RFP 014-2026 safekeeping and custodial services for city of springfield police officers’ and fire fighters’ retirement fund

The City of Springfield, located in Greene County, Missouri, is seeking proposals through RFP 014-2026 for comprehensive custodial services for the City of Springfield Police Officers' and Firefighters' Retirement Fund. The procurement targets a qualified financial services provider to deliver full master custody services, including safekeeping, delivery, securities valuation, transaction reporting, and management of the retirement plan's assets. Minimum qualifications for the custodian include being a trust company or national/state bank with at least ten years of custodial service experience, currently managing accounts with total assets of at least $1 billion. The RFP requires an account manager with a minimum of three years of experience administering similar-sized accounts. Proposals will be evaluated based on experience, personnel expertise, resources, project approach, and cost, with 15 points specifically allocated to pricing. The proposal submission deadline is October 15, 2025, at 3:00 P.M. Central Time, with electronic submissions required through the DemandStar e-bidding system. The initial contract term is one year, with the potential for annual renewals at the Plan's option for up to four additional years.

The RFP does not explicitly outline specific set-aside designations or restrictions for disadvantaged enterprises. The current custodian appears to be UMB Bank, which manages the existing account for the City of Springfield Police and Fire Retirement System. The retirement fund is a closed defined benefit plan covering uniformed Police Officers and Firefighters hired prior to 2006, with total assets of approximately $750 million spread across multiple investment managers and asset classes. The investment portfolio includes a diverse range of investments, with strategic asset allocation targeting 40% equity investments, 14% alternative investments, and 46% public fixed income investments. The City has included provisions for local vendor preference, which could potentially increase the scoring for local providers. While a specific budget range is not explicitly stated, the comprehensive nature of the custodial services and the significant asset portfolio suggest a substantial contract value commensurate with the fund's $750 million in total assets.