STATE 0000000480SL STO Investment and Adviser Consulting Services - Amendment 01.docx

STATE 0000000480SL Page 68

State of Missouri Office of Administration, Division of Purchasing

Request for Proposal (RFP) for Investment Management and Consulting - STO

PROPOSAL DUE NO LATER THAN: 8/5/2026 AT 2:00 PM CENTRAL TIME

Proposal response must be submitted electronically through MissouriBUYS, powered by MOVERS, at https://missouribuys.mo.gov.

E-mailed, mailed, courier, or hand-delivered proposal responses will not be accepted.

RFP CONTACT INFORMATION:

BUYER: Julie Kleffner

PHONE NO.: (573) 751-1689

EMAIL: Julie.Kleffner@oa.mo.gov See “RFP Questions” in Section 1 for appropriate communications during the procurement process.

DELIVER SUPPLIES/SERVICES FREE ON BOARD (FOB) DESTINATION TO THE FOLLOWING ADDRESS:

Missouri State Treasurer’s Office 301 West High Street, Suite 780 Jefferson City, MO 65101

ATTENTION:

1. After reviewing the Request for Proposal (RFP), the vendor must complete and return Exhibit A, Proposal Signature Page and all other necessary exhibits.

2. Due to lead times for obtaining the information needed to complete the various Business Compliance Exhibits herein as explained in the RFP’s Vendor Response Exhibits, vendors are encouraged to IMMEDIATELY begin securing these verifications.

3. The vendor must be registered in MissouriBUYS, powered by MOVERS in a “Prospective” or “Spend Authorized” registration status to submit a proposal. The vendor must achieve “Approved” registration status in MissouriBUYS (WebProcure/Proactis) and “Spend Authorized” registration status in MissouriBUYS, powered by MOVERS to be considered for a contract award. Reference Section 5.

AMENDMENT #01 to STATE 0000000480SL

TITLE: Investment Management and Consulting

CONTRACT PERIOD: Effective Date of Contract through Two Years

PLEASE BE ADVISED OF THE FOLLOWING CHANGES AND CLARIFICATIONS:

1. The proposal receipt date shall be August 5, 2026 at 2:00 P.M. CST in lieu of July 29, 2026 at 2:00 P.M. CST.

Except for deletion of words, the changes are indicated in bold italics.

Vendors may review the revision(s) to the MissouriBUYS, powered by MOVERS electronic solicitation and the amendment document(s) at https://MissouriBUYS.mo.gov. You may be required to acknowledge the electronic amendment.

ATTENTION: IF YOU HAVE ALREADY SUBMITTED A RESPONSE TO THE SOLICITATION, ACCEPTANCE OF THE AMENDMENT AND RESUBMISSION YOUR SOLICITATION RESPONSE IS NECESSARY TO ENSURE THE STATE OF MISSOURI SUCCESSFULLY RECEIVES YOUR SOLICITATION RESPONSE.

Follow the instructions in the Reference Guide for How to Submit Response Online (https://missouribuys.mo.gov/media/pdf/movers-bid-response-instructions ) and outlined below if previously responded to the solicitation prior to the amendment issuance.

1) Log into MissouriBUYS, powered by MOVERS (https://missouribuys.mo.gov/).

2) Under Tasks click View Negotiations below Solicitations.

3) The Active Solicitations page will appear. Utilize the search filters and click on the Solicitation Number to open.

4) The Overview page will display. Click Create Response.

5) A Warning pop-up box will open. The supplier must click Yes to continue to view and acknowledge amendments.

6) The supplier should highlight the Amendment(s) and view the changes made via the amendment(s). Once the review is complete, select the Acknowledgement checkbox for each amendment and click Submit at the top right-hand corner of the page. NOTE: A Warning pop-up box will open if all amendments have not been acknowledged. Click Yes to continue.

7) A Confirmation pop-up box will open confirming amendments have been acknowledged. It will also warn that resubmission of the previously submitted response is necessary prior to response to the amendment. Click OK.

8) Supplier will need to click Create Response again and respond to the amended solicitation. NOTE: The Create Response step includes attaching the supplier’s response again.

State of Missouri Office of Administration, Division of Purchasing

STATE 0000000480SL

Investment Management and Consulting - STO

Amendment #01 revised the Proposal receipt date to August 5, 2026

PROPOSAL DUE NO LATER THAN: 8/5/2026 AT 2:00 PM CENTRAL TIME

Proposal response must be submitted electronically through MissouriBUYS, powered by MOVERS, at https://missouribuys.mo.gov.

E-mailed, mailed, courier, or hand-delivered proposal responses will not be accepted.

RFP CONTACT INFORMATION:

BUYER: Julie Kleffner

PHONE NO.: (573) 751-1689

EMAIL: Julie.Kleffner@oa.mo.gov See “RFP Questions” in Section 1 for appropriate communications during the procurement process.

