RFP Defined Contribution Program Consultant

California State Teachers' Retirement System (CalSTRS) is requesting proposals for a Defined Contribution Program Consultant to provide investment oversight, fiduciary governance, recordkeeper oversight, fee benchmarking, regulatory compliance, and plan administration support for its Pension2 defined contribution program, with proposals due July 6, 2026 at 2:00 p.m. Pacific Time. A mandatory 3% Disabled Veteran Business Enterprise (DVBE) participation requirement applies, with incentive points available for participation levels of 3.01% or higher.

The consultant will serve as an independent strategic advisor supporting CalSTRS staff on public-sector 403(b), Roth 403(b), 457(b), and Roth 457(b) retirement savings programs serving approximately 40,000 active participants across K-12 school districts, charter schools, county offices of education, and community college districts. The scope includes objective analysis, industry benchmarking, legislative and regulatory guidance, and actionable recommendations.

Minimum qualifications include at least three years of experience with public-sector 403(b) or 457(b) plans; five years of institutional defined contribution consulting experience; three years of regulatory compliance experience; valid professional licensure or registration; and a California office location. Compensation is on an hourly rate basis with estimated 300 hours per year, no guaranteed minimum, invoiced quarterly in arrears. Annual rate increases may not exceed 5% from the previous year. The hourly rate must include all costs including supplies, travel, per diem, and subcontractor services.

CalSTRS intends to award a contract for up to two years with one optional one-year extension. The evaluation process comprises four phases: prequalification review, technical proposal questionnaire evaluation (200 points maximum), fee proposal evaluation (100 points maximum), and optional finalist interviews and best-and-final-offer negotiations. Written questions are due June 22, 2026. Proposals must be submitted electronically as a single compressed zip file not exceeding 150 MB. Any award protest must be filed within five business days of the Notice of Intent to Award posting on the CalSTRS website.