PERS Financial Audit RFP s-16500-00015472.pdf

RFP #S-16500-00015472 – Annual Financial Audit of Public Employees Retirement System

SoS Version Dated 01/09/2024 Page 1 of 24

STATE OF OREGON

OREGON SECRETARY OF STATE

Is issuing this Request For Proposals (RFP) under OregonBuys Bid Number S-16500-00015472 for

Annual Financial Audit of Public Employees Retirement System PERS

Date of Issue: January 30, 2026

Opening Date and Time: March 16, 2026, 10:00 AM PT

Single Point of Contact (SPC): David Matthews, Procurement & Contract Specialist II

Address: 255 Capitol St. NE., Suite 126 City, State, Zip Salem, OR 97310 E-mail: Purchasing.sos@sos.oregon.gov

The State of Oregon promotes equal opportunity for all individuals without regard to age, color, disability, marital status, national origin, race, religion or creed, sex or gender, sexual orientation, or veteran status.

mailto:Purchasing.sos@sos.oregon.gov

RFP #S-16500-00015472 – Annual Financial Audit of Public Employees Retirement System

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TABLE OF CONTENTS

SECTION 1: GENERAL INFORMATION

1.1 INTRODUCTION

1.2 SCHEDULE

1.3 OREGONBUYS

1.4 SINGLE POINT OF CONTACT (SPC)

SECTION 2: AUTHORITY, OVERVIEW, AND SCOPE

2.1 AUTHORITY AND METHOD

2.2 DEFINITION OF TERMS

2.3 OVERVIEW AND PURPOSE

2.4 SCOPE OF WORK/SPECIFICATIONS

SECTION 3: PROCUREMENT REQUIREMENTS

3.1 MINIMUM QUALIFICATIONS

3.2 MINIMUM SUBMISSION REQUIREMENTS

SECTION 4: SUBMISSION REQUIREMENTS

4.1 PROPOSAL FORMAT

4.2 PROPOSAL SUBMISSION INSTRUCTIONS

SECTION 5: EVALUATION PROCESS

5.3 NEXT STEP DETERMINATION

5.4 COMPETITIVE RANGE DETERMINATION

SECTION 6: AWARD AND NEGOTIATION

SECTION 7: ADDITIONAL INFORMATION

7.6 STATEWIDE E-WASTE/RECOVERY PROCEDURE

7.7 BUSINESS INCLUSION AND DIVERSITY

SECTION 8: LIST OF ATTACHMENTS AND EXHIBITS

ATTACHMENT A SAMPLE CONTRACT

ATTACHMENT B DISCLOSURE EXEMPTION AFFIDAVIT

ATTACHMENT C PROPOSER INFORMATION AND CERTIFICATION SHEET

ATTACHMENT D REFERENCE CHECK FORM

ATTACHMENT E COST PROPOSAL

RFP S-16500-00015472- Annual Financial Audit of Public Employees Retirement System

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SECTION 1: GENERAL INFORMATION

1.1 INTRODUCTION

The State of Oregon, acting by and through the Secretary of State’s Office, Audits Division (“Agency”), is issuing this Request for Proposal for financial audit services of Public Employees Retirement System (PERS). The Oregon Secretary of State has the constitutional and statutory responsibility to conduct audits or reviews of the accounts and financial affairs of all state agencies and state-aided institutions. These audits or reviews are conducted under the authority of the Agency. The Agency is seeking proposals for financial audit of PERS on the basis of a fiscal years ending June 30. The first financial audit resulting from this RFP will be conducted for fiscal year ending June 30, 2026.

Additional details on the Scope of the goods or services or both are included in the Scope of Work/Specifications section.

Agency anticipates the award of one Contract from this RFP. The initial term of the Contract is anticipated to be 5 years with options to renew up to a cumulative maximum of 8 years (or as permitted by applicable statute or rule).

Agency may issue work order contracts pursuant to this Contract up to 8 years from the effective date of the Contract.

Any purchases under the Contract must be authorized by Work Order Contracts (WOC) issued by Agency in accordance with the ordering procedures described in the Attachment A – Sample Contract.

1.2 SCHEDULE

The table below represents a tentative schedule of events. All times are listed in Pacific Time. All dates listed are subject to change.

Event Date

Pre-Proposal Conference February 10, 2026, 2:00 PM-2:50 PM

Questions / Requests for Clarification Due February 16, 2026 10:00 AM

Answers to Questions / Requests for Clarification Issued (approx.) February 18, 2026

RFP Protest Period Ends March 9, 2026, 10:00 AM

Closing (Proposals Due) As stated on the cover page

Evaluation Period (approx.) March 19, 2026 thru April 2, 2026

Issuance of Notice of Intent to Award (approx.) April 2, 2026

Award Protest Period Ends 7 days after Notice of Intent to Award

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1.3 OREGONBUYS

This RFP, including all amendments, attachments, and exhibits is posted on OregonBuys at https://oregonbuys.gov. RFP documents will not be mailed.

1.3.1 OregonBuys Assistance/Registration Information

Parties needing assistance with OregonBuys may contact the OregonBuys Helpdesk by telephone at 1.855.800.5046 or by email at support.oregonbuys@oregon.gov.

Current and correct registration information is the sole responsibility of the registered party.

Agency accepts no responsibility for missing or incorrect information.

1.4 SINGLE POINT OF CONTACT (SPC)

The single point of contact for this RFP is identified on the Cover Page. Proposer shall direct all communications related to any provision of the RFP only to the SPC, whether about the technical requirements of the RFP, contractual requirements, the RFP process, or any other provision.