DELIVER SUPPLIES/SERVICES FREE ON BOARD (FOB) DESTINATION TO THE FOLLOWING ADDRESS:

Missouri State Treasurer’s Office 301 West High Street, Suite 780 Jefferson City MO 65101

ATTENTION:

1. After reviewing the Request for Proposal (RFP), the vendor must complete and return Exhibit A, Proposal Signature Page and all other necessary exhibits.

2. Due to lead times for obtaining the information needed to complete the various Business Compliance Exhibits herein as explained in the RFP’s Vendor Response Exhibits, vendors are encouraged to IMMEDIATELY begin securing these verifications.

3. The vendor must be registered in MissouriBUYS, powered by MOVERS in a “Prospective” or “Spend Authorized” registration status to submit a proposal. The vendor must achieve “Approved” registration status in MissouriBUYS (WebProcure/Proactis) and “Spend Authorized” registration status in MissouriBUYS, powered by MOVERS to be considered for a contract award. Reference Section 5.

RFP Organization:

RFP Vendor Response Exhibits (Return these exhibits with the proposal)

BUSINESS COMPLIANCE EXHIBITS

INTRODUCTION AND BACKGROUND INFORMATION SECTION

Introduction:

Purpose: This document constitutes a request for competitive, sealed proposals for the provision of investment management and consulting as set forth herein for the Missouri State Treasurer’s Office (hereinafter referred to as “state agency”).

Minimum Experience Qualifications: There are minimum experience qualifications in the RFP (See Section 2.2, Minimum Experience Requirements in Section 2: Scope of Work).

Titles: Titles of paragraphs used herein are for the purpose of facilitating reference only and shall not be construed to infer a contractual construction of language.

Background and Historical Usage Information:

The Missouri State Treasurer’s Office (state agency) manages and oversees the investment of state monies in accordance with the Missouri Constitution (https://www.sos.mo.gov/pubs/constitution) and the State Investment Policy (https://treasurer.mo.gov/invest/Investpolicy.pdf). The current investment portfolio totals approximately $15.1 billion, reflecting temporary federal relief funding; once those funds are expended over the coming years, the portfolio is expected to return to approximately $9 to $11 billion. Approximately $800 million is invested in certificates of deposit with Missouri banks.

The remainder of the portfolio is invested primarily in short‑term, highly liquid instruments, including repurchase agreements, commercial paper, U.S. Treasury securities, and U.S. Agency securities. Investment transactions are executed regularly, often daily, in coordination with Missouri financial institutions, regional dealers, and primary dealers, and are settled on a delivery‑versus‑payment basis through the STO’s custody arrangements. Commercial paper is held in the state agency’s name at the Depository Trust Company, while Treasury and Agency securities are held in the state agency’s name at the Federal Reserve Bank.

Liquidity management is the core function of the state agency’s investment operations. The state agency enters into overnight and term repurchase agreements each day to support cash‑flow needs and regularly funds large daily ACH disbursements, which may range from approximately $20 million to $900 million, with occasional higher volumes related to federal relief expenditures. These cash requirements are met through a combination of maturing repurchase agreements, commercial paper, and treasury and agency securities.

The state agency maintains multiple custodial and operating accounts, including the General Account, State Lottery Account, Department of Elementary and Secondary Education (DESE) Account, and Seminary Account. Additional information regarding portfolio composition, investment policy, and operational practices is available on the Treasurer’s website at treasurer.mo.gov to assist potential vendors in understanding the scope and environment of the requested services. (https://treasurer.mo.gov/content/office-investments/investment-holding-reports).

Current and/or Previous Contract Information:

No current contract or previous contract exists for the products and/or services being obtained via this RFP.

RFP Questions:

Buyer is Single Point of Contact for Solicitation: Vendors and their agents (including subcontractors, employees, consultants, or anyone else acting on their behalf) must direct all of their questions or comments regarding the RFP, the evaluation, etc., to the buyer indicated on the first page of this RFP. It is preferred that questions be emailed to the buyer.

Except as noted herein, vendors and their agents are instructed not to contact any other state employee regarding any of these matters during the solicitation and evaluation process. Inappropriate contacts are grounds for suspension and/or exclusion from specific procurements. Vendors can be sanctioned for unauthorized contact with any evaluator under 1 Code of State Regulation (CSR) 40-1.060(8)(G) and (H) available at http://www.sos.mo.gov/adrules/csr/csr.asp.

Minority Business Enterprise/Women Business Enterprise (MBE/WBE) and Service Disabled Veteran Enterprise certification or subcontract questions should be directed to the Office of Equal Opportunity (OEO) at http://oeo.mo.gov.

Vendor is Responsible for Asking Questions About the RFP: It is the vendor’s responsibility to ask questions, request changes or clarifications, or otherwise advise the Division of Purchasing if the vendor believes that any language, specifications, or requirements are: (1) ambiguous, (2) contradictory or arbitrary, (3) violate any state or federal law or regulation, (4) restrict or limit the requirements to a single source, or (5) restrict or limit the vendor’s ability to submit a proposal.

