City of Pittsburgh on behalf of the Pittsburgh Other Post Employment Benefit Trust Fund, Custodial and Investment Services

The City of Pittsburgh Office of Management & Budget is soliciting bids for Custodial and Investment Services on behalf of the Pittsburgh Other Post Employment Benefit (OPEB) Trust Fund through RFP #2024-RFP-309. The procurement seeks a qualified provider to serve as custodian of the OPEB Fund, with comprehensive responsibilities including maintaining asset records, producing monthly reports, executing disbursements as directed by the Board, and providing investment advice. Prospective providers must have at least five years of experience in these services as of January 1, 2024, and must demonstrate specialized expertise in fund management. The proposal submission deadline is November 1, 2024, at 5:00 pm, with a proposed initial contract term of two years and an option to extend for two additional one-year terms. Evaluation criteria will be weighted across five key areas: firm qualifications (15%), project team qualifications (15%), project approach and plan (30%), cost proposal (30%), and demonstration of good faith effort for minority, women, veteran-owned, and LGBTQIA+ business participation (10%).

The City of Pittsburgh has established specific participation goals for minority and women-owned businesses, requiring 18% and 7% representation respectively, along with 5% participation for veteran-owned businesses and 3% for LGBTQIA+ small businesses. Proposers must complete the MWDBE/Veteran-Owned/LGBTQIA+ Solicitation and Commitment Form to demonstrate good faith efforts in meeting these diversity objectives. The contract will be contingent upon City Council approval, and the OPEB Fund reserves the right to reject any or all proposals and negotiate with respondents to identify the most qualified provider. Providers must maintain professional liability insurance of at least $1,000,000 per occurrence and $5,000,000 in aggregate. While specific award value or budget range is not explicitly stated in the documentation, the comprehensive nature of the services and the detailed evaluation criteria suggest a significant and competitive procurement opportunity for qualified financial service providers.