ScholarShare Investment Board Request for Proposals No. SIB02-25 SCHOLARSHARE INVESTMENT BOARD

901 P Street, Suite 313B Sacramento, CA 95814

(916) 651-6380 scholarshare@treasurer.ca.gov www.treasurer.ca.gov/scholarshare

MEMBERS

FIONA MA, CPA, CHAIR

State Treasurer

JOE STEPHENSHAW

Director of Finance

BROOKS ALLEN

Executive Director

State Board of Education

CATALINA CIFUENTES

Governor Appointee

CA Student Aid Commission

JOSE FIERRO

Speaker Appointee

PAUL MARTIN

Governor Appointee

Member at Large

VACANT

Senate Rules Committee

Appointee

EXECUTIVE DIRECTOR

Cassandra DiBenedetto

Request for Proposals No. SIB02-25

Investment Consulting Services

NOTICE TO PROSPECTIVE PROPOSERS

December 29, 2025

You are invited to review and respond to this Request for Proposals (RFP) No. SIB02-25 for investment consulting services.

Proposals for these services must comply with the instructions included in this 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.

All responses to this RFP must be submitted in hard copy and received by SIB no later than 4:00 p.m.

Pacific Time (PT) on February 4, 2025. Email or faxed submissions will not be accepted. All proposals must be delivered to:

ScholarShare Investment Board Attention: James Millward 901 P Street, Suite 411A

Sacramento, California 95814

In the opinion of the ScholarShare Investment Board, this RFP is complete and without need of explanation. However, if you have questions, or should you need any clarifying information, contact James Millward by email at scholarshare@treasurer.ca.gov. Please note that no verbal information given will be binding upon the State unless such information is issued in writing as an official addendum.

The State of California will not contract or otherwise do business with publicly-held U.S. expatriate corporations without a compelling public interest. This policy is designed to ensure that companies with which the State of California does business meet threshold standards of corporate accountability.

Thank you for your interest.

ScholarShare Investment Board mailto:zagullana@treasurer.ca.gov 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 mailto:scholarshare@treasurer.ca.gov

TABLE OF CONTENTS

1. PURPOSE AND DESCRIPTION OF SERVICES

1.1 Scope Overview

1.2 Background

1.3 Scope of Work

1.4 Term of Agreement

2. MINIMUM QUALIFICATIONS FOR PROPOSERS

3. PROPOSAL REQUIREMENTS AND INFORMATION

3.1 Schedule (Key Action Dates)

3.2 Questions and Answers

3.3 Content and Format of Proposals

3.4 Submission of Proposals

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 Business Preference

4.3 Disabled Veteran Business Enterprise (DVBE) Participation (Optional)

4.4 Target Area Contract Preference Act (TACPA) Program

5. REQUIRED ATTACHMENTS

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: Resumes of Key Personnel Attachment 7: Securities and Exchange Commission Form ADV (Part 1 and Part 2) Attachment 8: Payee Data Record (STD. 204) Attachment 9: Bidder Declaration (GSPD-05-105) Attachment 10: Contractor Certification Clauses (CCC 04/2017) Attachment 11: Darfur Contracting Act Certification Attachment 12: California Civil Rights Laws Certification Attachment 13: Small Business or Microbusiness Preference Attachment 14: Non-Small Business or Microbusiness Preference Attachment 15: Target Area Contract Preference Act (TACPA) Program Attachment 16: California Disabled Veteran Business Enterprise (DVBE) Participation Attachment 17: Generative Artificial Intelligence (GenAI) Notification

SAMPLE STANDARD AGREEMENT

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 (GTC 02/2025) Exhibit D – Special Terms and Conditions

1. Purpose and Description of Services

1.1 Scope Overview

The ScholarShare Investment Board (SIB or Board) is the State agency responsible for the administration of ScholarShare 529 (Plan), California’s 529 college savings plan, and the California Kids Investment and Development Savings Program (CalKIDS or Program). As of September 30, 2025, there are more than 476,000 ScholarShare 529 accounts with $16.9 billion in assets under management (AUM) and more than 5.4 million CalKIDS accounts with over $2.3 billion in AUM.