Vendor Question Deadline: Every attempt shall be made to ensure that the vendor receives an adequate and prompt response. However, in order to maintain a fair and equitable procurement process, all vendors will be advised, via the issuance of an amendment to the RFP, of any relevant or pertinent information related to the procurement. All questions and issues should be submitted no later than ten (10) calendar days prior to the proposal closing date and time of the proposals. If not received prior to ten (10) calendar days before the proposal closing date and time, the Division of Purchasing may not be able to fully research and consider the respective questions or issues.

State’s Response to Vendor Questions: Upon the Division of Purchasing’s consideration of questions and issues, if the Division of Purchasing determines that changes are necessary, the resulting changes will be included in a subsequently issued RFP amendment(s); absence of such response indicates that the questions and issues were considered but deemed unnecessary for an RFP amendment. All vendors will be advised of any change to the RFP’s language, specifications, or requirements by a formal amendment to the RFP. There will be no posted written records of the questions/communications (i.e., formal question/answer document).

RFP is State’s Only Official Position: The only official position of the State of Missouri shall be that which is contained in the RFP and any amendments thereto.

Amendments:

If the Division of Purchasing determines that changes to the RFP are necessary, the resulting changes will be included in a subsequently issued RFP amendment(s) prior to the proposal closing date and time.

Glossary of Terms and Acronyms:

Whenever the following terms and acronyms appear in the RFP document or any amendment thereto, the definitions or meanings described below shall apply.

General Glossary, Acronyms, and Abbreviations:

Agency and/or State Agency means the statutory unit of state government in the State of Missouri for which the equipment, supplies, and/or services are being purchased by the Division of Purchasing (Purchasing). The agency is also responsible for payment, unless otherwise specified herein.

Amendment means a written, official modification to a solicitation or contract.

Attachment applies to all documents which are included with an RFP to incorporate any informational data or requirements related to the performance requirements and/or specifications.

Buyer means the procurement staff member of Purchasing.

Code of State Regulation (CSR) contains the current administrative rules of executive agencies of Missouri government. The regulations are arranged by agency rather than by subject.

Contract means a legal and binding agreement between two or more competent parties, for a consideration for the procurement of equipment, supplies, and/or services.

Contractor means a supplier, offeror, person, or organization who is a successful vendor as a result of an RFP and who enters into a contract.

Exhibit applies to forms which are included with an RFP for the vendor to complete and submit with their proposal prior to the specified closing date and time.

May means that a certain feature, component, or action is permissible, but not required.

Must means that a certain feature, component, or action is a mandatory condition.

Party refers to either the State of Missouri or the contractor as an entity that may enter into a contract pursuant to the terms herein.

Pricing Page(s) applies to the form(s) on which the vendor must state the price(s) applicable for the equipment, supplies, and/or services required in the RFP. The pricing pages must be completed and submitted by the vendor with the proposal prior to the specified proposal closing date and time.

Proposal Closing Date and Time and similar expressions mean the exact deadline required by the RFP for the receipt of sealed proposals.

Purchase Order means the authorized document issued by the state agency to the contractor indicating descriptions, quantities, and agreed prices for products and/or services.

Reasonable, Necessary or Proper as used herein shall be interpreted solely by the State of Missouri.

Request for Proposal (RFP) means the solicitation document issued by Purchasing to potential vendors for the purchase of equipment, supplies, and/or services as described in the document. The definition includes the following sections: Introduction and Background Information; Scope of Work; Terms and Conditions (“terms and conditions” and “Terms and Conditions” are used interchangeably throughout the RFP); General Contractual Requirements; and Vendor Submission, Evaluation, and Award Information; and the RFP Vendor Response Exhibits, Attachments, and Amendments of the RFP.

RSMo (Revised Statutes of Missouri) refers to the body of laws enacted by the Legislature which govern the operations of all agencies of the State of Missouri. Chapter 34 of the statutes is the primary chapter governing the operations of Purchasing.

Shall has the same meaning as the word must.

Should means that a certain feature, component and/or action is desirable but not mandatory.

State collectively referring to the state government and/or the agencies thereof.

Supplier has the same meaning as the word, vendor.

Vendor means the supplier, offeror, person, or organization that responds to an RFP by submitting a proposal with prices to provide the equipment, supplies, and/or services as required in the RFP document.

Accuracy of Background Information:

Although an attempt has been made to provide accurate and up-to-date information, the State of Missouri does not warrant or represent that the background information provided herein reflects all relationships or existing conditions related to this RFP.

