RFI_30901-64326.pdf

STATE OF TENNESSEE

DEPARTMENT OF TREASURY

REQUEST FOR INFORMATION

FOR

PARTICIPANT ACCOUNT MANAGEMENT SOLUTION

RFI # 30901-64326

SEPTEMBER 15, 2025

1. STATEMENT OF PURPOSE:

The State of Tennessee, Department of Treasury (“Treasury”) issues this Request for Information (“RFI”) for the purpose of soliciting information from the vendor community which will assist Treasury in performing analysis of software solutions available to meet the Treasury’s need for updating technology and enhancing its participant accounting functionality, enhancing its investment earnings allocation, and updating current technology over its in-house managed trust funds. Treasury has provided the questions below in an attempt to understand the services available. The information gathered during this process will be utilized by Treasury to determine the next steps required for a potential procurement. This request is strictly a mechanism for gathering information and will not constitute a procurement process. All vendors with appropriate product offerings and knowledge relating to the requirements described herein are invited to submit a response to this RFI. The response should discuss the vendor’s capabilities to provide products and assist Treasury in understanding product offering capabilities. Reponses should also address the functional, technical, and other questions specified in this RFI. We appreciate your input and participation in this process.

2. BACKGROUND:

Treasury is responsible for the investment and administration of various investments trust funds, including the Local Government Investment Pool (“LGIP”), the Chairs of Excellence Trust Fund (“COE”) and the Agency Specified Investment program (“ASI”). The LGIP is a pooled cash investment fund for local government units, municipalities, counties, school districts, and political subdivisions of the state of Tennessee that desire to participate in the fund. The COE is an endowment trust fund servicing various higher education institutions within the University of Tennessee and the Tennessee Board of Regents systems. ASI provides a longer-term investment portfolio for Tennessee state agencies that prefer a different strategy than the State Pooled Investment Fund can provide. Treasury currently utilizes a 3rd party vendor supported software application that has been in operation since 2019 to support the participant accounting for the LGIP, the COE, and the ASI. System functionality includes plan and account set-up and maintenance; recording contributions; withdrawals; adjustments and account transfers;

transaction warehousing; transaction import and export; calculation and posting of monthly interest and administrative fees; transaction confirmation; system user security administration;

various query capabilities; monthly statement generation for participants; and various daily, monthly, and annual reporting of activity for administrative and accounting control/reconciliation purposes. As part of this application, an online portal provides account balance information, transaction initiation and statement retention. This portal interfaces with Treasury’s internal cash movement system to initiate both wire and ACH transfers for the LGIP, as well as accessing authorized destination information for banking transactions.

In the current system, the LGIP, COE, and ASI are accounted for as individual plans. Each participant type (cities, counties, etc.) are grouped together by funds. A participant is a specific entity (e.g., City of Townsville) and may have multiple accounts.

The LGIP reports at a stable net asset value ($1.00), whereas the system strikes a daily net asset value (NAV) for both the COE and ASI plans. Currently, there are no restrictions placed on participant withdrawals. The LGIP typically has transactions daily whereas ASI has limited participant activity other than interest and fees. COE has consistent quarterly withdrawals and a return of excess withdrawals annually.

The new solution should be able to provide participant level accounting as well as a web interface with the following primary capabilities:

1) The ability to add future needed plans, funds participants, and accounts as needed.

2) Provide an online portal for the different plans managed by the State. The portal will allow participants to access their information, view statements, initiate ACH and wire transactions.

3) The system should support different rules for withdrawal managed at the fund or plan level.

4) Provide means of recording contributions, withdrawals and account transfers on participant accounts and provide the calculation for recording and reporting of interest and assess administrative fees monthly.

5) Provide a reporting module that will allow Treasury users to independently run existing reports, create new ad hoc reports, schedule reports and export reports in a format that will allow them to easily manipulate the reports.

6) Interface with the State’s internal cash movement system to initiate ACH/wire transactions.

7) Allow participants to manage security roles/settings for their account(s) only, including multifactor authentication.

3. COMMUNICATIONS:

3.1. Please submit your response to this RFI via email to Dawn Rochelle at dawn.rochelle@tn.gov by no later than the Response Deadline date specified in Section 4, Schedule of Events, below. In the event your response with all attachments and supporting documentation will exceed fifteen (15) megabytes in total, please place the documents in a zip file or make two (2) or more submissions such that the documents, per email submission, do not exceed fifteen (15) megabytes.

3.2. Please feel free to contact Treasury with any questions regarding this RFI. The main point of contact will be:

Dawn Rochelle, Solicitation Coordinator Tennessee Department of Treasury Telephone: (615) 253-8770 Email: dawn.rochelle@tn.gov

Note: If you have any questions or comments concerning this RFI, it is important you e-mail them to Dawn Rochelle (Treasury’s main point of contact) by no later than the Written Questions & Comments Deadline detailed in RFI Section 4, Schedule of Events.