SECTION 2: AUTHORITY, OVERVIEW, AND SCOPE

2.1 AUTHORITY AND METHOD

Agency is issuing this RFP pursuant to its authority under ORS 279A.050(4).

Agency is using the Competitive Sealed Proposals method, pursuant to ORS 279B.060 and OAR 137-047-0260. Agency may use a combination of the methods for Competitive Sealed Proposals, including optional procedures: a) Competitive Range; b) Discussions and Revised Quotes; c) Revised Rounds of Negotiations; d) Negotiations; e) Best and Final Offers; and f) Multistep Sealed https://oregonbuys.gov/ mailto:support.oregonbuys@oregon.gov

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Quotes.

2.2 DEFINITION OF TERMS

For the purposes of this RFP, capitalized words will refer to the following definitions.

PERS - Public Employees Retirement System

GASB - Governmental Accounting Standards Board

OSGP – Oregon Growth Savings Plan

OPEB – Other Postemployment Benefit

SRHIA – Standard Retiree Health Insurance Account

OPSRP IAP – Oregon Public Service Retirement Plan Individual Account Program

RHIA – Retirement Health Insurance Account

RHIPA – Retiree Health Insurance Premium Account

OIC – Oregon Investment Council

ACFR - Annual Comprehensive Financial Report

REIT – Real Estate Investments Trust

2.2.1 General Definitions

Capitalized terms not specifically defined in this document are defined in OAR 137-046-0110.

2.3 OVERVIEW AND PURPOSE

2.3.1 Division Overview and Background

The Oregon Secretary of State is one of three constitutional offices established at statehood. The Secretary is the auditor of public accounts, chief elections officer and manager of the state’s records. This role includes preserving official acts of the Legislative Assembly and the executive branch. The Secretary oversees the functions of seven program Divisions: Archives, Audits, Business Services, Corporation, Elections, Human Resources, and Information Systems.

To learn more about our Agency and our respective divisions, please visit our webpage: https://sos.oregon.gov/Pages/divisions.aspx.

2.3.2 Project Overview and Background

The Oregon Secretary of State has the constitutional and statutory responsibility to conduct audits or reviews of the account and financial affairs of all state agencies and state-aided institutions. These audits or reviews are conducted under the authority of the Secretary’s Audits Division.

https://secure.sos.state.or.us/oard/viewSingleRule.action?ruleVrsnRsn=11191 https://sos.oregon.gov/Pages/divisions.aspx

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PERS Overview

PERS is primarily responsible for administering retirement benefits, health benefits, and supplemental retirement savings plans for the State of Oregon and related component units, political subdivisions, community colleges and school districts.

The PERS financial statements are prepared on the basis of a fiscal year ended June 30 in accordance with Governmental Accounting Standards Board (GASB) Statements and generally accepted accounting principles that apply to governmental accounting for fiduciary funds and enterprise funds.

PERS financial statements are presented for the two types of funds administered by PERS:

fiduciary funds, where PERS acts in a fiduciary capacity as a trustee for others and is responsible for administering the assets placed under their control; and a proprietary fund, where fees are charged for services.

2.3.3 Purpose

The purpose of this project is to audit the financial statements and related note disclosures of the Oregon Public Employees Retirement System, which is included as part of the primary government in the State of Oregon’s Comprehensive Annual Financial Report.

2.4 SCOPE OF WORK/SPECIFICATIONS

The scope of this RFP includes, but is not limited to annual audits of the financial statements, the pension employer schedule, and the OPEB employer schedules of PERS, which will be conducted in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Each audit shall be conducted on the basis of fiscal years ending June 30. The first financial audit resulting from this RFP will be conducted for fiscal year ending June 30, 2026.

In addition, the Contractor shall audit (1) Schedule of Employer Allocations and the Schedule of Pension Amounts by Employer relating to the cost-sharing multiple-employer pension plan, and (2) Schedule of Employer Allocations and the Schedule of OPEB Amounts by Employer relating to both the cost-sharing multiple-employer OPEB plan and the single-employer OPEB plan. The required schedules will be prepared by PERS for the measurement date of June 30. These schedules are needed for plan employers to comply with GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.

As described in the Scope of Work, the Contractor shall provide the financial documentation and independent auditor’s reports on or before a date agreed to by both parties and specified in the contract. The PERS funds include the following:

• Defined benefit pension plan,

• Defined contribution plan: Oregon Public Service Retirement Plan Individual Account Program (OPSRP IAP), SoS Version Dated 01/09/2024 Page 7 of 24

• Defined benefit Other Postemployment Benefit (OPEB) plans: Retirement Health Insurance Account (RHIA) and the Retiree Health Insurance Premium Account

(RHIPA),

• Deferred compensation plan: the Oregon Growth Savings Plan (OSGP).

• The proprietary funds include the Standard Retiree Health Insurance Account (SRHIA), which is a public entity risk pool per ORS 238.410.

The Public Employees Retirement Board administers PERS in accordance with Oregon Revised Statutes (ORS) Chapter 238, Chapter 238A, and Internal Revenue Code Section 401(a). PERS offices are located in Tigard, Oregon.

Additional descriptions of PERS Actuarial and financial information can be found here: PERS :

Actuarial and financial reporting resources : State of Oregon

Details of PERS Board meetings can be found here: PERS : PERS Board information : State of Oregon

Financial Information

PERS uses the State of Oregon’s Statewide Financial Management System as its general accounting system. PERS also uses Financial Educate to compile the Annual Comprehensive Financial Report (ACFR) and the Employer Reserve (ER) balances are maintained in it.