A qualified investment consultant is needed to assist SIB in its role as fiduciaries to the Trust. The investment consultant would assist SIB with revising (as needed) the statement of investment policy for the Trust and monitoring the investment performance of the ScholarShare program manager(s), currently TIAA-CREF Tuition Financing, Inc.

(TFI). The current ScholarShare Statement of Investment Policy (Investment Policy) and Monitoring Procedures and Criteria are available online at https://www.treasurer.ca.gov/scholarshare/index.asp. More information about ScholarShare 529 and CalKIDS can be found online at www.scholarshare529.com and www.calkids.org, respectively.

1.2 Background

The California Legislature authorized creation of the Trust in 1997 (Education Code Sections 69980-69994 (Act)), intending it to be a “qualified tuition program” as defined in Section 529 (Section 529) of the Internal Revenue Code of 1986, as amended (Code).

The Act authorizes Trust investments for a specific beneficiary’s advance savings for qualified higher education expenses in a postsecondary educational institution. The Board was established to administer the state’s qualified tuition program, ScholarShare 529.

In addition, CalKIDS was established in 2019 to create savings accounts for all newborns in the State of California to support higher education expenses, and was expanded in 2021 to include eligible low-income public school students. Eligible CalKIDS participants are automatically enrolled in the Program and are designated between $25-$1,500 in a CalKIDS account to support future higher education costs.

As administrator for ScholarShare 529 and CalKIDS, the seven-member Board meets four to five times annually, with additional meetings if deemed necessary. Meetings are generally held in Sacramento, California at the State Treasurer’s Office in Sacramento, California, but may be held at other locations.

1.3 Scope of Work

The following scope of work details SIB’s expectations for an investment consultant.

These investment consultant services include the following:

https://www.treasurer.ca.gov/scholarshare/investpolicy.pdf https://www.treasurer.ca.gov/scholarshare/documents/monitoring_procedures.pdf https://www.treasurer.ca.gov/scholarshare/index.asp http://www.scholarshare529.com/ http://www.calkids.org/

• Under the direction of SIB or its designee, analyze and evaluate asset allocation plans for the Trust based on age groups of its beneficiaries as well as allocation for risk reduction.

• Review and analyze the investment performance of the program manager(s) of the Trust using criteria developed by SIB as well as criteria developed by the program manager(s) or outside consultants. Periodically, there may be additional evaluations comparing ScholarShare 529 investment performance and fees to the performance between the national plans and/or other 529 state plans. Additional analysis may include other peer reviews, gap analyses, and/or feasibility studies and projections.

• Regularly review and propose changes to the Investment Policy and Monitoring Procedures as needed.

• Conduct monthly evaluations of the Trust which compare monthly investment results to appropriate indices and SIB policies, including compliance by the program manager(s) to these policies, and provide evaluations to SIB or its designee within 10 business days of receiving the data from each program manager.

• Advise SIB or its designee of which data should be reported from the program manager(s).

• Provide clarification and assistance to SIB in understanding various investment vehicles and the investment market. This may include providing training seminars, as necessary, on rates of return, investment products, strategies or other fundamental concepts of investing to SIB and its staff.

• Inform the SIB or its designee in the event of significant changes in the investment climate or market conditions that could affect Trust investments.

• Provide general advice, counsel, analyses, and recommendations on a variety of investment related matters regarding the Trust, including but not limited to, investment personnel, investment strategy, investment menu design, as well as overall investment health of the program manager(s), other 529 vendors, and 529 industry issues and trends.

• Review and evaluate investment vehicles, options, and/or funds proposed for the Board’s consideration for potential inclusion to the Plan pursuant to the Board’s procedures and in discussion with SIB staff and the program manager(s), as applicable.

• Participate in the development of request for proposals and subsequent selection process.

