Investment Consulting Services

The Milwaukee County Pension Board is seeking investment consulting services for its Employees' Retirement System (ERS) and Other Benefit Retirement Account (OBRA), issuing a Request for Proposal (RFP) on November 25, 2025, with proposals due by January 14, 2026. The procurement seeks a qualified investment consultant to provide comprehensive advisory services including investment policy reviews, asset allocation guidance, performance analysis, manager searches, and educational sessions for a three-year contract with potential two one-year extensions. Minimum vendor qualifications include SEC registration as an investment advisor, ten or more years of investment consulting experience, at least three clients with $750 million or more in assets, and a commitment to act as a fiduciary. The Evaluation Committee will score proposals using weighted criteria: general company information (10%), conflicts of interest (10%), staff and personnel (10%), experience and expertise (15%), clients (5%), investment philosophy (15%), services (10%), investment manager database (10%), and cost proposals (15%). Questions from potential bidders were due by December 10, 2025, at 5:00 p.m. CT, with the anticipated service start date of July 1, 2026.

The RFP emphasizes commitment to equal employment opportunity and nondiscrimination, requiring contractors to comply with Milwaukee County General Ordinance 56.17 and federal regulations prohibiting discrimination based on various protected characteristics. Contractors with 50 or more employees must develop and submit a written affirmative action plan within 120 days of contract award. The current combined assets of ERS and OBRA total approximately $1.733 billion as of January 1, 2025, with ERS having a 71.6% funded ratio and OBRA at 100.5%. Pricing must be submitted as a fixed annual fee for the three-year agreement, with no additional reimbursable expenses permitted beyond the stated annual amount. Contractors must maintain comprehensive insurance coverage, including $5 million in Professional Liability/Errors and Omissions insurance, and comply with detailed contract provisions. The Pension Board reserves the right to award the contract based on best value rather than lowest cost, with potential contract termination provisions including a ninety-day convenience clause and immediate termination for cause.