****END OF INTRODUCTION AND BACKGROUND INFORMATION SECTION****

SCOPE OF WORK SECTION

General Requirements:

Pursuant to the authority granted to the State Treasurer (“Treasurer by the Missouri Constitution, Article IV, Sections 15, and sections 30.260 and 30.286, Revised Statutes of Missouri, the contractor shall provide investment advisor and consulting services for funds within the custody and control of the state agency located in Jefferson City, Missouri, in accordance with the provisions and requirements stated herein and to the sole satisfaction of the state agency.

Authority and Coordination - The contractor shall perform all services in close coordination with the state agency and under the direction and oversight of the Treasurer or the Treasurer’s designee.

Primary Objectives – The contractor’s services performed, including advisory activities and trade execution, shall adhere to the following priority structure:

The contractor’s primary objectives shall be, in order of priority:

Safety of Principal.

Liquidity.

Yield.

For purposes of this document, investment advisory services shall consist of non-discretionary investment advisory structure and coordination, cash management and liquidity advisory services, investment advisory and trade execution services, risk management and compliance support services, report and communications as required by the state agency, operational coordination, program support and coordination, and investment operations continuity support services.

The contractor shall perform all services with the care, skill, prudence, and diligence that a prudent investment professional would exercise under similar circumstances, consistent with generally accepted fiduciary standards, and in a manner that supports the Treasurer in fulfilling his or her fiduciary responsibilities.

Contractor’s Obligation: Unless otherwise specified herein, the contractor shall furnish all material, labor, facilities, equipment, and supplies necessary to perform the services required herein. If needed to perform the duties herein, the state agency will provide the contractor with access to networks, however, the contractor and the state agency shall comply with all IT policy and standards for such access.

Minimum Experience Requirements:

The contractor must meet or exceed the following minimum experience requirements at the time of proposal submission and for the duration of the contract:

The contractor shall have a minimum of five (5) years of experience providing investment advisory services for a budget of similar size and similar portfolio as the Treasurer. Additionally, it is highly desirable the contractor have experience providing investment advisory services for a governmental client.

Team/Personnel Qualifications and Requirements:

The contractor shall include the following team members/personnel to administer and perform the contract requirements:

Leadership Team: The contractor’s leadership team must include a minimum of one government/contract relationship manager that must possess at least three (3) years of experience managing contractual relationships with government or public‑sector clients; overseeing investment advisory or financial services provided under contractual agreements; and coordinating account management, reporting, and service delivery for institutional or public‑fund clients.

Working Team: The contractor’s working team must include a minimum of one primary investment manager and one support investment manager that must possess the following qualifications:

Primary Investment Manager - Ten (10) years of experience in investment advisory services to similar customers or direct management experience of similar portfolios. It is highly desirable that the primary investment manager be a Registered Investment Advisor.

Support Investment Manager - Three (3) years of experience in investment advisory services to similar customers or direct management experience of similar portfolios. It is highly desirable that the support investment manager be a Registered Investment Advisor.

Any of contractor’s team members providing investment operations continuity support services shall possess the necessary experience, training, and familiarity with state agency investment operations and systems to perform services with minimal supervision and without disruption to existing workflows.

Contact Person: The contractor shall designate a contact person who shall serve as the contractor’s contact and shall be the liaison between the contractor and the state agency. By no later than five (5) state business days after authorization by the state agency to proceed with services, the contractor shall provide the state agency with the name, address, email address, and telephone number of the contractor’s contact person. The contractor’s contact person shall (1) oversee all services being provided, (2) assume responsibility and liability for services performed per the contract, and (3) serve as the primary point of contact with the state agency.

The contractor shall understand and agree that the state agency reserves the right to request any of the contractor’s personnel assigned to provide the services be removed without just cause. The contractor shall understand and agree that the state agency will allow the contractor a reasonable time to find a replacement. The state agency shall approve all replacement personnel. The state agency reserves the right to require background checks and non-disclosure agreements (NDA) of selected contractor personnel, at the contractor’s expense.

Background Checks: Prior to providing services under the contract, the contractor must ensure personnel (including any third-party personnel) pass standard background checks equal to those required by the State of Missouri for employees, and if required by the state to address an audit, the contractor must attest whether all applicable employees passed background checks performed in accordance with the contractor’s standard background check process. The contractor shall be responsible for all costs associated with background checks. The state agency reserves the right to require the contractor to provide evidence of employees and all sub-contractors and their employees passing a background check. Link to MSHP Criminal Record Check website: http://www.mshp.dps.missouri.gov/MSHPWeb/PatrolDivisions/CRID/crimRecChk.html. The standard background check shall be a nationwide fingerprint check through Missouri State Highway Patrol completed at a frequency determined by the state.

Non-Discretionary Investment Advisory Structure and Coordination Requirements: The contractor agrees that this section establishes the foundational framework governing the contractor’s provision of non-discretionary investment advisory services. The requirements in this section apply to all services described in the Scope of Work and inform the more detailed obligations set forth in subsequent sections.

