APERS Banking Services

The Arkansas Department of Transformation and Shared Services' Office of State Procurement is seeking a comprehensive banking services provider for the Arkansas Public Employees' Retirement System (APERS), Arkansas State Police Department (ASPRS), and Arkansas Judicial Retirement System (AJRS). The solicitation requires a contractor to deliver extensive banking services including ACH/EFT functions, remote deposit capabilities, wire transfer services, account validation, and robust online banking access. Specific deliverables include supporting daily electronic funds transfers for employer and member contributions, monthly retiree annuity disbursements, and various non-periodic distributions across multiple accounts. The procurement will utilize a weighted evaluation methodology, allocating 700 points to technical proposal elements (experience, solution, risk, and interview) and 300 points to cost, resulting in a maximum possible score of 1,000 points. Key proposal dates include a submission deadline of May 12, 2025, at 10:00 AM Central Time, with interviews scheduled for May 15-16, 2025, and an anticipated contract award date of July 1, 2025. Minimum qualifications for contractors include being a certified public depository, possessing at least 5 years of experience with public retirement systems, and having full wire transfer capabilities. The initial contract term is four years, with potential renewals for up to three additional one-year terms, not to exceed seven total consecutive years.

Contractor participation requires compliance with several state-mandated restrictions, including certifications that the firm does not boycott Israel, employ illegal immigrants, boycott energy/fossil fuel/firearms industries, or employ scrutinized companies. While no specific set-aside designations for disadvantaged enterprises were explicitly outlined, contractors must complete a Contract and Grant Disclosure and Certification Form, which requires transparency about current or former government positions held by the applicant, spouse, or immediate family members. The solicitation indicates that subcontractor relationships must be disclosed, with each subcontractor required to submit a completed disclosure form within 10 days of entering an agreement. Though specific budget ranges were not definitively stated, the Official Solicitation Price Sheet provides a comprehensive pricing template for over 40 different banking transaction and service types, with estimated annual transaction volumes for each service category. Contractors will be required to enter per-unit costs for electronic banking activities, with the total estimated seven-year cost calculated automatically based on submitted unit prices. Failure to comply with disclosure requirements or contract regulations could result in a material breach of contract and potential legal remedies for the procuring agency.