit the following applications/forms:

https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Certify-or-Re-apply-as-Small-Business-Disabled-Veteran-Business-Enterprise.

https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Certify-or-Re-apply-as-Small-Business-Disabled-Veteran-Business-Enterprise.

https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Certify-or-Re-apply-as-Small-Business-Disabled-Veteran-Business-Enterprise.

https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Request-Target-Area-Contract-Preference https://www.dgs.ca.gov/PD/Services/Page-Content/Procurement-Division-Services-List-Folder/Request-Target-Area-Contract-Preference

• TACPA (STD. 830)

• Firm’s Summary of Contract Activities and Labor Hours (DGS/PD 525)

• Manufacturer Summary of Contract Activities and Labor Hours (DGS/PD

526)

4.4 Disabled Veteran Business Enterprise (DVBE) Incentive

This RFP does not include a minimum DVBE participation requirement.

However, a DVBE incentive will be applied as provided in Attachment 15.

DGS established a DVBE incentive pursuant to Senate Bill 115 (Chapter 451, Statutes of 2005) and the Section 999.5(a) of the Military and Veterans Code. The regulations apply to all competitive solicitations for public works, services, goods, and information technology goods and services posted or released after October 9, 2007. The DVBE incentive is required in solicitations that include DVBE program requirements and may be offered in other competitive solicitations. DGS’ policy implements this program by rewarding prime proposers for increased DVBE participation: the more DVBE participation, the greater the incentive. This incentive program helps State agencies to meet their annual DVBE participation goals.

Attachment 15 outlines the DVBE Incentive Program. Companies who have been certified by the State of California as a DVBE must submit a completed STD. 843 (Disabled Veteran Business Enterprise Declaration) form. All disabled veteran owners and disabled veteran managers of the DVBE must sign the form. DVBE Incentive participation is optional and at the discretion of the proposing firm.

NOTE: For this RFP, the Incentive application is based on the High Score Method and shall not exceed five percent (5%), nor be less than one percent (1%) of the total score (see Table in Attachment 15).

5. REQUIRED ATTACHMENTS

Refer to the following pages for additional Required Attachments.

ATTACHMENT 1

REQUIRED ATTACHMENT CHECKLIST

Complete this checklist to confirm the attachments. Place a check mark or “X” next to each item that you are submitting to the State. For your proposal to be deemed responsive, each of the following required attachments must be submitted with your proposal package.

This checklist must be returned with your proposal package.

ATTACHMENT ATTACHMENT NAME/DESCRIPTION

☐ Attachment 1 Required Attachment Checklist ☐ Attachment 2 Proposal/Proposer Certification Sheet ☐ Attachment 3 Cost Proposal Worksheet ☐ Attachment 4 Proposer References ☐ Attachment 5 Minimum Qualifications Certification ☐ Attachment 6 Payee Data Record (STD. 204) ☐ Attachment 7 Contractor Certification Clauses (CCC 04/2017) ☐ Attachment 8 Darfur Contracting Act Certification ☐ Attachment 9 California Civil Rights Laws Certification ☐ Attachment 10 Generative AI Reporting and Factsheet (STD. 1000) ☐ Attachment 11 ☐ Attachment 12

Bidder Declaration (GSPD-05-105) Small Business or Microbusiness Preference (if applicable)

☐ Attachment 13 Non-Small or Microbusiness Preference (if applicable).

☐ Attachment 14 Target Area Contract Preference Act (TACPA) (if applicable) ☐ Attachment 15 Disabled Veteran Business Enterprise (if applicable).

ATTACHMENT 2

PROPOSAL/PROPOSER…