Liquidity Coordination Structure – The contractor shall understand and agree the liquidity coordination is the central element of the services contemplated under the contract. The contractor shall coordinate closely with state agency staff to incorporate daily and projected cash flow information into all investment‑related analysis, recommendations, and activities. The contractor shall ensure sufficient funds are available to meet the State’s obligations while prudently managing investment opportunities.

Investment Advisory and Execution Structure - The contractor shall provide professional discretionary investment advisory services for funds under the authority of the state agency. Such services may include but not be limited to market analysis, investment recommendations, portfolio strategy support, and execution of investment transactions, subject at all times to state agency oversight, authorization, and applicable policies. All investment activity shall strictly comply with Article IV, Section 15 of the Missouri State Constitution, applicable statutes, and all policies, procedures, and directives issued by the state agency. The contractor shall operate exclusively within the allowable investment universe authorized by the state agency and shall give primary consideration to safety of principal and liquidity in all investment‑related activities.

Program Coordination Structure - The contractor shall maintain a working understanding of the state agency’s investment programs and structures, including the General Time Deposit Program, the Linked Deposit Program, and applicable collateralization standards, for the purpose of ensuring alignment between investment activity, liquidity planning, and program‑related funding requirements. The contractor shall not be responsible for administering these programs unless expressly stated elsewhere in this RFP but shall coordinate with state agency staff as necessary to support effective liquidity planning and investment alignment.

Cash Management and Liquidity Advisory Requirements:

Liquidity Coordination Services - The contractor shall support daily, weekly, and projected liquidity planning for the state agency.

Daily Cash Monitoring - The contractor shall monitor daily cash positions, early and late cash balances, anticipated receipts, and scheduled disbursements.

Cash Forecast Integration - The contractor shall incorporate state agency cash forecasts into portfolio strategy, investment timing, and trade execution decisions.

Coordination with State Agency Staff - The contractor shall coordinate with state agency staff regarding funding needs, large disbursements, and liquidity events.

Liquidity Escalation – The contractor shall notify state agency staff of any development, forecast variance, or market condition that may materially affect anticipated liquidity or the State’s ability to meet projected obligations. Such notification shall be by phone and in writing by no later than 24 hours after any development, forecast variance, or market condition

Investment Advisory and Trade Execution Services:

Portfolio Management Activities - The contractor shall actively manage assigned portions of the investment portfolio within the allowable investment universe authorized by the state agency.

Portfolio Structure Alignment - The contractor shall maintain a portfolio structure aligned with liquidity requirements, cash flow expectations, maturity limits, and risk tolerances established by the Treasurer.

Market Evaluation and Trade Execution - The contractor shall evaluate market conditions and execute trades consistent with state agency authorization and the priority of safety and liquidity.

Maturity Compliance - The contractor shall ensure all investment decisions comply with applicable maturity restrictions, including a maximum five‑year maturity unless otherwise designated by the stage agency.

Trade Coordination - The contractor shall provide all trade details necessary for state agency staff to process trade tickets and shall coordinate settlement information in accordance with state agency operational procedures.

Risk Management and Compliance Support:

Risk Identification and Monitoring - In conjunction with the state agency, the contractor shall identify, monitor, and evaluate relevant financial risks, including liquidity, credit, interest rate, counterparty, and reinvestment risk.

Allowable Investments and Counterparties - The contractor shall strictly adhere to the allowable investment list and approved broker‑dealer list authorized and provided by the state agency. The state agency will provide the contractor with the lists after award of the contract.

Exposure Monitoring - The contractor shall monitor counterparty exposure, diversification, and concentration levels in accordance with state agency policies.

Documentation and Audit Support - The contractor shall maintain documentation sufficient to support audits, compliance reviews, and regulatory reporting.

Risk‑Mitigation Practices - The contractor shall perform all services in alignment with state agency risk‑mitigation practices, including collateral requirements, delivery‑versus‑payment settlement, diversification guidelines, and maturity constraints.

Reporting and Communication:

Periodic Reporting - If requested by the state agency, the contractor shall provide daily, weekly, monthly, and quarterly reports as specified by the state agency, including portfolio holdings, maturities, market values, performance, compliance certifications, and transaction activity.

Adverse Event Notification – Within one business day of an adverse event, the contractor shall notify the state agency of any adverse developments, credit concerns, or changes affecting issuers, counterparties, or portfolio liquidity.

Meetings and Reviews - The contractor shall participate in periodic meetings and investment reviews with state agency staff as requested. The contractor must be present in-person for these meetings in Jefferson City, MO, unless otherwise approved to be virtual by the state agency.

Operational Coordination:

Daily Operations. The state agency will coordinate daily investment operations, executed directly by the state agency.

Settlement Coordination - The contractor shall coordinate with state agency staff to support timely and accurate settlement of investment transactions.

Securities Lending Review - The contractor shall review securities lending activity and communicate any material observations to state agency staff.

Internal Reviews and Cash Forecasting - The contractor shall support trade ticket verification, internal reviews, and cash disbursement forecasting as requested by the state agency.