The Oregon State Treasury is the investment officer for the state of Oregon. Investment standards are established in ORS 293.726 and require funds to be managed as a prudent investor would do. The Oregon Investment Council (OIC) establishes policies for the investment and reinvestment of moneys in the Oregon Public Employees Retirement Fund.

The OIC has statutory authority to establish policies for the investment and reinvestment of PERS funds. The portfolio is diversified among equities, debt securities, real estate, and private equities. PERS securities are held by a custodian, State Street Bank and Trust Company.

PERS Investments as reported in PERS financial statements as of June 30, 2025 were:

Debt Securities $ 20,055,875,505 Public Equity $ 26,553,047,903 Real Estate $ 13,934,158,825 Private Equity $ 26,214,179,797 Real Assets $ 10,767,603,966 Diversifying Strategies $ 5,037,297,094 Opportunity Portfolio $ 2,760,035,985

Total Investments $105,322,199,075

Refer to the financial statements note disclosures for more detail about the PERS investments and investment derivatives as of June 30, 2025.

https://www.oregon.gov/pers/pages/financials/actuarial-financial-information.aspx https://www.oregon.gov/pers/pages/financials/actuarial-financial-information.aspx https://www.oregon.gov/pers/pages/board/pers-board-information.aspx https://www.oregon.gov/pers/pages/board/pers-board-information.aspx

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PERS contracts with an actuarial firm to perform the actuarial valuation. Actuarial valuations are performed annually, but only the valuations performed as of the end of each odd-numbered calendar year are used to set actuarially determined biennial contribution rates. Refer to the financial statements and note disclosures for more detail about PERS’ actuarial cost method and assumptions.

Pension Employer Schedules

For the defined benefit multiple-employer cost sharing benefit plan, PERS in conjunction with third-party actuaries prepares the Schedule of Employer Allocations and the Schedule of Pension Amounts by Employer (the Pension schedules) to provide employers with the required information for financial reporting as of the June 30 measurement date. The employer proportions are actuarially determined as of December 31, the date of the actuarial valuation used to measure the collective net pension liability.

For more detail see the report on the pension schedules as of June 30, 2024:

https://sos.oregon.gov/audits/Documents/2025-04.pdf

OPEB Employer Schedules

PERS in conjunction with third-party actuaries will also prepare the necessary employer schedules related to the defined benefit OPEB plans to provide employer with the required information for financial reporting as of June 30 measurement date.

For more detail see the report on the OPEB schedules as of June 30, 2024:

https://sos.oregon.gov/audits/Documents/2025-06.pdf and https://sos.oregon.gov/audits/Documents/2025-05.pdf

SECTION 3: PROCUREMENT REQUIREMENTS

3.1 MINIMUM QUALIFICATIONS

To be considered for evaluation, Proposal must demonstrate how Proposer meets all requirements of this section:

3.1.1 Experience:

Auditor(s) with responsibility for the direction and review of staff auditors must be located in the United States and have at least five (5) years of experience in public accounting, including at least one engagement of a pension plan with assets of at least $3 billion.

The Proposer must provide resume of auditor(s) and the name, dollar amount and date of the engagement that satisfies this requirement.

3.1.2 Customers:

Proposer must have 3 current customers of similar size and performing similar financial audit https://sos.oregon.gov/audits/Documents/2025-04.pdf https://sos.oregon.gov/audits/Documents/2025-06.pdf https://sos.oregon.gov/audits/Documents/2025-05.pdf

SoS Version Dated 01/09/2024 Page 9 of 24 services in response to this RFP, or substantially similar services.

Proposer must submit 3 current customers names, asset amount and short description of the type of financial audit services provided.

3.1.3 Independent Statement:

In accordance with Government Auditing Standards, the organization and the individual team members must be free from personal, external, and organizational impairments to independence and should maintain an independent attitude and appearance.

The Proposer must submit a statement of understanding of independence requirements and that the firm and all staff are independent and will comply with this requirement.

3.1.4 Quality Control:

The Proposer must provide a copy of the firm’s most recent Report on the Firm’s System of Quality Control (peer review report). A firm will be disqualified if the report has a peer review rating of fail.

3.1.5 Licensing Requirements:

The Engagement Partner responsible for the audit, who signs the audit opinion with the firm’s name and/or the partner’s own name, must be located in the United States and have at least ten (10) years of experience in public accounting. The proposed engagement partner must have been the engagement partner on two audits of pension plans with assets of at least $3 billion. This person shall be a Certified Public Accountant in good standing.

Provide name of engagement partner, CPA state of Oregon license number, or other state license number.

3.1.6 Registered with Oregon Board of Accountancy:

Business organizations that offer public accounting services in Oregon are required to be registered with the Oregon Board of Accountancy (Oregon Revised Statutes Chapter 673). Include statement that proposing firm is registered with the Board or provide an explanation if proposing firm is not required to be registered.

Proposer must provide Oregon Board of Accountancy license number and registered name of their business. Proposer must be in good standing with Oregon Board of

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Accountancy.

3.2 MINIMUM SUBMISSION REQUIREMENTS

3.2.1 Proposal Format and Quantity

Proposal should follow the format and reference the sections listed in the Proposal Content Requirements section. Responses to each section and subsection should be labeled to indicate the item being addressed. Proposal must describe in detail how requirements of this RFP will be met and may provide additional related information.

