RFI_30901-64326_Amendment_1.pdf

RFP # 30901-6362 – Amendment # 1 Page 1 of 5 Pages

STATE OF TENNESSEE

TREASURY DEPARTMENT

REQUEST FOR INFORMATION # 30901-64326

AMENDMENT # 1

FOR PARTICIPANT ACCOUNT MANAGEMENT

SOLUTION

DATE: October 14, 2025

RFI # 30901-64326 IS AMENDED AS FOLLOWS:

1. This RFI Schedule of Events updates and confirms scheduled RFI dates. Any event, time, or date containing revised or new text is highlighted.

EVENT

TIME

(Central Time Zone)

DATE

(all dates are State business days)

CONFIRMED

OR

UPDATED

1. RFI Issued September 15, 2025

CONFIRMED

2. Written “Questions & Comments” Deadline 2:00 p.m. September 30, 2025

3. Treasury Response to Written “Questions and Comments” October 14, 2025

4. RFI Response Deadline 2:00 p.m. November 7, 2025

CONFIRMED

5. Scheduling of Oral Presentations November 17 – November 18, 2025

UPDATED

6. Oral Presentations December 3 – December 5, 2025

UPDATED

2. State responses to questions and comments in the table below amend and clarify this RFP.

Any restatement of RFP text in the Question/Comment column shall NOT be construed as a change in the actual wording of the RFP document.

QUESTION / COMMENT STATE RESPONSE

1. Can you please confirm the number of participants and accounts in each fund.

The LGIP has 1,127 distinct participants. These participants have 3,084 total accounts, but only 1,249 accounts are active with a balance.

The Chairs of Excellence (COE) program has 100 individual participants, and each participant will have 3-4 accounts.

The Agency Specific Investment (ASI) has 1 participant with 5 accounts.

2. Could you provide a formula or more description on the spending limit logic that is currently used.

The spending limits are specific to a plan. For example, the Plan for Local Government

RFP # 30901-6362 – Amendment # 1 Page 2 of 5 Pages

Investment Pool (LGIP) has no spending limit other than the balance in the account. However, it also requires a 24 hour notice for amounts that exceed $100 million.

The plan for Chairs of Excellence (COE) has an annual spending plan that is specific to each participant and set by a governing body. The State would like to understand the alternatives available for such a plan with specific spending limits for each participant.

The State is seeking an application that has flexibility to implement spending limits/alerts/notifications at plan and/or fund levels that can be adjusted as needs change.

3. Is Daily NAV striking still relying upon holdings information T+1 or do you also incorporate intraday trading into your NAV alongside intraday participant flows.

The State does not currently incorporate any intraday trading into a NAV process.

The State does not seek to have the system incorporate any investment activity beyond ingesting a periodic rate of return, daily NAV, or fixed $ earnings amount for specific plans as needed.

The current application generates a NAV or share price daily for the COE and ASI plans. The State would like to understand what alternatives there are for plans that require a daily NAV.

4. Are there any participants that require full look through transparency in their reporting to see underlying holdings inside the fund at an allocated proportional rate.

No.

5. Can you confirm the information requested under this RFI is to update/replace the TANDEM solution currently provided by Broadridge? For clarity, this would include the interface (API) between the State’s in-house developed ACME system and Contractor’s BIA application suite including BIA integration, iPAS, Collateral Management and QBI.

Yes. For clarity, the collateral management component and the investment management component will be separate procurements.

6. Is the State looking for information to potentially update/replace the investment accounting solutions (aka Q2 Software System or BIA) as well?

No. That is not specific to this Request for Information (RFI) process.

7. As the incumbent provider, is Broadridge permitted to discuss the RFI with our associates at the State?

Please see the amendment to the Schedule of Events above.

8. The Tennessee LGIP is comingled with funds held in the State Pooled Investment Fund.

Would the SPIF funds be included in the fund

The State is seeking a participating accounting system to manage and maintain participant account balances, facilitate participant’s financial

RFP # 30901-6362 – Amendment # 1 Page 3 of 5 Pages administration solution that the State is considering?

transactions, and provide access and reporting to stakeholders as appropriate.

Any funds invested in any of the State’s portfolios are outside the scope of the system the state is seeking in this RFI.

9. What functionality does TN Dept of Treasury desire as part of the new solution and can you further describe those desired functional capabilities?

The State has provided this information in RFI Section 2. Background and Section 6. Technical Forms. Those are further clarified in our responses to the questions received in this document.

10. Does the TN Dept of Treasury want vendors to present more than one solution as a part of this RFI, similar to a market study, or is the desire to present only one solution in our response?