Program Support and Coordination:

Depository Program Awareness - The contractor shall maintain a working understanding of state agency depository programs and collateral requirements to support liquidity planning.

Analytical Support - The contractor shall provide analytical and advisory support related to state agency programs, including preparation of materials, analysis of portfolio impacts, and participation in program‑related meetings as requested.

Investment Operations Continuity Support Services (PRN):

If required by the state agency, the contractor shall furnish qualified and experienced personnel to perform the duties of the Investment Coordinator and Investment Specialist on an as‑needed (PRN) basis, as requested by the state agency. Such services may be utilized on a short‑term or interim basis to ensure continuity of operations.

The contractor shall maintain uninterrupted daily investment operations and ensure compliance with applicable policies, procedures, and reporting requirements. The contractor shall provide coverage for the following core duties, including but not limited to:

Investing early and late funds on a daily basis, as directed by the state agency.

Ensuring all investment transactions are settled accurately and timely each business day.

Processing trade tickets related to investment transactions, including but not limited to bond purchases and sales, and Coordinating with state agency staff to ensure all required daily and anticipated reports for the state agency’s Banking Division are completed, available, and printed upon completion of daily investment activity.

Investment Consulting Services:

Core Investment Consulting Services –

Included Investment Consulting Activities - When requested by the state agency, the contractor shall provide consulting support for investment‑related reviews, reports, and advisory tasks. These tasks may include, but are not limited to, the following:

Missouri Achieving a Better Life Experience Program Semiannual Review. Preparation or support for the semiannual review produced for the Missouri ABLE Board pursuant to Section 209.640, RSMo.

Missouri Achieving a Better Life Experience Program Annual Review. Preparation or support for the annual review produced for the Missouri ABLE Board pursuant to Section 209.640, RSMo.

Missouri Linked Deposit Program Annual Review. Preparation or support for the annual review produced by the Missouri Linked Deposit Review Committee pursuant to Section 30.763, RSMo.

Missouri Higher Education Deposit Program Annual Review. Assistance with the annual presentation to the Missouri Education Program Board regarding the Missouri Higher Education Deposit Program (MOST 529 Plan).

Missouri Higher Education Deposit Program Biennial Investment Policy Review. Support for the Investment Policy Statement review required every two years for the Missouri Education Program Board.

Treasurer’s Investment Policy Review. Assistance in evaluating and recommending updates to the State Treasurer’s Investment Policy.

Approved Broker‑Dealer List Review. Support for reviewing and updating the state agency’s list of approved broker‑dealers.

For services provided in this section, the contractor shall use the hourly investment consulting prices stated on Exhibit C, Pricing Page of the contractor’s awarded proposal to arrive at a guaranteed not to exceed price for the nonincluded investment consulting services and authorization and oversight that are outside of the core Investment Advisory services, as defined herein.

Nonincluded Investment Consulting Services - When requested by the state agency, the contractor shall provide additional investment consulting services, advisory tasks, or analytical support that the state agency may reasonably request from time to time, provided such services are not included within, and are not duplicative of, the core services described in Sections [2.4 through 2.11 – Investment Advisory Services.] All services under this section shall be performed only where there is no potential for, or appearance of, a conflict of interest arising from the contractor’s role as an investment advisor and trade execution provider.

Authorization and Oversight – The contractor must receive prior written authorization from the state agency for the provision of the services. When requested and required by the state agency, the contractor shall provide a defined scope of work, estimated number of hours of service, and/or deliverables before providing authorization to provide services. The contractor shall submit the defined scope of work within the timeframe requested by the state agency for draft review and comment by the state agency.

Other Requirements:

Contract Monitoring: The state agency reserves the right to monitor the contract throughout the effective period of the contract to ensure financial and contractual compliance. If the state agency determines the contractor to be at high-risk for non-compliance, the state agency shall have the right to impose special conditions or restrictions. Written notification will be provided to the contractor of the determination of high-risk and of any special conditions or restrictions to be imposed. The special conditions or restrictions may include, but not limited to, those conditions specified below:

Requiring additional, more detailed financial reports or other documentation;

Additional contract monitoring;

Requiring the contractor to obtain technical or management assistance; and/or Establishing additional prior approvals from the state agency.

Records: The contractor must maintain financial and accounting records and evidence pertaining to the contract in accordance with accepted standard accounting principles or International Financial Reporting Standards (IFRS).

Once annually, or otherwise as reasonably required by the state, the contractor shall make all such records, books, and other documents relevant to the contract available to the state, its designees, and the Missouri State Auditor in a commercially reasonable format acceptable to the state at all reasonable times during the term of the contract and for three (3) years after the cancellation, expiration, or termination of the contract or for any longer period of time required by law. The state will provide a minimum of fourteen (14) calendar days’ notice and will coordinate with the contractor regarding the scope of the audit.