The proposal must include information responsive to the items in the Proposal Content Requirement Section. The proposal file as outlined in Section 4.1.1 may not exceed a total of 20, 8.5” x 11” pages. Proposals shall be Microsoft 365 compatible or searchable Adobe format and shall not be more than 50MB. Proposals exceeding 20 pages will be truncated and only the first 20 pages will be evaluated.

In addition, if Proposer believes any of its Proposal is exempt from disclosure under Oregon Public Records Law (ORS 192.410 through 192.505), Proposer shall complete and submit the Disclosure Exemption Affidavit (Attachment B) and a fully redacted version of its Proposal, clearly identified as the redacted version.

3.2.2 Authorized Representative

A representative authorized to bind the Proposer shall sign the Proposal. Failure of the authorized representative to sign the Proposal may subject the Proposal to rejection by Agency.

3.3 PROCUREMENT PROCESS

3.3.1 Public Notice

The RFP and attachments are published in OregonBuys at https://OregonBuys.gov. RFP documents will not be mailed to prospective Proposers.

Modifications or Addenda, if any, to this RFP will be published as Bid Amendment(s) in OregonBuys. Prospective Proposer is solely responsible for checking OregonBuys to determine whether or not any Bid Amendments have been issued. Bid Amendments are incorporated into the RFP by this reference.

3.3.2 Questions / Requests for Clarification

All inquiries, whether relating to the RFP process, administration, deadline, or method of award, or to the intent or technical aspects of the RFP must:

• Be delivered to the SPC via an OregonBuys submission in the Q&A tab;

• Reference the OregonBuys bid number;

• Refer to the specific area of the RFP being questioned (i.e. page, section and paragraph number); and

• Be received by the due date and time for Questions/Requests for Clarification identified in the Schedule.

• All inquiries, whether relating to the RFP process, administration, deadline or method of https://oregonbuys.gov/

SoS Version Dated 01/09/2024 Page 11 of 24 award, or to the intent or technical aspects of the RFP must be submitted using the Q&A Tab in OregonBuys.

3.3.3 Pre-Proposal Conference

An optional pre-proposal conference is scheduled at the time and date set forth in the Schedule and located at

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Potential proposers may ask questions during the conference, however, statements made by the Agency at the conference are not binding upon the Agency unless confirmed by a written addendum.

3.3.4 Solicitation Protests

3.3.4.1 Protests to RFP

Prospective Proposer may submit a Written protest of anything contained in this RFP, including but not limited to, the RFP process, Specifications, Scope of Work, and the proposed Contract. This is prospective Proposer’s only opportunity to protest the provisions of the RFP, except for protests of Addenda and negotiation of the terms and conditions of the proposed Contract, as provided below.

3.3.4.2 Protests to Addenda

Prospective Proposer may submit a Written protest of anything contained in the respective Addendum. Protests to Addenda, if issued, must be submitted by the date/time specified in the respective Addendum, or they will not be considered. Protests of matters not added or modified by the respective Addendum will not be considered.

3.3.4.3 Protests must:

• Be emailed to the Chief Procurement Officer at Purchasing.SOS@sos.oregon.gov;

• Reference the RFP number;

• Identify prospective Proposer’s name and contact information;

• Be signed by an authorized representative;

• State the reason for the protest, including:

o the grounds that demonstrate how the Procurement Process is contrary to law, Unnecessarily Restrictive, legally flawed, or improperly specifies a brand name;

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SoS Version Dated 01/09/2024 Page 12 of 24 and o evidence or documentation that supports the grounds on which the protest is based.

• State the proposed changes to the RFP provisions or other relief sought;

• Protests to the RFP must be received by the due date and time identified in the

Schedule; and

• Protests to Addenda must be received by the due date identified in the respective

Addenda.

3.3.4.4 Protest Response

Agency will respond timely to all protests submitted by the due date and time listed in the Schedule. Protests that are not received timely or do not include the required information may not be considered.

3.3.5 Proposal Modification or Withdrawal

Any Proposer who wishes to make modifications to a submitted Proposal, the Proposer must submit its modification in the manners listed in the Proposal Submission Instructions section and must denote the specific change(s) to the Proposal submission. To be effective the modification must include the OregonBuys bid number and be submitted to the SPC prior to Opening.

If a Proposer wishes to withdraw a submitted Proposal, it shall do so prior to Closing. The Proposer shall submit a Written notice Signed by an authorized representative of its intent to withdraw its Proposal in accordance with OAR 137-047-0440. The notice must include the OregonBuys bid number and be submitted to the SPC.

3.3.6 Proposal Due

Proposals and all required submittal items must be received in OregonBuys on or before Closing. Proposals received after Closing will not be accepted. All Proposal modifications or withdrawals must be completed prior to Closing.

Proposals received after Closing are considered LATE and will NOT be accepted for evaluation.

3.3.7 Proposal Rejection

Agency may reject a Proposal for any of the following reasons:

• Proposer fails to substantially comply with all prescribed RFP procedures and requirements, including but not limited to the requirement that Proposer’s authorized representative sign the Proposal in ink.

• Proposer fails to meet the responsibility requirements of ORS 279B.110.

• Proposer makes any contact regarding this RFP with Agency representatives such as

Agency employees or officials other than the SPC or those the SPC authorizes, or

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• Proposer attempts to inappropriately influence a member of the Evaluation Committee.

• Proposal is conditioned on Agency’s acceptance of any other terms and conditions or rights to negotiate any alternative terms and conditions that are not reasonably related to those expressly authorized for negotiation in the RFP or Addenda.