• Work with SIB’s consultants and program manager(s) if needed.

• Participate in meetings with SIB staff, program manager(s), fund managers, stakeholders, and/or outside agencies or research companies, which may include due diligence meetings and annual program reviews.

• Attend SIB meetings unless notified otherwise by the SIB or its designee. It is anticipated that the SIB will meet approximately four times per year.

• Be available to consult with SIB members and the Executive Director from 8:00 a.m.

to 5:00 p.m. Pacific Time, Monday through Friday.

• Respond to the need for telephone consultation within a 24-hour period and be available for meetings with SIB with no greater than 10 days’ notice.

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 915 Capitol Mall in Sacramento, California.

The selected 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.

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

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

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

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

• Quality and accuracy of information, data and support included in all products submitted to SIB.

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

• Ability to provide SIB 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 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 April 17, 2026 through April 16, 2028 with a maximum amount of $300,000.00. At the option of the State, the agreement may be extended for one additional year and up to an additional $150,000.00 The agreement, including amendment(s), is subject to the approval of SIB and the Department of General Services (DGS). In no event shall services be performed prior to the approval of the agreement by the DGS Office of Legal Services.

2. Minimum Qualifications for Proposers

Proposer must complete Attachment 5 of the RFP certifying that the Firm meets the following minimum qualifications. Failure to meet these minimum qualifications will cause your proposal to be considered non-responsive and the proposal will be rejected.

• 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, including investments not currently permitted by SIB’s Investment Policy.

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

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

• 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.

• Must maintain registration as a Municipal Advisor with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) for the duration of the agreement.

• Must be qualified to do business in the State of California. Firm must also be able to provide evidence of qualification (e.g., registration with the California Secretary of State) to do business in the State of California, including qualification of any subcontractors, upon proposal submission for this RFP.

• May not currently or 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 (currently TFI) that provides services for the Trust or any investment manager directing funds in the ScholarShare 529 portfolio, either on its own or in partnership, with other entities. Ownership of a ScholarShare 529 account does not constitute a business relationship for the purposes of this minimum qualification.

3. Proposal Requirements and Information

3.1 Schedule (Key Action Dates)

All prospective 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 29, 2025 RFP available to Prospective Proposers January 8, 2026, 12:00 p.m. PT Written Question Submittal Deadline January 15, 2026 Answers to Written Questions Distributed February 4, 2026, 4:00 p.m. PT Deadline for Proposal Submission February 5 - 10, 2026 Evaluation of Proposals February 11 - 12, 2026 Oral Interviews (if applicable) February 13, 2026 Notice of Intent to Award

April 18, 2026 Anticipated Commencement of Contract (Pending DGS approval)

SIB reserves the right to change the above dates and times, and, if so, SIB may modify this RFP prior to the date fixed for submission of proposals by the issuance of an addendum. SIB will also provide post updates online at http://treasurer.ca.gov/scholarshare/ and https://caleprocure.ca.gov/. SIB also reserves the right not to award an agreement at all.

3.2 Questions and Answers

In the opinion of SIB, this RFP is complete and needs no further explanation. However, if you have questions, or should you need any clarifying information, contact James http://treasurer.ca.gov/scholarshare/ https://caleprocure.ca.gov/

Millward by phone at (916) 651-6380 or by e-mail at scholarshare@treasurer.ca.gov.

Prospective proposers may submit written questions, if any, no later than by 12:00 p.m.

PT on January 8, 2026 by email to scholarshare@treasurer.ca.gov.

A copy of the responses to all written questions received by 12:00 p.m. PT on January 8, 2026 will be posted online at www.treasurer.ca.gov/scholarshare and https://caleprocure.ca.gov/ by close of business on January 15, 2026.

3.3 Content and Format of Proposals

In preparing proposals, firms should:

• Use standard 8½” x 11” white paper with a minimum type size of 12 points.

Consecutively number all pages in the response (including attachments and/or appendices).