Treasury will e-mail its responses to written questions and comments to prospective Respondents on the date detailed in RFI Section 4, Schedule of Events. Treasury will also post a copy of the amendment to the following website:

https://www.tn.gov/generalservices/procurement/central-procurement-office--cpo- /supplier-information/request-for-proposals--rfp--opportunities1.html

3.3. Please reference RFI # 30901-64326 with all communications to this RFI.

4. RFI SCHEDULE OF EVENTS:

EVENT

TIME

(Central Time Zone)

DATE

(all dates are State business days)

1. RFI Issued September 15, 2025

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

5. GENERAL INFORMATION:

5.1. Please note that responding to this RFI is not a prerequisite for responding to any future solicitations related to this project and a response to this RFI will not create any contract rights. Responses to this RFI will become property of the State.

5.2. The information gathered during this RFI is part of an ongoing procurement. In order to prevent an unfair advantage among potential respondents, the RFI responses will not be available until after the completion of evaluation of any responses, proposals, or bids resulting from a Request for Qualifications, Request for Proposals, Invitation to Bid or other procurement method. In the event that Treasury chooses not to go further in the procurement process and responses are never evaluated, the responses to the procurement, including the responses to the RFI, will be considered confidential by Treasury.

5.3. Treasury will not pay for any costs associated with responding to this RFI.

6. INFORMATIONAL FORMS:

Treasury is requesting the following information from all interested parties. Please fill out the following forms:

https://www.tn.gov/generalservices/procurement/central-procurement-office--cpo-/supplier-information/request-for-proposals--rfp--opportunities1.html https://www.tn.gov/generalservices/procurement/central-procurement-office--cpo-/supplier-information/request-for-proposals--rfp--opportunities1.html

RFI # 30901-64326

TECHNICAL INFORMATIONAL FORM

1. RESPONDENT LEGAL ENTITY NAME:

2. RESPONDENT CONTACT PERSON:

Name, Title:

Address:

Phone Number:

Email:

3. Please provide a brief description of Respondent’s experience providing similar scope of services/products.

4. Describe how the solution addresses the multi-layer hierarchy requirements described above, where each plan may have different definitions driven by policy or statute, and participant accounts can be segregated and reported at multiple levels (i.e., fund, specific participant, participant account).

5. Describe the flexibility for each plan to maintain independent processing schedules and operating calendars.

6. Describe the solution’s capability in maintaining and monitoring account spending limits including limiting withdrawal amounts.

7. Describe the earnings calculation and update process. Specifically address the options available for allocating a rate of return, NAV, or a fixed dollar amount of earnings to participant accounts.

In addition, discuss the capabilities and implications of posting negative income due to decreases in market values.

8. Describe the solution’s capability for addressing “global” changes needed to the system definitions at the plan or fund level.

9. Treasury currently collects an administrative fee by deducting basis points (which can vary by fund) from the earnings rate credited to participant accounts. Describe the options for processing and collecting such administrative fees from participant accounts when earnings are and are not applied. Describe any additional service charge billing processes that are available.

10. Describe the adjustment process for reversing or correcting transactions and the earnings adjustment processing that is associated with transaction adjustment or reversal. Does the solution distinguish between “posting” date and “as-of” date? With respect to the earnings adjustment process, include in this discussion how earnings are affected if the adjustment or correction is made in the current earnings allocation period versus a subsequent earnings allocation period. Also include a discussion of any processing differences for positive earnings adjustment versus negative earnings adjustment.

11. Describe the query functionality available for inquiring on system administration, plan, fund, participant, and account data and activity. Also include how individual security and roles can be customized for querying.

12. Describe the solution’s capabilities for producing monthly and annual participant statements as well as ad hoc statement date requests. Include discussion on capabilities for customizing statements based on different needs for different portfolios.

13. Describe statistical, management, balancing/reconcilement and financial reporting that is available on a scheduled basis, on demand, and by an event trigger.

14. Describe the secure integration capability, via real-time API, with Treasury’s internal cash movement application for initiating wire and ACH transactions as well as accessing authorized destination information for banking transactions.

15. Describe how the solution can implement appropriate RBAC (Role Based Access Control) covering items such as segregations of duties and the capability to manage the functionality to create/modify user groups, roles, permission, users, and access privileges.

16. Describe how the solution’s security aligns with the NIST Cybersecurity Framework (CSF) to include the implementation of key NIST 800.53 Security Controls? How would you work with Treasury in completing a System Security Plan based on your proposed solution and meeting state cybersecurity requirements?

COST INFORMATIONAL FORM

1. Describe what pricing units you typically utilize for similar services or goods (e.g., per hour, each, etc.:

2. Describe the typical price range for similar services or goods:

ADDITIONAL CONSIDERATIONS

1. Please provide input on alternative approaches or additional things to consider that might benefit the State:

2. If your company has recently responded to a public solicitation for similar services described in this RFI, please describe how Treasury can access to the solicitation and your response.