Investment Consulting Services for the Texas Prepaid HIgher Education Tuition Board

The Texas Comptroller of Public Accounts, acting on behalf of the Texas Prepaid Higher Education Tuition Board, is seeking investment consulting services under RFP 233a with a proposal due date of June 21, 2026 (amended notice), and intends to award to the incumbent, Aon Investments USA Inc., unless a better competing offer is received.

The scope encompasses advisory and consulting services for six educational savings programs: the Texas Guaranteed Tuition Plan ($175.3 million in assets), Texas College Savings Plan ($697.8 million), LoneStar 529 Plan ($201.2 million), Texas Tuition Promise Fund ($1.05 billion), Texas Save and Match Program, and Texas ABLE Program ($17.7 million). Deliverables include monitoring actuarial funding status, developing and modifying investment policy objectives, evaluating investment manager performance, preparing quarterly and annual performance reports, assisting with investment manager selection and evaluation, developing asset liability models, and conducting ongoing due diligence on underlying investments.

The initial contract term runs September 1, 2023 through August 31, 2026, with two optional one-year extension periods through August 31, 2028. Compensation is firm fixed-price, covering all services, travel, and meeting attendance on a single price sheet. Proposals must remain valid for 180 days from submission.

Evaluation uses best-value criteria weighted 80% on demonstrated competence, knowledge, qualifications, relevant experience, and past performance, and 20% on reasonableness of proposed fees. Top-scoring respondents may present to the Board at its quarterly meeting in Austin.

Respondents must provide audited financial statements or alternative evidence of financial stability, maintain Professional Liability Insurance ($1 million per occurrence / $2 million aggregate), Commercial General Liability Insurance ($1 million per occurrence / $2 million aggregate), and Workers' Compensation Insurance. A completed HUB Subcontracting Plan identifying opportunities in financial advisory, financial services, investment management, and finance consulting is required. Respondents must execute nondisclosure agreements, criminal conviction certifications, conflict-of-interest statements, and public nature certifications. Addendum No. 1 (April 11, 2023) incorporates current investment policy statements and fourth-quarter 2022 performance reports; acknowledgement of receipt is mandatory or proposals face disqualification.