College savings consulting services contract

The Washington Student Achievement Council (WSAC) is seeking a qualified consulting firm to evaluate whether Washington's GET (529) Prepaid Tuition Plan qualifies as Shariah-compliant for Muslim families saving for higher education, with proposals due October 21, 2026 and a virtual pre-bid conference on September 21. The consultant must possess expertise in Islamic finance, Shariah compliance, investment analysis, and higher education savings programs — the core capability filter.

WSAC will make one contract award to the highest-scored responsive, responsible bidder. Voluntary diverse-business goals (not binding minimums) are 25 percent Washington small businesses, 10 percent minority-owned businesses, 6 percent women-owned businesses, and 5 percent veteran-owned businesses; bidders with zero participation will not be considered non-responsive. No mandatory set-aside or preference applies; a Diverse Business Inclusion Plan-Subcontractors form is optional for bidders using subcontractors and must be submitted separately to RFPCoordinator@wsac.wa.gov.

The scope encompasses a comprehensive assessment of GET's legal structure, governance, contractual relationships, and investment characteristics against Islamic finance principles; identification of potential Shariah-compliance concerns; evaluation of comparability with recognized Islamic finance standards and scholarly interpretations; analysis of fee structures, investment allocations, and participant-driven features; and recommendations regarding certification procedures and potential program modifications. Deliverables include a project work plan, kickoff meeting, monthly interim updates, draft and final reports, and an executive presentation. All work products become WSAC property.

The contract term is six months commencing in 2026, with an option to extend for up to three additional one-year terms by mutual agreement. Pricing is firm-fixed with no additional costs permitted beyond the submitted proposal. The contractor must carry commercial general liability of at least $1 million per occurrence and $2 million general aggregate, workers' compensation, employer's liability of $1 million, commercial automobile liability of $1 million combined single limit, and a $3 million commercial umbrella policy.

Evaluation criteria total 1,000 base points: 750 for non-cost factors and 250 for cost, plus up to 100 bonus points for Executive Order 18-03 compliance (25 points), Washington Small Business certification (50 points), and Certified Veteran-Owned Business status (25 points). A demonstration and interview may award up to 200 additional points. Questions are due October 7, 2026 with answers by October 9. Presentations and interviews are scheduled October 28–30, with the Apparent Successful Bidder announced November 12 and contract award anticipated by November 30.