Treasury - Unclaimed Property Custodial Services RFP

The State of Michigan Department of Treasury issued Request for Proposal (RFP) 200000000634 on January 27, 2020, to procure unclaimed property custodial services for securities and related dividends or interest. The primary services include establishing and maintaining a custodian account, accepting securities through the Depository Trust Company (DTC), accounting for stocks, mutual funds, bonds, debentures, and warrants, securing physical certificates in vaults, processing corporate actions such as mergers and stock splits, collecting and depositing dividends and interest in interest-bearing money market accounts, liquidating securities within three working days of request, and re-registering shares to unclaimed property owners. The contractor must provide online inquiry access for state staff, conduct research on corporate actions, inventory securities at current market value within 48 hours of receipt, provide monthly transaction and securities inventory reports in Excel format, transmit liquidation proceeds and cash receipts via wire transfer by the third business day of each month, and appoint a designated Contractor Representative available during 8 a.m. to 5 p.m. EST with a toll-free customer service number. The contract term is five years with five one-year renewal options, effective August 1, 2020, through July 31, 2025. The RFP required bidder questions by February 7, 2020, with answers posted by February 14, 2020, and proposals due February 28, 2020, at 1:55 p.m. Eastern Time. Evaluation criteria allocated 40 points to Schedule A Sections 1-3, 25 points to Schedule A Section 4, 15 points to Schedule A Sections 5-9, and 20 points to the Vendor Questions Worksheet, with a minimum 80-point threshold required for pricing evaluation. The State reserved the right to conduct on-site facility visits, oral presentations, interviews, and reference checks during evaluation.

The RFP does not impose set-aside designations but encourages responses from qualified disabled veteran-owned businesses as a consideration factor in award decisions, alongside prior performance, Michigan economic impact, and total cost of ownership. No incumbent vendor or current contractor information is identified in the solicitation documents. The pricing schedule is structured on a firm, fixed-price basis for the entire five-year contract period, though bidders may propose tiered pricing structures with different rates for specified periods within the five-year term. Contractors must submit detailed unit costs for each service category, including setup charges, shipping and handling, per-piece pricing, palletizing fees, monthly maintenance fees, corporate actions, securities receipt and transfer services, liquidation services, and signature guarantee requests. The contract is subject to State Administrative Board approval if the award equals or exceeds $250,000, and proposals remain binding for 180 days from submission. Required insurance includes Commercial General Liability ($1,000,000 per occurrence/$2,000,000 aggregate), Automobile Liability ($1,000,000 per accident), Cyber Liability ($1,000,000 per occurrence), Crime/Fidelity ($1,000,000), and Professional Liability ($3,000,000 per occurrence/$3,000,000 aggregate), with the State named as additional insured. The specific budget or award value is not disclosed in the available documentation.