RFP: Defined Contribution Investment-Fiduciary Consultant

The County of San Mateo Human Resources Department is requesting proposals for an investment and fiduciary consultant for its defined contribution retirement plans under RFP, with proposals due August 21, 2026 at 5:00 p.m. The County has established procurement preference provisions for local businesses and non-profits located in San Mateo County, with additional preference points for certified small or micro businesses.

The scope encompasses governance, investment management, fee monitoring, plan administration, and relationship management services for five defined contribution plans totaling approximately $982 million in assets with 15,307 participants. Minimum qualifications require seven years of similar service experience and an account manager with ten years of account service experience, plus System for Award Management (SAM) registration.

The contract term is five years with a flat annual fee structure. Evaluation occurs in two phases: Phase 1 assesses project approach (35 points), firm qualifications (20 points), team qualifications (20 points), and price (25 points); Phase 2applies local preference points of five to ten percent depending on proposer business classification. The County reserves the right to select the best value proposal rather than the lowest-priced proposal and will conduct competitive negotiations with the selected proposer.

The County's standard contract template for service agreements exceeding $200,000 applies. It requires comprehensive insurance coverage including general liability, motor vehicle liability, and professional liability of $1 million each, with the County named as additional insured. The contractor must comply with HIPAA if applicable, Section 504 of the Rehabilitation Act, non-discrimination provisions, living wage ordinances, and prevailing wage requirements for applicable public works projects. All work products become County property.

Questions are due August 7, 2026. Interviews are tentatively scheduled for September 16, 2026, with an anticipated award date of December 1, 2026. No pre-proposal conference or site visit is scheduled.