PENSION AND NON-PENSION INVESTMENT CONSULTANT SERVICES - Fiduciary 3(21)

The City of Tallahassee is issuing a Request for Proposals for Pension and Non-Pension Investment Consultant Services to provide fiduciary 3(21) advisory services under ERISA Section 3(21). The consulting services will support the City's management of approximately $2.4 billion in pension assets and $990 million in operating portfolio assets across three defined benefit pension plans (general employees, police, and fire), three defined contribution plans (MAP, 175, and 185 Plans), a deferred compensation plan (RSVP), and an operating portfolio. The selected consultant will conduct quarterly meetings with the Investment Advisory Committee and City Treasurer-Clerk staff to review performance reports, analyze investment manager performance against benchmarks, recommend manager replacements, conduct investment manager searches, and conduct asset allocation studies every three to five years. Respondents must demonstrate a minimum of ten years of experience providing 3(21) investment consulting services, currently provide services to a minimum of three public pension clients with at least $1 billion in assets under management, maintain professional liability insurance of $1,000,000 per occurrence, and be registered with the SEC or state securities regulator. The RFP was released on January 9, 2026, with final questions due January 21, 2026, and proposals due February 6, 2026 at 12:00 PM ET through the Bonfire e-procurement system. Evaluation meetings are scheduled for February 18, 2026, with optional oral presentations the week of February 23, 2026, City Commission approval anticipated March 11, 2026, and initial negotiation meetings scheduled for the week of March 23, 2026. The evaluation criteria are based on a 100-point scale: qualifications and demonstrated ability (15 points), experience and ability of assigned personnel (30 points), approach and strategy (30 points), references (5 points), and cost/fee proposals (20 points).

There are no specific set-aside designations mentioned in the solicitation documents; however, firms demonstrating drug-free workplace programs may receive preference consideration when bids are equal in price, quality, and service under Florida Statutes Section 287.087. No incumbent vendors or current contractors are identified in the procurement documents. Respondents must submit numerous compliance and certification documents as part of their proposal, including a Vendor Conflict of Interest disclosure form, Drug-Free Workplace Certification, Non-Collusion Affidavit, Responsible Vendor Review Form, Representations and Certifications Form, professional references demonstrating relevant federal, state, or local contract experience, and a completed Bid Price Schedule with annual fees for pension consulting services. All proposed pricing must be inclusive of labor, supervision, materials, supplies, equipment, tools, transportation, handling, assessments, fees, and applicable taxes, with the City subject to Florida Sales Tax on materials and services. The contract term is five years with one optional two-year extension, and specific award values or budget ranges are not disclosed in the available solicitation documents; however, respondents must provide comprehensive fee proposals that guarantee pricing for a specified period.