Washington Saves Investment Consultant

The Washington State Department of Financial Institutions (DFI) is seeking an investment consultant to support the Washington Saves Program through Competitive Solicitation No. 2026-2, targeting a program launch in July 2027. The selected consultant will be responsible for developing an investment policy statement, advising the Washington Saves Governing Board on governance and risk management, participating in investment manager selection, and monitoring investment performance. Required qualifications include at least 5 years of experience advising on retirement plan investment options and consultation on funds totaling a minimum of $1 billion. Evaluation will be comprehensive, with 100 points allocated to non-cost factors, 70 points for cost factors, and additional points for compliance with Executive Order 18-03, Washington Small Business certification, and Veteran-Owned Business status. Key procurement dates include a virtual pre-bid conference on December 3, 2025, proposal submissions due by January 11, 2026, demonstrations for top-scoring bidders between January 20-23, 2026, and anticipated contract award on February 12, 2026. The solicitation covers multiple Washington counties, including Franklin, Grant, Grays Harbor, Chelan, and Yakima Counties.

The solicitation includes provisions for small business and veteran-owned business preferences, with 10 points allocated for each certification type. Bidders must complete a comprehensive certification process, including disclosures about business practices, financial stability, and potential conflicts of interest. The contract has a total estimated value not to exceed $225,000, structured as a firm fixed-price award for up to 36 months. Successful bidders must maintain professional liability insurance of at least $1,000,000 and agree to serve as a fiduciary to the trust. Travel costs will be reimbursed at DFI's discretion, following Washington Office of Financial Management guidelines. The procurement emphasizes transparency, ethical business practices, and the ability to support a state-facilitated retirement savings initiative that aims to provide investment options for diverse participant populations. Bidders must demonstrate compliance with state and federal regulations, provide references, and maintain good standing with state regulatory bodies.