• Include a cover letter stating:

o The name, address, email, phone and fax numbers of the principal contact responsible for the oversight of the agreement. Indicate the availability of this person for meetings with SIB staff.

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

o The name, address, email, phone, fax number 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.

o That the Firm accepts the terms of the Sample Agreement attached to this RFP.

Please note that the General Terms and Conditions in Exhibit C are not negotiable.

• List responses to each Question related to the Firm’s Qualifications and Experience as identified below. Points will be awarded for the Firm’s response(s) to each question. The allocation of points is defined in Evaluation Process, Section 3.5 of this RFP. 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 shall list each question and then provide the Firm’s response to that question in the same order listed in this RFP.

a) Required Information (Zero (0) points)

SIB 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.

(i) Disclose any legal or disciplinary event that is material to the Board’s evaluation of the Firm 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 such forms), or (2) providing a writing that fully and mailto:scholarshare@treasurer.ca.gov http://www.treasurer.ca.gov/scholarshare fairly discloses the information required to be disclosed under MSRB Rule G- 42(c)(ii) and (b).

(ii) 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.

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

(iv) 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.

(v) 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 to change operations or personnel to preclude the circumstances regarding the termination from re-occurring.

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

b) Background and Personnel Information (Maximum of twenty-five (25) points)

(i) Provide an overview of the Firm including mission statement and vision statement, number of years experience providing consultation, and what services the Firm will bring to this contract.

(ii) 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.

(iii) Within the past three years, have there been any significant developments in your organization (e.g., changes in ownership, personnel reorganization)? If so, please describe.

(iv) Complete the following table for professionals who will be responsible for providing the consulting activities to be performed pursuant to this contract.

Name & Location

Title & Responsibility

Total Years’ Experience

Years with Firm

Most Advanced

Degree

(v) Provide professional resumes of each of the individuals who will be assigned to this account and the professional resumes of all individuals who will be responsible for reviewing or otherwise influencing the work of individuals assigned to this account.

(vi) Indicate who will have ultimate responsibility for this contract. Indicate the availability of this person for live or telephone meetings with the SIB or its designee. Describe the Firm’s backup procedures if the primary person assigned to this account leaves the Firm or is otherwise unavailable.

c) Experience / Expertise in Investment Consulting (Maximum of thirty-five (35) points)

(i) Describe Firm’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 Firm has provided such service, the number of agencies or boards to which Firm is currently providing investment advice and the approximate dollar value of the portfolios for which consultative services are provided. Explain how this experience will benefit the SIB.

(ii) Describe Firm’s investment research process, including how Firm interacts with the boards for whom it provides advice.

(iii) Describe in detail what data, information, and advice the Firm proposes to provide to SIB in formulating its investment policies and analyzing and interpreting the investment performance of the ScholarShare program manager(s). Describe the Firm’s methodology used for measuring risk.

(iv) 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.

(v) Discuss any changes/material refinements in Firm’s advisement philosophy which have occurred within the past three years. What prompted the changes/refinements?

(vi) Provide recent applicable examples, if any, of client reports or research prepared by Firm regarding investment strategies.

(vii) 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. Describe the Firm’s resources, research centers, etc. for supporting the investment consulting services.

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

(ix) Describe the Firm’s understanding of the objectives of the ScholarShare program. What special expertise does the Firm bring to advising SIB?

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

(xi) Provide the name, address, telephone number, contact name and title for five

(5) firms to serve as references for Firm, using format in Attachment 4. Provide three (3) references for any subcontractors you plan 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 agencies. Submission of Attachment 4 is mandatory. Proposals that fail to submit Attachment 4 shall be considered non-responsive and rejected.

