REQUEST FOR PROPOSAL NUMBER B Department of Purchasing 300 South Broadway St. Louis, MO 63102

Transcription

1 REQUEST FOR PROPOSAL NUMBER B Department of Purchasing 300 South Broadway St. Louis, MO SPECIFICATIONS FOR INVESTMENT AND ASSET MANAGEMENT SERVICES FOR NON-CERTIFICATED EMPLOYEES RETIREMENT PLAN OF THE JUNIOR COLLEGE DISTRICT OF ST. LOUIS, ST. LOUIS COUNTY, MISSOURI FOR ADDITIONAL INFORMATION, CONTACT: Cynthia Green, Assistant Controller Phone: or Last Date to Submit Questions: Thursday, September 21, 2017 RFP CLOSING DATE: Tuesday, October 3, 2017 RFP CLOSING TIME: 3:00 p.m., local time Date Issued: September 11, 2017

2 INSTRUCTIONS TO ALL BIDDERS St. Louis Community College ( College ) welcomes all interested parties to participate in its competitive bid process. Respondents will be expected to submit proposals that are in compliance with the terms and conditions as outlined below: 1. All awards are subject to final approval by St. Louis Community College s Board of Trustees, or their designated representative(s). 2. Proposals may be submitted via at stlccbids@stlcc.edu or to Purchasing B , 300 S Broadway, St. Louis, MO on or before the time and date stipulated in the Request for Proposal Document. All late bids will be rejected. 3. The successful bidder(s) must comply with the State of Missouri s Revised Statute RSMO which states: No business entity or employer shall knowingly employ, hire for employment, or continue to employ an unauthorized alien to perform work within the state of Missouri. The affidavit included in Attachment A must be completed and notarized to meet this provision. (This may be submitted after the notice of award is given.) 4 All proposals must be signed by a duly authorized representative of the person, partnership or corporation offering the bid. Failure to sign the College Invitation for Bid document will result in automatic disqualification of that bid. The College reserves the right to request written confirmation of persons authorized to sign all bids on behalf of a company. 5. Vendors may submit more than one bid proposal. No penalty or credit will be given for submitting multiple proposals. 6. Bidders are responsible for reviewing their proposals prior to submission to be certain they can honor all prices, terms and conditions offered in bid. Bidders may submit written amendments or withdraw their bid proposals up until the date and time of the scheduled bid opening. Once bids have been opened, all bidders will be expected to honor all prices and terms offered in total. Unit price will prevail in cases of extension errors. Bid defaults will result in either temporary or permanent removal from the College s list of vendors in good standing. 7. If this proposal is accepted by the College, in whole or in part, it becomes a binding contract for the item(s) or section(s) designated when signed by an authorized representative of the College and returned to the Proposer. By signing and submitting this bid, you are offering to sell the goods and/or services to the College on the terms and conditions contained in this Invitation for Bid. All purchases are subject to the terms and conditions contained in and attached to this Invitation for Bid. By submitting a proposal, bidder agrees to these terms and conditions. Any additional or different terms proposed by bidder are hereby objected to. The College may issue one or more Purchase Orders in connection with the contract formed by acceptance of this bid. Any such Purchase Order shall be governed by this contract and shall not be deemed a proposal for change or amendment, unless specifically so designated by the College. 8. Requests for clarification on RFP specifications should be addressed to the buyer identified in the bid document. Any changes in specifications will be sent to all bidders in the form of a written addendum. All addenda become a part of the Request for Proposal. Proposers are to sign and include all addendums with each bid being submitted. 9. Proposers are to check the College s website at to ensure all addendums are included with submission of bid responses. 10. Bidders may obtain Invitation for Bid results by either attending the bid opening or by appointment with the assigned buyer. DELIVERY AND INVOICING INFORMATION 1. Invoices must be submitted in duplicate to: NCERP St. Louis Community College Attn: James Hayden 300 S. Broadway St. Louis, MO The College renders payment only after delivery of services. 3. NCERP is a tax exempt public institution. The NCERP tax exempt Missouri I.D. is St. Louis Community College Request for Proposal B Page 2 of 15

