SIB02-25 - Investment Consulting Services

The ScholarShare Investment Board, a California state agency, issues Request for Proposals No. SIB02-25 to procure qualified investment consulting services for the ScholarShare 529 program and the California Kids Investment and Development Savings Program (CalKIDS). The consultant will serve as a fiduciary advisor assisting SIB with revising the statement of investment policy as needed, monitoring investment performance of the current program manager TIAA-CREF Tuition Financing, Inc., conducting monthly performance evaluations against applicable indices and policies, advising on investment vehicles and market conditions, and participating in board meetings and RFP development processes. The consultant will support SIB in managing ScholarShare 529's 476,000 accounts and $16.9 billion in assets under management, as well as CalKIDS' 5.4 million accounts and $2.3 billion in assets as of September 30, 2025. Required qualifications include five years of active investment advisory experience, prior consultation with governmental agencies managing at least $1 billion in assets, current SEC and MSRB municipal advisor registration for the entire contract term, a written fiduciary agreement, and California business qualification. Proposals are due February 4, 2026, at 4:00 p.m. Pacific Time in hard copy format at the ScholarShare Investment Board offices in Sacramento, with the top two scoring firms selected for oral interviews on February 11-12, 2026, and a notice of intent to award issued February 13, 2026. The evaluation committee will award points based on background and personnel (25 points), investment consulting experience and expertise (35 points), cost proposal (30 points), and oral interview performance (10 points), with the highest-scoring responsible and responsive firm receiving the award.

Proposers must comply with specific restrictions, including prohibition of contractual or business relationships with the program manager or any investment managers in the ScholarShare 529 portfolio. A five percent small business preference is available to certified small businesses, while a five percent non-small business preference applies to firms committing 25 percent subcontractor participation with certified small businesses. The current program manager is TIAA-CREF Tuition Financing, Inc., and the consultant must integrate with existing ScholarShare 529 and CalKIDS program infrastructure and reporting systems. Cost proposals must be based on 200 hours of annual work at hourly rates compliant with California Department of Human Resources standards, plus $10,000 in annual travel costs, with no all-inclusive flat fees or retainer arrangements permitted. The contract term runs from April 17, 2026, through April 16, 2028, with an optional one-year extension through April 16, 2029, and a maximum contract value of $300,000 for the initial two-year term, with an additional $150,000 available for the optional extension year, totaling a potential $450,000 for three years.