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

The City of Tallahassee is seeking a qualified investment consultant to provide comprehensive Fiduciary 3(21) pension and non-pension investment advisory services across multiple funds. The solicitation covers three defined benefit pension plans (for general employees, police, and fire), multiple defined contribution plans, and an operating portfolio with approximately $2.4 billion in pension assets and $990 million in operating assets. Qualified respondents must have a minimum of ten years of experience providing 3(21) investment consulting services, have served at least three public pension clients with over $1 billion in assets, and be registered with the SEC or state securities regulator. The consultant will be responsible for quarterly performance reports, asset allocation studies, investment manager searches, fee analysis, and manager monitoring services, with quarterly meetings required with the Investment Advisory Committee and City Treasurer-Clerk staff. 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. Proposals will be evaluated on a 100-point scale, with points allocated across qualifications (15 points), personnel ability (30 points), approach and strategy (30 points), references (5 points), and cost/fee proposal (20 points).

No specific set-aside designations or restrictions for disadvantaged enterprises were identified in the solicitation documents. The contract will be awarded to the respondent providing the best value, with the City reserving the right to shortlist multiple respondents, request additional information, conduct site visits, and negotiate with the selected firm. If initial negotiations are unsuccessful, the City may negotiate with subsequently ranked firms. The resulting contract will be for a five-year base period with one optional two-year extension. Respondents must maintain professional liability insurance of at least $1 million per occurrence and provide a comprehensive drug-free workplace program. While no specific incumbent vendor was mentioned, the solicitation requires vendors to complete several mandatory forms, including a Conflict of Interest Disclosure, Non-Collusion Affidavit, Responsible Vendor Review, and References form. The contract will require comprehensive insurance coverage, including Commercial General Liability of $500,000 per occurrence and Business Automobile Liability of $500,000 per accident.