3.3.8 Opening of Proposals

There will be no public Opening of Proposals. Pursuant to OAR 125-247-0630, Proposals received will not be available for inspection until after the evaluation process has been completed and the Notice of Intent to Award is issued. However, Agency will record and make available the identity of all Proposers after Opening.

3.4 PROPOSAL CONTENT REQUIREMENTS

Proposal must address each of the items listed in this section and all other requirements set forth in this RFP. Proposer shall describe the Goods to be provided or the Services to be performed or both. A Proposal that merely offers to provide the goods or services as stated in this RFP will be considered non-Responsive to this RFP and will not be considered further.

3.4.1 Proposers Qualifications and Experience

Describe proposer’s qualifications and experience as it relates to the needs described in the

RFP.

It is highly desirable that the firm has experience auditing organizations similar to the Oregon Public Employees Retirement System in compliance with generally accepted government auditing standards. Provide the firm’s experience and qualifications relative to similar audits to the proposed engagement and highlight any pension audit experience.

3.4.2 Key Persons Qualifications and Experience.

Provide the qualifications and experience (Resume) of the key team member(s) who will work on the project. Emphasize the specific qualifications and experience from projects similar to this project for the key team members. Key team members are expected to be committed for the duration of the project. Replacement of key team members will not be permitted without prior consultation with and approval of the Agency.

Key Person: The Engagement Partner responsible for the audit, who signs the audit opinion with the firm’s name and/or the partner’s own name, must be located in the United States and have at least ten (10) years of experience in public accounting. The proposed engagement partner must have been the engagement partner on two audits of pension plans with assets of at least $3 billion. This person shall be a Certified Public Accountant in good standing.

Key Person(s): Auditor(s) with responsibility for the direction and review of staff auditors must be located in the United States and have at least five (5) years of experience in public accounting, including at least one engagement of a pension plan with assets of at least $3 billion. The lead auditor(s) shall be a Certified Public Accountant(s) in good standing.

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For all audit team members that are Certified Public Accountants, include a statement that none of the members has been disciplined by their respective state’s licensing board for performing substandard work within the last five (5) years. Also include each member’s Oregon license number or if member is not licensed in Oregon please provide applicable State and license number.

3.4.3 Approach and Management Plan.

Describe the approach and management plan for providing the services. Provide a comprehensive management plan that the Proposer intends to follow. Illustrate how the plan will serve to coordinate and accomplish the Work. Include an organizational chart showing the proposed relationships among proposer staff, Agency staff and any other parties that may have a significant role in the delivery of this program.

It is desirable that the audit team have experience with complex investments including derivatives, alternative equity and real estate. Describe how the firm plans to ensure the audit team has sufficient experience and skill to audit Oregon PERS’ complex investments. It is desirable that the audit team includes an in-house actuarial specialist, or alternatively, a plan for employing outside specialists. Describe how your organization plans to ensure the audit team has sufficient experience, skill, and appropriate professional designations to evaluate Oregon PERS’ actuarial valuations

3.4.4 Staffing Plan.

Provide a staffing plan and an estimate of the total hours, detailed by position, required for the project tasks as outlined. Discuss the workload for all key team members and their capacity to perform the requested services for the project, according to your proposed schedule.

3.4.5 Work Plan and Schedule.

Describe how you will perform each task of the project, identify deliverables for each task and provide a schedule. The work plan should be in sufficient detail to demonstrate a clear understanding of the project. Discuss the approach for completing the requested services for the project deadlines. The schedule should show the expected sequence of tasks and include durations for the performance of each task, milestones, submittal dates and review periods for each submittal. The first financial audit of PERS project is expected to commence no later than June 1, 2026 and all public meetings, draft and final documents fully completed by December 10, 2026.

3.4.6 Cost Control.

Provide information on how you will control project costs to ensure all work is completed within the negotiated budget for the project. Include the name and title of the individual responsible for cost control.

3.4.7 Cost Methodology

Propose a cost methodology for the proposed solution. Do not include any actual cost information in this portion. This section will evaluate the methodology only. The cost, which must be calculated based on the methodology proposed in this section, will be evaluated in the

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Cost Proposal section.

3.4.8 References

Provide 3 references, using Attachment D (RFP AttD) from current or former client firms for similar projects performed for any clients within the last 5 years. References must be able to verify the quality of previous, related Work. References must provide the following information:

• Client Name, contact, and contact information

• Audit objectives and/or deliverables.

• Audit start and end dates.

• Approximate number of hours to complete the audit.

Agency may check to determine if references provided support Proposer’s ability to comply with the requirements of this RFP. Agency may use references to obtain additional information, break tie scores, or verify any information needed. Agency may contact any reference (submitted or not) to verify Proposer’s qualifications.

3.4.9 Cost Proposal.

The Cost Proposal shall include: (a) the total dollar amount requested to complete each Annual Financial Audit of PERS for the next 5 years, (b) any other resources, including in-kind, that will support the proposed project, (c) the number of anticipated hours and rate of the project manager and key team members inclusive of all services, expenses, and fees (i.e., Payroll expenses – hours/rate/title, Admin, Overhead, etc.). The estimated level of hours for other staff can be summarized in general categories. Proposer must submit Cost Proposal using Attachment E: Cost Proposal Submission Form

3.4.10 Proposer Information and Certification Sheet

The Proposer shall complete and submit the Proposer Information and Certification Sheet (Attachment C).