The contractor shall permit the Missouri State Auditor’s Office, federal auditors and authorized representatives of the State of Missouri to perform an independent audit or examine, copy, or investigate any of the contractor’s records, procedures, books, documents, papers, and records recording receipts and disbursements of any of the funds paid to the contractor only for services performed under the contract. Failure to retain adequate documentation for any service billed may result in recovery of payments for services not adequately documented. Any audit exception noted by auditors shall not be paid by the state and shall be the sole responsibility of the contractor. However, the contractor may contest any such exception by any legal procedure.

The state shall not designate any individual, entity, or firm to conduct the audit that is a competitor of the contractor. Any audit conducted or records reviewed under this provision shall be limited to services provided to State of Missouri and shall not require the contractor to disclose information pertaining to any other customer or client of the contractor.

The services required herein are not intended to be an audit, examination, attestation, special report or agreed-upon procedures engagements as those services are defined in the American Institute of Certified Public Accounts (AICPA) literature applicable to such engagements conducted by independent auditors. Accordingly, these services shall not result in the issuance of a written communication to third parties by the contractor directly reporting on financial data or internal control or expressing a conclusion or any other form of assurance. The contractor shall maintain a copy of the work products for documentation purposes for the AICPA.

Financial Records and Document Retention:

The contractor must maintain financial and accounting records and evidence pertaining to the contract in accordance with generally accepted accounting principles.

The contractor shall maintain all financial records, supporting documentation, and all other records pertinent to the contract for a period of five (5) years from the date of the final payment by the state agency or the completion of an audit, whichever is later, or as otherwise stated in the contract.

If any litigation, claim, negotiation, audit, investigation, or other action involving the records has been started before the expiration of the five (5) year period, the contractor shall retain the records until completion of such action and resolutions of all issues that arise from it or until the end of the regular five (5) year period, whichever is later.

If the state agency is subject to any litigation, claim, negotiation, audit, or other action involving the records, the state agency will notify the contractor in writing to extend the contractor’s retention period.

Payment Requirements:

The contractor agrees and understands that any payment due under the terms of the contract shall be made by the state agency only after the successful completion of all requirements set forth in the contract and after approval and acceptance of the contractor's performance, services, and supplies required by the terms of the contract.

The state agency will compensate the contractor for services performed, as follows, pursuant to and in accordance with terms specified on the Pricing Page.

The state agency will pay the contractor at the end of each month from interest credited to each account during the month.

The state agency will pay compensation to the contractor from the interest credited to the state agency accounts based on the annual firm, fixed price (line item 36) specified on Exhibit A, Pricing Page, divided by twelve (12) and allocated to the accounts based on interest earned that month. This shall be for both the fixed pricing portion of compensation and the hourly SOW pricing.

Other than the payments and reimbursements specified in the contract, no other payments or reimbursements shall be made to the contractor.

****END OF SCOPE OF WORK SECTION****

TERMS AND CONDITIONS SECTION

Applicable Laws and Regulations:

The contract shall be construed according to the laws of the State of Missouri. The contractor and the State of Missouri must follow all applicable federal, state, and local laws and regulations that apply to the performance of the contract. To the extent that a provision of the contract is contrary to the Constitution or laws of the State of Missouri or of the United States, the provisions shall be void and unenforceable. However, the balance of the contract shall remain in force between the parties unless terminated by consent of both the contractor and Purchasing.

Non-Discrimination and Affirmative Action:

The contractor must comply with applicable federal and state laws and regulations addressing discrimination in employment.

Americans with Disabilities Act:

In connection with the furnishing of equipment, supplies, and/or services under the contract, the contractor and all subcontractors shall comply with all applicable requirements and provisions of the Americans with Disabilities Act (ADA), ADA is 42 U.S.C. section 1201, et seq.

Anti-Discrimination Against Israel Act Contractor Requirements:

If the contractor meets the definition of a company as defined in section 34.600, RSMo, and has ten or more employees, the contractor shall not engage in a boycott of goods or services from the State of Israel; from companies doing business in or with Israel or authorized by, licensed by, or organized under the laws of the State of Israel; or from persons or entities doing business in the State of Israel as defined in section 34.600, RSMo.

If during the life of the contract, the contractor’s business status changes according to section 34.600, RSMo, then the contractor shall comply with, complete, and submit to the Division of Purchasing an updated Exhibit L, Anti-Discrimination Against Israel Act Certification.

Authorized Personnel/E-Verify:

For work performed under the contract, the contractor shall only employ personnel authorized to work in the United States in accordance with applicable federal and state laws, including section 285.530, RSMo and Executive Order 07-13. If the contractor employs personnel not authorized to work in the United States, the state shall have the right to cancel the contract immediately without penalty or recourse, and to pursue any other remedies permitted by the contract or by applicable state or federal law.