3 EQUEST FOR PROPOSAL NUMBER B BUYER: Cynthia Green DATE ISSUED: September 11, 2017 ITEMS/SERVICE REQUESTED: Contract for Asset/Money Management Services Proposals will be received at the Department of Purchasing, St. Louis Community College, Administrative Center, 300 S. Broadway, St. Louis, MO until the time and date given herein and then publicly opened for reading and evaluation: Please note that the College retains the right to make an award on an item by item or all or nothing basis. DATE & TIME BID WILL BE OPENED AND READ: Tuesday, October 3, 2017 at 3:00 p.m., Local Time If this request for proposal is accepted by St. Louis Community College ( College ), in whole or in part, it becomes a binding contract for the items or sections designated below when signed by an authorized representative of the College and returned to the Respondent. By signing and submitting this RFP, you are offering to sell the goods and/or services to the College on the terms and conditions contained in this Request for Proposal. All purchases are subject to the terms and conditions contained in and attached to this Request for Proposal. By submitting a response, bidder agrees to these terms and conditions. Any additional or different terms proposed by bidder are hereby objected to. The College may issue one or more Purchase Orders in connection with the contract formed by acceptance of this proposal. Any such Purchase Order shall be governed by this contract and shall not be deemed a proposal for change or amendment, unless specifically so designated by the College. Prices quoted are guaranteed for calendar days from the date of the bid opening under the terms and conditions offered in bid herein. (120 days unless otherwise specified) In compliance with the above, the undersigned offers and agrees, if this bid be accepted, to furnish any and all of the goods and/or services at the price quoted, delivered to the designated point(s) within the time specified in this Invitation for Bid document. IF NOT SIGNED BELOW, BID WILL BE DISQUALIFIED. (SELLER Company Name) (Signature) (Printed Name and Title) (Company Address) Bid is accepted for the College by: (Signature) Cynthia Green, Assistant Controller Items/Sections Accepted: (City/State/Zip Code) St. Louis Community College Request for Proposal B Page 3 of 15

4 CONTRACT OR BLANKET ORDER AGREEMENTS The purpose of this Invitation for Bid is to solicit quotations from qualified vendors to establish a contract or blanket order for the routine purchase of goods and/or services on an as or when needed basis. The quantity and dollar estimates provided represent the purchasing history of the College and/or a reasonable estimate of future activity in the area specified. While the College strives to make these estimates as realistic as possible, they do not constitute a guarantee of volume. The College reserves the right to inspect the bidder s facility prior to award to assure that they meet the requirements and can provide the necessary support for the contract goods and services specified. The College may cancel a contract at any time by giving the seller thirty (30) days written notice of failure to comply in part or total with the prices, terms and conditions offered in bid. The College retains the right to take extensions to the contract agreement of up to twelve (12) months, provided said extension is mutually agreeable to both the seller and the College. Contract Period: Five (5) full years Requested Contract Start Date: January 1, 2018 Estimate of Contract Quantity or Dollar Expenditure: To Be Determined Contract Liaison Person (to be completed by bidder): (Name/Title) Tel No. Fax No. (Telephone) address St. Louis Community College Request for Proposal B Page 4 of 15

5 St. Louis Community College invites all interested and qualified firms to submit proposal for providing investment and management services for the Non-Certificated Employees Retirement Plan of the Junior College District of St. Louis St. Louis County, Missouri ( the Plan ) BACKGROUND INFORMATION The Board of Trustees of St. Louis Community College established the Non-Certificated Employees Retirement Plan of the Junior College District in The Plan covers full-time employees of the district who are non-certificated who work at least 32 hours per week, nine months in the calendar year. The current employee contribution rate is 4.0% of pre-tax income, with the College matching at 4.0%. Deductions are effective on the first day of the bi-weekly payroll period that begins after you have been an employee for 13 complete bi-weekly payroll periods. There are approximately 530 employees currently contributing to the Plan and approximately 150 participants collecting benefits. The asset value as of June 30, 2017 was $75,761, SCOPE OF SERVICES 1. Develop appropriate investment strategies to fit the liquidity, risk and income criteria established by the Plan. 2. Invest funds in appropriate obligations, securities, etc. in accordance with the criteria established by the Plan. 3. Execute transactions as appropriate. 4. Maintain ongoing communication with appropriate officials of the Plan St. Louis Community College Request for Proposal B Page 5 of 15