3.4.11 Public Record/Confidential or Proprietary Information

All Proposals are public record and are subject to public inspection after Agency issues the Notice of the Intent to Award. If a Proposer believes that any portion of its Proposal contains any information that is a trade secret under ORS Chapter 192.501(2) or otherwise is exempt from disclosure under the Oregon Public Records Law (ORS 192.410 through 192.505), Proposer shall complete and submit the Disclosure Exemption Affidavit (Attachment B) and a fully redacted version of its Proposal.

Proposer is cautioned that cost information generally is not considered a trade secret under Oregon Public Records Law (ORS 192.410 through 192.505) and identifying the Proposal, in whole, as exempt from disclosure is not acceptable. Agency advises each Proposer to consult with its own legal counsel regarding disclosure issues.

If Proposer fails to identify the portions of the Proposal that Proposer claims are exempt from

SoS Version Dated 01/09/2024 Page 16 of 24 disclosure, Proposer has waived any future claim of non-disclosure of that information.

SECTION 4: SUBMISSION REQUIREMENTS

4.1 PROPOSAL FORMAT

Files need to be named and proposals need to be structured and uploaded into OregonBuys as follows:

4.1.1 [vendor name] proposal.pdf This document is to include the following sections:

• 3.1.1 – Experience

• 3.1.2 – Customers

• 3.1.3 – Independent Statement

• 3.1.4 – Quality Control

• 3.1.5 – License Requirements

• 3.1.6 – Registered with Oregon Board of Accountancy

• 3.4.1 – Proposer Qualifications and Experience

• 3.4.2 – Key Persons Qualifications and Experience

• 3.4.3 – Approach and Management Plan

• 3.4.4 – Staffing Plan

• 3.4.5 – Work Plan and Schedule

• 3.4.6 – Cost Control

• 3.4.7 – Cost Methodology

4.1.2 [vendor name] additional documentation.pdf This document is to include the following sections:

• 3.4.10 – Disclosure Exemption Affidavit (optional) (Attachment B)

• 3.4.11 – Proposer Information and Certification Sheet (Attachment C)

• 3.4.8 – Reference Check Form (Attachment D)

• 3.4.9 - Cost Proposal (Attachment E)

4.2 PROPOSAL SUBMISSION INSTRUCTIONS

Proposer is solely responsible for ensuring its Proposal is received by the SPC in accordance with the RFP requirements before Opening. Agency is not responsible for any transmission errors or delays, or for any mis-delivery for any reason. A Proposal submitted by any means not authorized below will be rejected. The following delivery method is required for this RFP:

Proposal submission shall be electronically through OregonBuys at: OregonBuys.gov

Detailed instructions on how to submit a Proposal can be found at OregonBuys Vendor Formal https://www.oregon.gov/das/ORBuys/Documents/OregonBuys%20Vendor%20Formal%20Solicitation%20Response.pdf

SoS Version Dated 01/09/2024 Page 17 of 24

Solicitation Response.pdf

SECTION 5: EVALUATION PROCESS

5.1 RESPONSIVENESS AND RESPONSIBILITY DETERMINATION

Proposals received prior to Closing will be reviewed for Responsiveness to all RFP requirements including compliance with the Proposal Requirements section. If the Proposal is unclear, the SPC may request clarification from Proposer. However, clarifications may not be used to rehabilitate a non-Responsive Proposal. If the SPC finds the Proposal non-Responsive, the Proposal may be rejected, however, Agency may waive mistakes in accordance with OAR 137-047-0470.

At any time prior to award, Agency may reject a Proposer found to be not Responsible.

Proposals meeting the requirements outlined in the Proposal Content Requirements section will move into Round 1 evaluation.

5.2 EVALUATION CRITERIA

Proposals meeting the requirements outlined in the Proposal Content Requirements section will be independently evaluated by each member of an Evaluation Committee. Evaluators will assign a score of 0 to 100 for each evaluation criterion listed below in this section.

SPC may request further clarification to assist the Evaluation Committee in gaining additional understanding of Proposals. A response to a clarification request must be to clarify or explain portions of the already submitted Proposal and may not contain new information not included in the original Proposal.

SCORE EXPLANATION

OUTSTANDING - Response meets all the requirements and has demonstrated in a clear and concise manner a thorough knowledge and understanding of the subject matter and project. The Proposer provides insight into its expertise, knowledge, and understanding of the subject matter.

60 – 90 VERY GOOD – Response provides useful information, while showing experience and knowledge within the category. Response demonstrates above average knowledge and ability with no apparent deficiencies noted.

ADEQUATE – Response meets all requirements in an adequate manner. Response demonstrates an ability to comply with guidelines, parameters, and requirements with no additional information put forth by the Proposer.

10 – 40 FAIR – Proposer meets minimum requirements but does not demonstrate sufficient knowledge of the subject matter.

RESPONSE OF NO VALUE – An unacceptable response that does not meet the requirements set forth in the RFP. Proposer has not demonstrated knowledge of the subject matter.

https://www.oregon.gov/das/ORBuys/Documents/OregonBuys%20Vendor%20Formal%20Solicitation%20Response.pdf

SoS Version Dated 01/09/2024 Page 18 of 24

5.2.1 Proposer Qualifications and Experience

• How well does Proposer’s qualifications demonstrate its ability to deliver successful

Services?

• How well does Proposer’s experience demonstrate its ability to deliver successful Services?

5.2.2 Key Persons Qualifications and Experience

• How well do the proposed Key Persons qualifications demonstrate their ability to deliver successful Services?

• How well do the proposed Key Persons experience demonstrate their ability to deliver successful Services?

5.2.3 Approach and Management Plan

• How well does the proposed approach align with Agency needs?