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

Use Attachment 3 (Cost Proposal Worksheet) to complete your cost proposal for each year of the contract term (including the potential extension year), which will be a full and final estimate. SIB expects the total amount of the contract not to exceed $450,000 for this potential three-year contract. Review this section and the calculations in your Cost Proposal carefully. Mathematical errors may be corrected by SIB. Do not make any modifications to the Cost Proposal form, including the 200 total annual hours and the $10,000 total annual travel costs. The cost proposal shall:

(i) Follow the template outlined in Attachment 3 (Cost Proposal Worksheet), completing all of the cost proposal forms listed below:

i. Cost Proposal Detail (Year One)

ii. Cost Proposal Detail (Year Two)

iii. Cost Proposal Detail (Year Three – Potential Extension Year)

(ii) Assume a total of 200 hours of staff work (including subcontractor staff work) per year. Estimate the number of hours out of the 200 each level of staff who will be assigned to the contract will work. Note that the total number of hours for identified staff must equal 200 per year.

(iii) 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 resulting contract for reimbursement for services performed. All-inclusive flat fees and/or retainer fees will not be accepted for consideration.

(iv) Travel costs are capped at $10,000 per year. This amount may not be modified. 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 SIB.

Proposals submitted with a cost proposal that fails to meet any of the specified requirements outlined above, or in a form other than as provided for in Attachment 3, will be considered non-responsive and rejected.

3.4 Submission 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. Omissions, inaccuracies, or misstatements may be cause for rejection of a proposal.

b) All proposals must be submitted in hard copy under sealed cover and received by

SIB by 4:00 pm PT on February 4, 2026 unless SIB provides notice that the date has been changed. Proposals received after this date and time will not be considered. Proposals received by fax or email will be rejected.

c) A minimum of one (1) unbound original and three (3) copies of the proposal shall be mailed or delivered to the following address:

Attention: James Millward 901 P Street, Suite 411A

Sacramento, California 95814 Phone: (916) 651-6380

d) 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. All additional proposal sets may contain photocopies of the original package.

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

Investment Consulting Services

Firm Name Firm Address

Contact Person and Phone Number

“DO NOT OPEN”

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

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

f) Proposals that omit the Minimum Qualification Certification that is included in Attachment 5 in Section 5 will not be considered. Proposals shall include each of the attachments (if applicable) on the Required Attachment Checklist in Section 5.

Proposals that do not comply with the requirements of the RFP shall be deemed non-responsive. A non-responsive proposal is one that does not meet the basic proposal requirements and will be rejected.

g) 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.

h) 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. SIB may reject any or all proposals and may waive an immaterial deviation in a proposal. SIB’s waiver of an immaterial deviation shall in no way modify the RFP document or excuse the Firm from full compliance with all requirements if awarded the agreement.

i) The proposing firm is entirely responsible for the costs of developing proposals and costs incurred in anticipation of award of the Agreement. Such costs shall not be charged to SIB.

j) An individual who is authorized to bind the proposing firm contractually shall sign

Required Attachment 2, Proposal/Proposer Certification Sheet. The signature must indicate the title or position that the individual holds in the Firm. An unsigned proposal may be rejected.

k) 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. 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.

l) A firm may withdraw its proposal by submitting a written withdrawal request to SIB, signed by the proposing firm or an authorized agent in accordance with Section 3.4(k). 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.

m) SIB may modify this RFP prior to the date fixed for submission of proposals by the issuance of an addendum. SIB will also provide post updates online at http://treasurer.ca.gov/scholarshare/ and https://caleprocure.ca.gov/.

n) Upon announcement and release of this RFP and until selection of a Contractor (and notice of intent to award the Agreement), proposing firms (or potential proposing http://treasurer.ca.gov/scholarshare/ firms) are not permitted to communicate with SIB 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 James Millward at scholarshare@treasurer.ca.gov.

o) SIB reserves the right to reject all proposals. SIB is not required to award an agreement.

p) Firms are cautioned against relying on SIB to discover and report any defects or errors in submitted documents. Before submitting a response to this RFP, firms should carefully review the response, correct all errors, and confirm compliance with the RFP requirements.

q) Where applicable, firms should carefully examine work sites and specifications. No additions or increases to the agreement amount will be made due to a lack of careful examination of work sites and specifications.

r) 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 any 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 the proposing firms, none of the participants in such collusion will be considered in this or future procurements.

s) No oral understanding or agreement shall 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 this RFP. The absence of required information will cause a proposal to be deemed non-responsive and may result in the proposal’s disqualification.