6 SCHEDULE FOR RECEIPT OF PROPOSALS AND CONTRACT AWARD: The following schedule for Request for Proposal number B will outline the approximate course of events to be followed in the evaluation and award of a contract for banking and related services for St. Louis Community College. This schedule is provided for the purpose of assisting you in planning and does not constitute a guarantee that all dates listed will actually be adhered to. All vendors will be notified, however, if there is a significant change in this schedule. September 11, 2017 September 21, 2017 October 3, 2017 December 1, 2017 Request for Proposal released via Deadline for receipt of questions Deadline for receipt of proposals 3:00 p.m. Notification of recommendation for award to NCERP Committee Contract award date, contingent upon approval by the NCERP Committee SUBMISSION OF PROPOSAL(S) Proposals must be submitted via at stlccbids@stlcc.edu or in a sealed envelope or container with the signed Request for Proposal form provided by October 3, 2017 at 3:00 pm CST. All bid submissions must be labeled on the front in bold letters as follows: Department of Purchasing St. Louis Community College 300 South Broadway St. Louis, MO Attn: B All questions regarding this RFP must be submitted in writing to Cynthia Green, Assistant Controller at stlccbids@stlcc.edu. Addendums will be issued to answer all questions that are submitted in writing; all addendums will be posted on the College s website at Bidders must check the College s website prior to submission of responses to ensure all addenda are reviewed, signed and submitted with bid responses. Unless otherwise amended, the deadline for submission of proposals is: Tuesday, October 3, 2017 at 3:00 PM CST. All proposals or unsolicited amendments to proposals arriving after the closing date and time will not be considered. St. Louis Community College Request for Proposal B Page 6 of 15

7 REQUIREMENTS/FORMAT FOR SUBMISSION OF PROPOSALS Asset/Money Management Services All proposals must include the following information. Please feel free to use charts, diagrams, text or any other media you feel will help convey the scope and intent of your proposal. About Your Firm/Team 1. Please tell us about your firm. If you team is affiliated with a firm that includes multiple teams around the country, please tell us about your team. Include the firm (team name, address, contact person, phone number, fax and Describe the ownership and structure of your firm (team). 3. List your firm's lines of business (including affiliated companies). 4. How many years has your firm been in business? 5. Briefly describe your firm's history. a. How many years has your firm been servicing retirement plan clients? b. What documentation of your firm's history servicing asset management clients can you provide? c. Total firms currently under management? 6. What is the total number of employees in the firm? a. Of those, number of employees who are portfolio managers, marketing personnel and research analysts. b. Do you use sub-contractors? (Y/N) i. If yes, who and for what services? 7. What is the position of your firm in the employer-sponsored retirement plans business? a. Total firm assets from Asset/Money Management services b. Retirement Plan assets under management c. What is you firm s experience managing portfolios for defined benefit plans? i. Total number of clients with defined benefit plans under your management: St. Louis Community College Request for Proposal B Page 7 of 15

8 8. Please list the types of services your firm offers for retirement plans. 9. Describe the types of clients your firm serves by market segment (retail, institutional) and by type (defined benefit, non-profit, etc.) 10. Please describe your firm's experience helping clients through complex processes such as, audits, Internal Revenue audits, voluntary compliance actions, partial plan termination determinations, plan mergers or spin-offs, plan terminations, or corrective contributions. 11. Describe what differentiates your firm from other asset/money management firms. 12. How many discretionary/outsourced chief investment officer (OCIO) clients have you gained/lost in the past five years? 13. Please indicate the scope of services that will be provided for this account. 14. Please disclose any affiliations that your firm has with any investment managers, brokers, custodians or other third parties. 15. Please list the federal, state, and other regulatory agencies with which your firm is licensed or registered, and the type of license held. a. Please indicate which employees are not registered or licensed, and why. 16. Have any individuals from your firm ever been disciplined by any government regulator for unethical or improper conduct, or been sued by a client who was not happy with the work performed by the firm? 17. Has your firm or any asset/money manager of your firm been found guilty of any violation or paid any fines because of violations of securities regulations or ERISA? 18. