Investment Accounting and Portfolio Management System

The State of Michigan Department of Technology, Management and Budget (DTMB), in partnership with the Michigan Department of Treasury, Bureau of Investments (BOI), issued a Request for Proposal (RFP) for a Software as a Service (SaaS) solution to implement a cloud-based Investment Accounting and Portfolio Management System. The procurement seeks a comprehensive system to manage approximately $81.1 billion in assets under management across the State Retirement Systems, eight pooled funds serving approximately 517,000 members, and over 150 trust and agency funds. Key deliverables include cloud-based software, implementation services, data conversion, migration, training, maintenance, and ongoing support services. The system must support real-time transaction processing of over 300 transactions per minute, accommodate at least 40 concurrent users, provide GIPS-compliant performance measurement, enable derivative accounting and limited partnership accounting, and integrate with Bloomberg AIM, State Street Bank, and the State's SIGMA general ledger system. Required qualifications include SOC 1 certification, SOC 2 Type II certification, and FedRAMP certification; the contractor must also maintain insurance coverage of $1,000,000 commercial general liability, $5,000,000 umbrella liability, $1,000,000 cyber liability, and $3,000,000 professional liability. The evaluation process consists of three steps: technical evaluation worth 100 points (with 80 points required to advance), sample report evaluation on a pass/fail basis, and pricing evaluation. Critical deadlines included a bidders' conference on September 15, 2017, questions due by September 19, 2017 at 3:00 p.m. EST, answers posted by September 26, 2017, and proposal submission deadline of October 10, 2017 at 3:00 p.m. EST. The anticipated contract begin date was December 31, 2017, with system installation and full operational status required by August 1, 2018.

The RFP documentation does not identify specific set-aside designations or restrictions limiting participation to disadvantaged enterprises or particular organizational types, suggesting this procurement was open to qualified vendors meeting technical and insurance requirements. No incumbent vendor or current contractor information was provided in the available RFP materials. The system must integrate with existing infrastructure including Bloomberg AIM, State Street Bank interfaces, and the State's SIGMA general ledger system, with all integrations and data conversion services to be provided by the selected contractor at no additional cost to the State. The contract is structured as a firm fixed-price arrangement for implementation services, with pricing submitted using a provided Schedule B matrix format that must include all implementation, testing, training, and licensing costs. Annual licensing and maintenance fees apply following implementation, with fee increases for renewal periods capped at three percent annually and sixty days' notice required. While specific budget ranges were not disclosed in the RFP materials, the complexity of the system requirements, scope of assets under management, and comprehensive service level agreements (including 99.98% service availability, 8-hour disaster recovery objectives, and key personnel requirements) indicate this represents a substantial procurement valued in the millions of dollars over the contract term.