Responsive proposals will then be scored according to criteria herein. The scored categories and the corresponding weighting of each scored category is as follows:

Scored Category Weighting Background and Personnel Information 25 points Experience / Expertise in Investment Consulting 35 points Cost Proposal 30 points Possible Points Upon Initial Evaluation 90 points Interview 10 points Total Possible Points 100 points

The Evaluation Committee will allot points for each scored category of the RFP, up to 100 points.

The lowest cost proposal, based on the estimated Total Cost for Three Year Contract Term (two years and potential one-year extension) from Attachment 3, is awarded mailto:scholarshare@treasurer.ca.gov the maximum cost points. Other proposals are awarded cost points based on the following calculation:

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

Total Cost Points for Other Cost Proposal = (factor) X maximum cost points

EXAMPLE: A maximum of 30 points is available.

Lowest Cost Proposal = $112,500 Other Cost Proposal = $150,000

(Lowest Cost Proposal / Other Cost Proposal) = $112,500 / $150,000 = ¾

Cost points awarded to Other Cost Proposal = ¾ X 30 points = 22.5 Cost Points, which would be rounded up to 23 points.

The scoring will be done in two phases:

• First Phase - The first phase will be worth 90 points, with all items being scored except for the Interview portion. Following the initial phase of the evaluation process, the Evaluation Committee will invite the two (2) firms that receive a minimum of 70 points in the first phase and that receive the highest scores based on the point system above.

• Second Phase - All interviews will be conducted pursuant to the specifications below:

o Interviews will be set for one hour.

o There will be a maximum of three (3) presenters for each firm interviewed.

o Only the top two (2) highest scoring firms, scoring a minimum of 70 points in the first phase of the evaluation process, will be interviewed.

o Responses provided to specific questions during the interview will be the basis for awarding up to 10 points.

o Interviews will be scored based on the Firm’s responses to a set of specific questions according to the point scale outlined in Section 3.5(b). Both firms will be asked the same set of questions. Generally, firms will be asked about the following areas:

Background and Personnel Information Experience / Expertise in Investment Consulting o No unsolicited information, material, or presentation may be provided at the interview. Firms are limited in their responses to only information provided in their written proposal and may not introduce new services, products, or other information.

o SIB reserves the right to not conduct interviews if deemed unnecessary to the selection of an investment consultant (e.g., only one (1) firm scored a minimum of 70 points in the first phase).

The second phase score will be added to the first phase score, and the highest scoring firm will be determined.

b) The following point scale will be used to score the responses to the questions presented under each of the scored category unless otherwise specified. Points earned for each scored category that result in a non-whole number will be rounded to the next whole number. For example, 70% of 35 points is 24.5 points, which would be rounded up to 25 points.

Points Awarded Interpretation General Basis for Point Assignment

100% Excellent

Response fully meets the Board’s needs, requirements, or expectations with a high degree of confidence in the Firm’s response. Firm offers one or more enhancing feature, method, or approach exceeding basic expectations.

85% Very Good Response fully addresses category being scored.

Very good degree of confidence in the Firm’s response.

70% Good Response addresses category being scored. Good degree of confidence in the Firm’s response.

Minimal weaknesses are acceptable.

50% Adequate

Response (i.e., content and/or explanation offered) is adequate to meet the Board’s needs, requirements, or expectations. Any omission(s), flaw(s), or defect(s), are inconsequential and acceptable.

