Investment Consulting Services RFP

The Michigan Department of Treasury, Bureau of Investments is requesting proposals for Investment Consulting Services under RFP No. 260000002293, with proposals due August 19, 2026 at 3:00 PM and written questions due July 24, 2026 at 3:00 PM.

The contractor will provide comprehensive investment consulting services to the State of Michigan Retirement System (SMRS) and Board of Investments, which collectively manage approximately $122.4 billion in assets and serve approximately 614,330 participants across four defined benefit retirement plans and four corresponding Other Post-Employment Benefits plans. Core deliverables include semiannual written performance analyses of portfolio managers, quarterly performance evaluation reports, monthly performance reports, annual reports on emerging investment concepts and capital market assumptions, annual cash flow projections for private market asset classes, and quarterly investment outlook publications. The contractor must maintain regular communications with BOI staff, attend up to four State Meetings in Investment Board (SMIB) meetings annually, and participate in monthly scheduled meetings. Key Personnel must be specifically assigned, respond to State inquiries within 24 hours, and may undergo background checks. Pricing is firm for the entire contract term; adjustments are permitted only for documented changes in actual contractor costs, subject to 30-day mutual review and agreement.

The contractor must comply with FISMA, NIST Special Publication 800-53 MOD Controls, and applicable state IT policies. For hosted services, the contractor or hosting provider must maintain FedRAMP authorization or annual SSAE 18 SOC 2 Type II audits; store all software and state data in continental U.S. data centers meeting Uptime Institute Tier 3 standards; implement FIPS-validated AES encryption with 128-bit or higher keys; and support SAML, OAuth, or state-approved identity federation and multi-factor authentication. The contractor must also integrate with the State of Michigan's MiLogin Identity and Access Management platform using SAML 2.0 or OpenID Connect protocols. Failure to comply with security requirements constitutes material breach, permitting immediate termination without cure period.

Evaluation employs a 100-point technical scoring system: Schedule A General Requirements (30 points), Sections 4–23 excluding Section 12 (15 points), Prior Experience from Vendor Questions Worksheet (40 points), and Schedule A Section 12 Key Personnel (15 points). Proposals must score 80 or more points to have pricing evaluated. The contract includes two service level agreements with 100% compliance standards: attendance at all scheduled meetings and timely delivery of all reports. Failure results in 1% monthly service credits applied against invoices. The State reserves the right to negotiate terms, request price concessions, use alternative evaluation processes, award multiple contracts, and consider past performance and economic impact. Contracts valued at $250,000 or more require State Administrative Board approval. All proposals must be submitted electronically through www.michigan.gov/SIGMAVSS in modifiable native formats with individual files not exceeding 30 MB. Proposals are binding for 180 calendar days. The Solicitation Manager is Adam Ashley at (517) 855-1376 or ashleya2@michigan.gov.