Prior to the performance of any services, a contractor meeting the definition of a business entity in section 285.525, RSMo, shall maintain enrollment and participation in the E-Verify Federal work authorization program with respect to the employees hired after enrollment in the program for work in connection with the contracted services included herein. If the contractor’s business status changes during the life of the contract to become a business entity as defined in section 285.525, RSMo, pertaining to section 285.530, RSMo, then the contractor shall enroll and participate in the E-Verify program.

The contractor shall only be required to provide the affidavits required in section 285.530.2, RSMo, to the state on an annual basis. https://purch.oa.mo.gov/vendor-information/affidavit-work-authorization-annual-renewal

The contractor shall ensure that its subcontractors comply with section 285.530, RSMo.

Business Registration:

The contractor must meet the requirements for conducting business in the State of Missouri, prior to performance of services under the contract, and for the duration of the contract. The contractor must be registered and maintain good standing with the Secretary of State of the State of Missouri and other regulatory agencies, as may be required by law or regulations. Such business requirements for formation and operation include, but are not limited to, those in Chapters 347-359, RSMo.

Data Breach:

If a data breach impacting the State of Missouri’s data requires the state to comply with section 407.1500, RSMo, the contractor shall assist the state by providing to the state any requested information held by the contractor concerning the breach and the state’s data stored in the software and services being provided as a result of the contract.

Elected or Appointed Officials and Employees:

Elected or appointed officials or employees of the State of Missouri or any political subdivision thereof, serving in an executive or administrative capacity, must comply with sections 105.452 and 105.454, RSMo, regarding conflict of interest.

Indemnification:

Unless expressly provided by Missouri law to the contrary, pursuant to the Constitution of the State of Missouri, Article III, section 39, subsections 2 and 5, the state shall not indemnify, hold harmless, or agree in advance to defend, any person or entity.

Legal Proceedings:

For any legal action or other proceedings, per section 27.050 and section 27.060, RSMo, the Missouri Attorney General is given the authority to represent the State of Missouri’s interests. The venue for any legal proceeding relating to or arising out of the RFP or resulting contract shall be in circuit court for Cole County, Missouri or the United States District Court for the Western District of Missouri, Central Division.

The contractor and the state agree that if a dispute concerning the contract arises that the parties shall make an attempt to resolve the dispute through informal methods before initiating litigation.

The State of Missouri does not agree to any arbitration. The State of Missouri does not voluntarily agree to the payment of attorneys’ fees. The state may, but is not required to, mediate any dispute arising under the contract, and any vendor provisions requiring mediation or dispute resolution processes shall not be binding upon the state.

Negotiations:

The State of Missouri does not negotiate contracts after award. Any competitive negotiation, if conducted by the state, must have occurred prior to contract award in accordance with Chapter 34, RSMo, 1 CSR 40-1.050 and as stated in this RFP.

Invoicing and Payment:

Invoicing and payments must follow section 33.120, section 34.055, and section 8.960, RSMo. All payments shall be made in arrears, unless the requirements of 1 CSR 10-3.010 allow for advance payment of goods or services.

Non-Appropriation of Funds:

The contractor understands and agrees that funds required to fund the contract must be appropriated by the General Assembly of the State of Missouri for each fiscal year included within the contract period. The contract shall not be binding upon the state for any period in which funds have not been appropriated, have been withheld, or have been restricted, and the state shall not be liable for any costs associated with termination caused by lack of appropriations or authority to spend. This includes, but is not limited to, the provisions of the Mo. Const. Article IV, sections 23, 27, 28 and in sections 33.030 and 33.065, RSMo and 1 CSR 10-3.010 (1)(B).

To the extent that federal funding is used for the contract, the contract shall not be binding upon the state for any period in which such funding is reduced, terminated, withheld, restricted, or is frozen or paused.

Work Outside the United States:

Unless work outside the United States is prohibited by the RFP, any work performed outside of the United States for the contract must comply with Executive Order 04-09.

Open Records:

Pursuant to section 610.021, RSMo, the contract and related documents are available for public review. Pursuant to section 610.021, RSMo, proposals and related documents shall not be available for public review until after a contract is executed or all proposals are rejected.

Protests:

Any proposal award protest must be received within ten (10) state business days after the date of award in accordance with the requirements of 1 CSR 40-1.050.

Record Access:

The contractor shall grant the State Auditor access to records/items as stated in section 29.235, RSMo.

State Preferences:

If the contractor’s awarded proposal included state preferences, the contractor must comply with the rules applicable to those preferences including:

Section 37.020 RSMo and 1 CSR 40-1.050 for Minority Business Enterprises and Women’s Business Enterprises;

Section 34.070 and section 34.073 RSMo for Missouri business preferences;

Section 34.074 RSMo and 1 CSR 40-1.050 for Service Disabled Veteran Enterprises; and Section 34.165 RSMo and 1 CSR 40-1.050 for Organizations for the Blind/Sheltered Workshops.

Taxes:

The contractor must timely file and pay all Missouri sales,…