TREAS_BOI - Investment Consulting Services

The State of Michigan Department of Technology Management and Budget, on behalf of the State Treasurer, State of Michigan Investment Board, Chief Investment Officer of the State of Michigan Retirement System, and Bureau of Investments, issued RFP 210000002288 soliciting investment consulting services to support the management of approximately $94.1 billion in assets across four defined benefit retirement plans serving approximately 540,000 participants as of June 30, 2021. The scope of work encompasses portfolio analysis, investment planning, asset allocation, investment manager selection and evaluation, compliance assistance, legislative recommendations, asset-liability studies, performance monitoring, research and analysis, and related consulting services. Qualified respondents must be currently registered as an investment advisor under the Investment Company Act of 1940, agree to serve as a fiduciary, demonstrate a minimum of five years in business with senior principals possessing at least ten years of institutional experience, provide evidence of prior experience with public retirement systems of similar asset size, assign staff with a minimum of five years' professional experience, maintain a dedicated investment manager research and analysis team, fully disclose all conflicts of interest and revenue sources, and comply with Michigan's Pay-to-Play Rules. Technical evaluation criteria are weighted at 100 points across four categories: Statement of Work (20 points), Company Information and Capabilities (25 points), Prior Experience (40 points), and Staffing (15 points), with proposals scoring 80 or more points eligible for price evaluation. The RFP was issued on August 31, 2021, with a deadline for bidder questions on September 6, 2021, answers posted by September 9, 2021, and a proposal submission deadline of 3:00 p.m. Eastern on September 21, 2021; the anticipated contract begin date is November 1, 2021, with a term extending through October 31, 2024, renewable for up to two additional one-year periods at the State's discretion.

The RFP does not contain specific set-aside designations for disadvantaged enterprises, minority-owned businesses, or other restricted organization categories, and no incumbent vendors or current contractors are identified in the available documentation. Respondents must maintain minimum insurance coverage including Commercial General Liability Insurance ($2,000,000 General Aggregate), Automobile Liability Insurance ($1,000,000 Per Accident), Workers' Compensation Insurance per applicable law, and Employers Liability Insurance ($500,000 Each Accident), and pricing must be firm for the entire contract length with quarterly invoicing and Electronic Funds Transfer payment within 45 days of receipt. The contract is subject to State Administrative Board approval if valued at $250,000 or greater and includes mandatory federal provisions compliance including Davis-Bacon Act requirements, Clean Air Act and Federal Water Pollution Control Act compliance for contracts exceeding $150,000, and Byrd Anti-Lobbying certification for awards exceeding $100,000. No specific award value or budget range is disclosed in the RFP materials provided, though the solicitation encompasses management of substantial retirement system assets and contemplates a multi-year engagement. Contractors must comply with comprehensive security requirements including NIST standards, annual security control testing and certification through SSAE16 audit reports, incident reporting procedures, and mandatory security awareness training for all personnel accessing Treasury information.