RFP-Optional Retirement Program Consulting Services

The Maryland State Retirement Agency, on behalf of the Board of Trustees, is seeking consulting services for the State of Maryland's Optional Retirement Program through a Request for Proposal (RFP) issued on March 28, 2025, with responses due by April 30, 2025. The procurement targets comprehensive consulting services specifically tailored to support the Optional Retirement Program, with an emphasis on strategic guidance, program management, and technical expertise. While specific deliverables are detailed in the attached RFP documents (ORP_Consulting_Services_RFP_2025.pdf and ORP_Consulting_Services_RFP_2025-Updated_weblinks.pdf), the primary objectives appear to include program analysis, performance evaluation, and potential recommendations for program optimization. Potential respondents will likely need to demonstrate extensive experience in retirement program consulting, with robust qualifications in financial analysis, retirement plan management, and regulatory compliance. The evaluation criteria are expected to include factors such as vendor experience, proposed methodology, team qualifications, project understanding, and potential cost-effectiveness of proposed solutions. Interested vendors should carefully review the complete RFP documentation and be prepared to submit comprehensive proposals that address all specified requirements by the April 30, 2025 deadline.

While specific set-aside designations are not immediately apparent from the provided information, Maryland typically encourages participation from minority-owned, women-owned, and veteran-owned businesses in state procurement processes. The solicitation appears to be open to qualified consulting firms with specialized expertise in retirement program management and advisory services. No incumbent vendors are explicitly identified in the available documentation. The procurement seems focused on securing high-quality consulting services to enhance the Optional Retirement Program's strategic capabilities, suggesting a potential multi-year engagement. Though precise budget ranges are not specified, similar state-level retirement program consulting contracts often range from $100,000 to $500,000 annually, depending on the scope and complexity of services required. Prospective respondents should anticipate a competitive selection process that emphasizes technical capability, innovative approach, and demonstrated success in similar retirement program consulting engagements.