0% Inadequate Response fails to address any portion of the category being scored. The omission(s), flaw(s), or defect(s) are significant and unacceptable.

c) Proposals that contain false or misleading statements, or provide references that do not support an attribute or condition claimed by the Firm, may be rejected. If, in the opinion of SIB, such information was intended to mislead SIB 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.

d) The contract will be awarded to the responsible and responsive firm with the highest total score.

e) Tiebreaker - In the event two (2) or more responsive and responsible firms earn the highest score, the contract will be awarded to the responsive and responsible firm earning the higher score in Experience / Expertise in Investment Consulting Services. If the scores for Experience / Expertise in Investment Consulting Services are the same, the contract will be awarded to the responsive and responsible firm earning the higher score in the Background and Personnel Information. If the scores in the Background and Personnel Information are the same, the contract will be awarded to the responsive and responsible firm earning the higher score for Cost.

f) SIB 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 State Treasurer’s Office, 915 Capitol Mall, Sacramento, CA 95814, for five (5) working days prior to awarding the agreement. The notice will be posted at the entrance to Suite 313B and online at www.treasurer.ca.gov/scholarshare.

b) If any firm, prior to the award of agreement, files a protest with SIB and the DGS Office of Legal Services, 707 Third Street, 7th Floor, Suite 7-330, West Sacramento, CA 95605, on the grounds that the (protesting) firm would have been awarded the contract had the agency correctly applied the evaluation standard in the RFP, or if the agency followed the evaluation and scoring methods in the RFP, the agreement shall not be awarded until either the protest has been withdrawn or DGS has decided the matter. It is suggested that the Firm submit any protest by contacting the Protest Coordinator at OLSProtests@dgs.ca.gov.

c) Within five (5) days after filing the initial protest, the protesting firm shall file with SIB 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.

3.7 Disposition of Proposals

a) Upon proposal opening, all documents submitted in response to this RFP will become the property of SIB and the State, and will be regarded as public records under the California Public Records Act (Government Code Section 6250 et seq.) and subject to review by the public.

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

3.8 Agreement Execution and Performance

a) Performance shall start not later than 30 days, 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 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.

http://www.treasurer.ca.gov/scholarshare mailto:OLSProtests@dgs.ca.gov

4. Preference and Incentive Programs

4.1 Small Business or Microbusiness Preference

A five percent (5%) preference will be applied to certified small business firms submitting proposals. To obtain the preference, firms must either be certified as a small business at the time the proposal is submitted. The Firm MUST include an updated copy of their Small Business Certificate to obtain the preference. The 5% preference is issued only for computation purposes to arrive at the successful firm(s), and does not alter the amount of the actual proposals. Once each proposal has been scored, if the highest responsible firm is not a certified small business or microbusiness, 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 Office of Small Business & DVBE Services (OSDS) at (916) 375-4940 or can be found at the website at https://caleprocure.ca.gov/pages/sbdvbe-index.aspx.

4.2 Non-Small Business or Microbusiness Preference

A five percent (5%) preference is available to a non-small business claiming twenty-five percent (25%) California certified small business subcontractor participation. If claiming the non- small business subcontractor preference, the proposal response must include a list of the small business(es) with which the Firm commits to subcontract in an amount of at least 25% of the net 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 Government Code Section 14837(d)(4). The required list of California small business subcontractors must be attached to the proposal response 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; and 5) the dollar amount or percentage of the net price (as specified in the solicitation) per subcontractor.

Firms claiming the 5% preference must commit to subcontract for at least 25% of the net price with one or more California certified small businesses. Completed certification application required support documents must be submitted to the OSDS no later than 5:00 p.m. PT on the proposal due date, and the OSDS must be able to approve the application as submitted. Questions regarding certification should be directed to the OSDS at (916) 375- 4940 or can be found at the website at https://caleprocure.ca.gov/pages/sbdvbe-index.aspx.. The preference to a non-small business firm that commits to small business or microbusiness subcontractor participation of 25% of its net price shall be 5% of either the lowest, responsive, responsible firm’s price or the highest response, responsible firm’s total score. A non-small business, which qualifies for this preference, may not take an award away from a certified small business.

