Defined contribution plan investment advisory consultant services

The Philadelphia Housing Authority seeks one or more qualified consultants to provide comprehensive general investment advisory services for the Philadelphia Housing Authority Defined Contribution Pension Plan, which currently manages approximately $109 million in assets across 21 funds. The selected consultant(s) will report directly to the nine-member Pension Board, attend quarterly board meetings at minimum, and participate in additional meetings as reasonably requested. Key deliverables and responsibilities include reviewing and recommending plan design modifications, performing annual asset allocation evaluations, determining optimal investment options, monitoring investment benchmarks and performance against established metrics, developing investment policy statements, providing monthly and semi-annual performance reports, conducting specialized studies, evaluating plan fees and expenses, providing investment research and education, ensuring fiduciary compliance with federal and state regulations, and assisting in vendor negotiations. Prospective consultants must demonstrate a minimum of five years of active experience in providing defined contribution plan consulting services, prior experience with public retirement systems of comparable asset size, registration as investment advisors under the Investment Advisors Act of 1940 or equivalent state law, and complete independence from all investment vehicles offered in the plan with full fiduciary responsibility to the Board. Proposals are due March 23, 2026, and must include two fee structures (fixed-price full-service and line-item discrete task pricing), firm organization details, references from at least five public sector clients of comparable size, conflict of interest disclosures, professional liability insurance information, disaster recovery and business continuity plans, and a detailed work statement. Evaluation criteria allocate 80 technical points across six categories: demonstrated understanding of requirements (20 points), technical approach (20 points), technical capabilities and management plan (20 points), past performance (10 points), MBE/WBE participation commitment (5 points), and Section 3 participation commitment (5 points), plus an additional 20 points for cost following competitive range determination.

The solicitation establishes affirmative action requirements mandating 10 percent minority business enterprise (MBE) and 10 percent women business enterprise (WBE) participation for professional services contracts funded through management funds, with bidders required to submit detailed Affirmative Action Implementation Plans documenting solicitation efforts and binding commitments to certified firms. Section 3 compliance is mandatory, requiring contractors to achieve a minimum of 25 percent of total labor hours performed by Section 3 workers with at least 5 percent of those hours performed by targeted Section 3 workers, or alternatively demonstrate qualitative efforts such as contributing up to 3 percent of contract value to the PHA Section 3 Fund or providing training and apprenticeship opportunities. The contract term consists of a two-year base period with three optional one-year extension periods, and compensation shall be firm fixed unit pricing on a definite-quantity basis with pricing escalation prohibited for the first twelve months following the contract effective date; thereafter, price adjustments are limited to 5 percent annually and must be substantiated with Producer Price Index data. Offerors must submit a proposal guarantee equivalent to 5 percent of the proposal price in the form of a bond, certified check, cashier's check, or irrevocable letter of credit, and pre-qualification is required prior to contract award with submission of pre-qualification applications within ten working days of notification or risk of being deemed non-responsive. No incumbent vendor or budget range is specified in the solicitation documents; however, the contract incorporates HUD Standard Terms and Conditions (Form HUD-5370-C), PHA Special and Standard Terms and Conditions, Section 3 compliance requirements, and equal employment opportunity and nondiscrimination provisions applicable to federally funded contracts.