Pension Investment Monitoring and Advisory Services

The City of Dallas is seeking qualified firms to provide investment monitoring and advisory services for two independently managed pension systems: the Dallas Police and Fire Pension System (DPFP) and the Employees' Retirement Fund (ERF), both single employer, contributory defined benefit plans. The procurement is a Request for Proposal (RFP) posted April 2, 2026, with a submission deadline of May 1, 2026, and includes a pre-proposal meeting to allow prospective vendors to ask questions through the City's procurement portal. Required services encompass comprehensive analysis of investment policies, asset allocation, fees and commissions, investment governance, and manager selection and monitoring aligned with Texas Government Code Chapter 802, with deliverables including annual comprehensive reviews, quarterly performance reporting, and up to four presentations annually to City Council and pension boards. The contract includes an initial one-year term with three optional one-year renewals, commencing upon Dallas City Council approval and execution. Respondents must be registered with the Securities and Exchange Commission as investment advisors with a minimum of five years of experience in institutional investment consulting for state or local governments or pension plans, and must demonstrate service to at least five defined benefit pension plan clients collectively representing not less than $1.5 billion in assets. Proposals must include a transmittal letter, table of contents, detailed narrative scope of work, fee schedule, three references from pension clients with assets exceeding $1.5 billion, and resumes for all assigned staff. Evaluation criteria allocate points as follows: firm capability and expertise (25 points), staff qualifications and availability (15 points), references (15 points), DRIVE Policy compliance including small business enterprise utilization and local economic impact (20 points), and proposed cost (25 points).

The City of Dallas has established small business enterprise (SBE) set-asides and local participation requirements under its Developing Regional Inclusive Vendor Enterprise (DRIVE) Policy, adopted by City Council Resolution #25-1879, which establishes a 38 percent aspirational SBE goal for Professional Services procurements and requires compliance with monthly audits and detailed documentation of subcontractor performance of commercially useful functions. All respondents must complete multiple compliance forms including the SBE Affidavit, SBE Utilization Plan and Local Economic Impact Form, Local Participation and Workforce Impact certification, Past Commitment and Engagement Score Form, and SBE Good Faith Effort Documentation Form (if applicable when SBE goals are not met). The City prioritizes vendors headquartered within Dallas or the Dallas-Fort Worth-Arlington Metropolitan Statistical Area regardless of SBE certification status, and requires vendors to report total company-wide employees and the number of employees residing within Dallas as part of procurement reporting obligations to City Council. Required insurance includes Commercial General Liability with minimum combined limits of $1,000,000 per occurrence and $2,000,000 general aggregate, Professional Liability Insurance with minimum limits of $1,000,000 per claim and $1,000,000 annual aggregate, and Cyber/Technology Network Liability and Risk Insurance with minimum limits of $1,000,000 per claim, all naming the City of Dallas as an additional insured with certificates of insurance due within 15 days of award notification. For contracts exceeding $50,000, contractors must comply with Dallas City Council Living Wage Resolution 15-2141, requiring payment of no less than $23.06 per hour to all employees performing services on the contract. The specific fee schedule and award value are contained within Attachment A (Fee Schedule for Services); invoices will be paid within 30 days upon receipt of correct invoices reflecting delivered work, and the City reserves the right to reject all proposals, award without discussion, negotiate with qualified proposers, and request best and final offers.