• How well does the proposed management plan demonstrate a thorough understanding of the project?

• How well does the organizational chart demonstrate necessary relationships?

• How well does the plan address anticipated and unanticipated risks involved in an implementation of this type and scale?

• How well does the plan address the communication needed in a project of this type and scale?

5.2.4 Staffing Plan

• How well does the proposer’s estimate demonstrate a thorough understanding of the project?

• How well does the proposed project team demonstrate that the project will be properly staffed.

5.2.5 Work Plan and Schedule

• How well does the Work Plan and Schedule demonstrate a thorough understanding of the project?

• How well do the deliverables, tasks, milestones, etc. align with the needs of Agency?

5.2.6 Cost Control

• How well does Proposer’s cost control approach demonstrate their ability to deliver the project within the negotiated budget?

5.2.7 Cost Methodology

• How well does the cost methodology demonstrate value to Agency?

5.2.8 Cost Evaluation

The SPC will conduct the cost evaluation. The SPC will award cost points to each Cost Proposal based upon the percentage of the proposed cost as compared to the lowest Proposer’s

SoS Version Dated 01/09/2024 Page 19 of 24 cost using the following formula:

lowest cost of all Proposers X cost points possible = cost points for Proposal cost being scored

5.3 NEXT STEP DETERMINATION

Agency may determine Apparent Successful Proposer at the conclusion of Round 1 evaluation or may conduct additional rounds of evaluation if in the best interest of the Agency. Additional rounds of evaluation may consist of, but will not be limited to:

• Presentations/Demonstrations/Additional Submittal Items

• Interviews

• Best and Final Offer

5.4 COMPETITIVE RANGE DETERMINATION

If Agency, in its sole discretion, determines that one or more additional rounds of competition is necessary, it will select a Competitive Range to indicate the Proposers that will be invited to participate in a subsequent round. The Competitive Range may include all, or at Agency’s sole discretion, some (based primarily on a natural break in the distribution of scores), of the Proposers from a previous round. Agency will post a notice in OregonBuys of its Competitive Range Determination and provide details about the process and schedule for the subsequent round.

5.5 POINT AND SCORE CALCULATIONS

Scores are the values (0 through 100) assigned by each evaluator.

Points are the total possible value for each section as listed in the table below.

The SPC will average all scores for each evaluation criterion. The average score will be used as a percentage multiplier of the maximum possible points for that criterion. 10=10%, 50=50%, 90=90%, etc.

Cost points are calculated as stated in the Cost Evaluation section. Points possible are as follows:

rounds and categories proposal § evaluation § max points possible

Proposers Qualifications and Experience 3.4.1 5.2.1 10 Key Persons Qualifications and Experience 3.4.2 5.2.2 25

Approach and Management Plan 3.4.3 5.2.3 20 Staffing Plan 3.4.4 5.2.4 10

Work Plan and Schedule 3.4.5 5.2.5 10 Cost Control 3.4.6 5.2.6 2.5

Cost Methodology 3.4.7 5.2.7 2.5 Cost Proposal 3.4.9 5.2.8 20

Total 100

EXAMPLE:

Proposer A receives scores of 100, 90, and 80 for a criterion worth 50 points. The SPC averages

SoS Version Dated 01/09/2024 Page 20 of 24

100, 90, and 80 for a score of 90. 90 is used as a 90% multiplier to the possible points of 50. 50 multiplied by 90% is 45. Proposer A’s points for the criterion is 45.

5.6 RANKING OF PROPOSERS

SPC will rank all Proposers advancing through all rounds of evaluation. After each applicable preference has been applied, the SPC will rank order the Proposals based on the final scores for each Proposal, with the Proposal receiving the highest score receiving the highest rank.

SECTION 6: AWARD AND NEGOTIATION

6.1 AWARD NOTIFICATION PROCESS

6.1.1 Award Consideration

Agency, if it awards a Contract, shall award a Contract to the highest-ranking Responsible Proposer(s) based upon the scoring methodology and process described in Section 5. Agency may award less than the full Scope defined in this RFP.

6.1.2 Intent to Award Notice

Agency will notify all Proposers in Writing that Agency intends to award a Contract to the selected Proposer(s) subject to successful negotiation of any negotiable provisions.

6.2 INTENT TO AWARD PROTEST

6.2.1 Protest Submission

An Affected Offeror shall have 7 calendar days from the date of the intent to award notice to file a Written protest.

A Proposer is an Affected Offeror only if the Proposer would be eligible for Contract award in the event the protest was successful and is protesting for one or more of the following reasons as specified in ORS 279B.410:

• All higher ranked Proposals are non-Responsive.

• Agency has failed to conduct an evaluation of Proposals in accordance with the criteria or process described in the RFP.

• Agency abused its discretion in rejecting the protestor’s Proposal as non-Responsive.

• Agency’s evaluation of Proposals or determination of award otherwise violates ORS

Chapter 279B or ORS Chapter 279A.

If Agency receives only one Proposal, Agency may dispense with the intent to award protest period and proceed with Contract Negotiations and award.

SoS Version Dated 01/09/2024 Page 21 of 24

6.2.1.1 Protests must:

• Be emailed to the Chief Procurement Officer at Purchasing.SOS@sos.oregon.gov.

• Reference the RFP number

• Identify prospective Proposer’s name and contact information

• Be signed by an authorized representative

• Specify the grounds for the protest

• Be received within 7 calendar days of the intent to award notice

6.2.2 Response to Protest

Agency will address all timely submitted protests within a reasonable time and will issue a Written decision to the respective Proposer. Protests that do not include the required information may not be considered by Agency.