The State is seeking to understand all practical solutions available for a large scale participant accounting system managing multiple billions of dollars in customer assets.

Additionally, the State would not prefer a fully customized technology solution but would prefer a configurable application with minimal customization.

11. What is third party software solutions is the TN Dept of Treasury currently using for the investment management and plan participant accounting for the LGIP, COE and ASI?

The State currently utilizes a customized solution called TANDEM provided by Broadridge. This system is connected to our QED investment management system also provided by Broadridge.

The State is seeking information on a participant accounting solution ONLY through this RFI process.

12. Is the TN Dept of Treasury requesting an investment management system, a plan participant accounting system, and a plan participant portal for participants to access in this RFI for the LGIP, COE and ASI plans? If not, please describe what is needed for each plan.

The State is not seeking an investment management system through this RFI process.

The State is seeking a participant accounting system and a portal for participants of the plans we administer. Additional information is provided in RFI Section 2 Background and clarified further in the State’s responses to questions in this document.

13. What solution are you using for the State's internal cash management movement system and how does this integrate with the current investment management systems used for the LGIP, the COE and the ASI?

The State utilizes an internally developed .NET 8 web application called TIM. The current integrations are handled via real-time web API calls over HTTPS between the systems. These integrations assist the State in directing the contribution and withdrawal from participant accounts.

While the current system integrates with the investment management system via a flat file interface to TIM and a direct interface between Tandem and QED, the State is seeking all practical options to a participant accounting system including those options that do NOT

RFP # 30901-6362 – Amendment # 1 Page 4 of 5 Pages interface with an investment management system or do so agnostically.

The State is not excluding those solutions that do integrate with an investment management system. However, the State will be procuring the investment management system separately from the participant accounting system.

14. Can you provide the number of integrations and the type of integrations that will be required to replace the current solution?

See the response to Question # 13.

The integrations for contribution and withdrawal direct ACH and Wire transactions. This includes the participant’s bank routing and account information. These integrations occur in near real time, with parameters for warehousing transactions occurring after end of day and directing them to the next business day.

15. How many participant accounts by plan does the State of TN require to manage as part of this solution, by plan?

See the response to Question # 1.

16. Would TN Dept of Treasury consider granting an extension of one month after receipt of the answers to these questions to submit the response to this RFI so that vendors can thoroughly research solutions in the market and provide a comprehensive response to the

RFI?

No. The State intends to move forward with a procurement in the near term following the conclusion of this RFI process. Please note RFI Section 5.1, which states that a response to this RFI is NOT a prerequisite for responding to any future solicitations.

17. How many users does the TN Dept of Treasury anticipate needing to use this solution?

See the response to Question # 1.

18. In reviewing the TN financial statements, the Local Government Investment Pool appears to be invested with the State Pooled Investment Fund. Are there two different solutions used for each of these pools and if so, what are those solutions and how are they integrated?

See response to Question # 8.

19. Will TN Dept of Treasury share the system architecture plan which shows the in house managed trust management system and third party software interact?

No. The State is seeking a solution that utilizes the most modern technology available.

20. Are the Center of Excellence and Agency Specified Investment programs each currently invested separately from the SPIF and each other? If not, how is the investment of those funds structured?

The Chairs of Excellence (COE) and Agency Specified Investment (ASI) programs are separately managed investment portfolios and are not part of the SPIF.

Investment structure is outside the scope of this RFI process.

3. Add the following as a new Section 7 to the RFI (any sentence or paragraph containing revised or new text is highlighted):

RFP # 30901-6362 – Amendment # 1 Page 5 of 5 Pages

7. ORAL PRESENTATIONS:

7.1 The Solicitation Coordinator referenced in RFI Section 3.2 above will invite each Respondent to make an oral presentation. The presentations will be conducted remotely via web conference, hosted by the State, during the period indicated in RFI Section 4, Schedule of Events.

7.2. The Oral Presentations are not mandatory. The oral presentations provide an opportunity for

Respondents to explain and clarify their responses with respect to addressing the items detailed in Section 6 of this RFI above. Each presentation should be limited to one (1) hour and demonstrate functionality specifically addressing items within the RFI.

7.3. Respondent Presentations are only open to the invited Respondent, State stakeholders, and the Solicitation Coordinator. NOTE: It is the State’s preference that employees of the Respondent who will be directly responsible for the system implementation attend.

4. RFP Amendment Effective Date. The revisions set forth herein shall be effective upon release. All other terms and conditions of this RFP not expressly amended herein shall remain in full force and effect.