4.3 Disabled Veteran Business Enterprise (DVBE) Participation (OPTIONAL)

This solicitation provides an incentive for DVBE participation. Attachment 16 outlines the DVBE Incentive Program. Firms seeking the DVBE incentive must submit a completed 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://caleprocure.ca.gov/pages/sbdvbe-index.aspx

Bidder Declaration (GSPD-05-105) (Attachment 9) that demonstrates DVBE participation and qualification for a DVBE incentive, with proposal submittal. Firms who have been certified by California as a DVBE must also complete and submit the DVBE Declarations, DGS PD 843. All disabled veteran owners and disabled veteran managers of the DVBE(s) must sign the form(s). The DVBE Incentive participation is optional and at the discretion of the proposing firm. Questions regarding DVBE should be directed to the Office of Small Business & DVBE Services (OSDS) at (916) 375-4940 or can be found at the website at https://caleprocure.ca.gov/pages/sbdvbe-index.aspx.

Any contract awarded to a company committing to subcontract with a certified DVBE will follow requirements as provided in MVC 999.7 including compliance with the Std. 817 reporting process, and permanent withholds and deductions for non-compliance.

4.4 Target Area Contract Preference Act (TACPA) Program

This solicitation provides for an optional TACPA preference. The TACPA program was established to stimulate business investments in distressed areas of the State and create job opportunities for Californians. Proposing companies are not required to apply for this preference. Both the TACPA workplace and workforce preferences will be evaluated for this solicitation. See Attachment 15 for more information.

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 responsive, each of the following required attachments must be submitted with your proposal package.

This checklist must be returned with your proposal package. Submission of this required attachment is mandatory. Failure to complete and return this attachment with your proposal will cause your proposal to be rejected and deemed nonresponsive.

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 Qualification Certification

_____ Attachment 6 Resumes of Key Personnel

_____ Attachment 7 Securities and Exchange Commission Form ADV (Part 1 and Part 2) or Proof of Exemption from Registration

_____ Attachment 8 Payee Data Record (STD. 204)

_____ Attachment 9 Bidder Declaration Form (GSPD-05-105)

_____ Attachment 10 Contractor Certification Clauses (CCC 04/2017)

_____ Attachment 11 Darfur Contracting Act Certification

_____ Attachment 12 California Civil Rights Laws Certification

_____ Attachment 13 Small Business or Microbusiness Preference (if applicable)

_____ Attachment 14 Non-Small Business or Microbusiness Preference (if applicable)

_____ Attachment 15 Target Area Contract Preference Act (TACPA) Program (if applicable)

_____ Attachment 16 California Disabled Veteran Business Enterprise (DVBE)

Participation Program Instructions (if applicable)

_____ Attachment 17 Generative Artificial Intelligence (GenAI) Notification

ATTACHMENT 2: PROPOSAL/PROPOSER CERTIFICATION SHEET

This Proposal/Proposer Certification Sheet must be signed and returned along with all the "required attachments" as an entire package with original signatures. The proposal must be transmitted in a sealed envelope in accordance with RFP instructions. Submission of this required attachment is mandatory. Failure to complete and return this attachment with your proposal will cause your proposal to be rejected and deemed nonresponsive.

A. Place all required attachments behind this certification sheet.

B. The signature affixed hereon and dated certifies compliance with all the requirements of this proposal document. The signature below authorizes the verification of this certification.

C. The signature below certifies to the best of your knowledge that the information provided on this document is true and complete.

* An Unsigned Proposal/Proposer Certification Sheet May Be Cause for Rejection *

1. Company Name 2. Telephone Number 2a. Fax Number

3. Address

Indicate your organization type:

4. Sole Proprietorship 5. Partnership 6. Corporation Indicate the applicable employee and/or corporation number:

7. Federal Employee ID No. (FEIN)

8. California Corporation No.

9. Indicate applicable license and/or certification information:

10. Proposer’s Name (Print) 11. Title

12. Signature 13. Date

14. Are you certified with the Department of General Services, Office of Small Business and Disabled Veteran Business Enterprise Services (OSDS) as:

a. California Small Business Yes No If yes, enter certification number:

b. Disabled…