6.3 APPARENT SUCCESSFUL PROPOSER SUBMISSION REQUIREMENTS

6.3.1 Insurance

Prior to award, Proposer shall secure and demonstrate to Agency proof of insurance as required in this RFP or as negotiated. Insurance Requirements are found in Exhibit B of Attachment A.

6.3.2 Taxpayer Identification

Proposer shall provide its Taxpayer Identification Number (TIN) and backup withholding status on a completed W-9 form when requested by Agency or when the backup withholding status or any other relevant information of Proposer has changed since the last submitted W-9 form, if any.

6.3.3 Business Registry

If selected for award, Proposer shall be duly authorized by the State of Oregon to transact business in the State of Oregon before executing the Contract. Visit http://sos.oregon.gov/business/pages/register.aspx for Oregon Business Registry information.

6.3.4 Pay Equity Certification

If selected for award and the Contract value exceeds $500,000 and Proposer employs 50 or more full-time workers, Proposer shall submit to Agency a true and correct copy of an unexpired Pay Equity Compliance Certificate, issued to the Proposer by the Oregon Department of Administrative Services. For instructions on how to obtain the Certificate, visit https://www.oregon.gov/das/Procurement/Pages/PayEquity.aspx.

ORS 279B.110(2)(f) requires that Proposer provide this prior to execution of the Contract.

6.3.5 Nondiscrimination in Employment

As a condition of receiving the award of a Contract under this RFP, Proposer must certify by its Signature on Attachment C - Proposer Information and Certification Sheet, in accordance with ORS 279A.112, that it has in place a policy and practice of preventing sexual harassment, http://sos.oregon.gov/business/pages/register.aspx https://www.oregon.gov/das/Procurement/Pages/PayEquity.aspx

SoS Version Dated 01/09/2024 Page 22 of 24 sexual assault, and discrimination against employees who are members of a protected class.

The policy and practice must include giving employees a written notice that the policy both prohibits, and prescribes disciplinary measures for, conduct that constitutes sexual harassment, sexual assault, or unlawful discrimination.

6.4 CONTRACT NEGOTIATION

After selection of a successful Proposer, Agency may enter into Contract negotiations with the successful Proposer. By submitting a Proposal, Proposer agrees to comply with the requirements of the RFP, including the terms and conditions of the Sample Contract (Attachment A), with the exception of those terms listed below for negotiation.

Proposer shall review the attached Sample Contract and note exceptions.

Proposer must submit those exceptions to Agency during the Questions / Requests for Clarification period set forth in Section 1.2. Unless Agency agrees to modify any of the terms and conditions (by executing a Bid Amendment to the RFP on Attachment A), Agency intends to enter into a Contract with the successful Proposer substantially in the form set forth in Sample Contract (Attachment A).

It may be possible to negotiate some provisions of the final Contract; however, Agency is not required to make any changes and many provisions cannot be changed. Proposer is cautioned that the State of Oregon believes modifications to the standard provisions constitute increased risk and increased cost to the State. Therefore, Agency will consider the Scope of requested exceptions in the evaluation of Proposal.

Any subsequent negotiated changes are subject to prior approval of the Oregon Department of Justice.

Agency is willing to negotiate ONLY the Statement of Work and the following terms and conditions:

• Section 9, Attachment A, Ownership of Work Product

• Section 10.1, 10.2, Attachment A, Confidential Information

In the event that the parties have not reached mutually agreeable terms within 30 calendar days, Agency may terminate Negotiations and commence Negotiations with the next highest-ranking Proposer.

SECTION 7: ADDITIONAL INFORMATION

7.1 GOVERNING LAWS AND REGULATIONS

This RFP is governed by the laws of the State of Oregon. Venue for any administrative or judicial action relating to this RFP, evaluation and award is the Circuit Court of Marion County for the State of Oregon; provided, however, if a proceeding must be brought in a federal forum, then it must be brought and conducted solely and exclusively within the United States District Court for

SoS Version Dated 01/09/2024 Page 23 of 24 the District of Oregon.

7.2 OWNERSHIP/PERMISSION TO USE MATERIALS

All Proposals submitted in response to this RFP become the Property of Agency. By submitting an Proposal in response to this RFP, Proposer grants the Agency a non-exclusive, perpetual, irrevocable, royalty-free license for the rights to copy, distribute, display, prepare derivative works of and transmit the Proposal solely for the purpose of evaluating the Proposal, negotiating an Agreement, if awarded to Proposer, or as otherwise needed to administer the RFP process, and to fulfill obligations under Oregon Public Records Law (ORS 192.410 through 192.505). Proposals, including supporting materials, will not be returned to Proposer unless the Proposal is submitted late.

7.3 CANCELLATION OF RFP; REJECTION OF PROPOSALS; NO DAMAGES.

Pursuant to ORS 279B.100, Agency may reject any or all Proposals in-whole or in-part, or may cancel this RFP at any time when the rejection or cancellation is in the best interest of the Agency, as determined by Agency. Agency is not liable to any Proposer for any loss or expense caused by or resulting from the delay, suspension, or cancellation of the RFP, award, or rejection of any Proposal.

7.4 COST OF SUBMITTING A PROPOSAL

Proposer shall pay all the costs in submitting its Proposal, including, but not limited to, the costs to prepare and submit the Proposal, costs of samples and other supporting materials, costs to participate in demonstrations, or costs associated with protests.

7.5 RECYCABLE PRODUCTS

Proposer shall use recyclable products to the maximum extent…