Executive Search Firm Services for Recruitment of ERS CIO

The Board of Trustees of the Employees' Retirement System of the State of Hawaii is requesting quotations from executive search firms to recruit a Chief Investment Officer, with proposals due July 24, 2026 and questions due July 2, 2026.

Offerors must meet minimum qualifications: at least five years of executive search experience for large complex organizations and documented completion of three or more executive searches within the past five years for comparable entities. The selected firm's primary account contact must have experience conducting business in Hawaii; a Hawaii-based office or affiliate is preferred. All offerors must register with the Hawaii Department of Commerce and Consumer Affairs and maintain Hawaii Compliance Express compliance throughout the contract term.

The scope encompasses comprehensive executive search services for a Chief Investment Officer position, including candidate identification and screening, interview coordination, reference checks, and final selection support. The ERS manages over $25 billion in assets and serves approximately 158,000 members, retirees, and beneficiaries. The selected firm must be available to meet with the ERS Board and staff during business hours (Monday–Friday, 7:45 a.m. to 4:30 p.m., Hawaii Standard Time) in person or via Teams or equivalent.

Pricing is structured as a fixed, all-inclusive fee covering all search services, personnel, and associated costs, excluding advertising placements, which ERS will pay directly to publications. For evaluation purposes, percentage-based fee proposals will be calculated using an assumed CIO salary of $300,000.

The contract starts August 17, 2026 and completes December 31, 2026. Work is performed at ERS offices, City Financial Tower, 201 Merchant Street, Suite 1400, Honolulu, Hawaii 96813. Evaluation criteria are experience (30 points), company background (25 points), availability and project timeline (25 points), and fees (20 points), with award to the responsive and responsible offeror with the highest total score. Anticipated award decision is July 31, 2026. Offerors must execute a confidentiality agreement protecting ERS confidential business and personal information, with indemnification requirements and breach-reporting obligations within twenty-four hours of discovery. Standard Hawaii General Conditions under Chapter 103D apply.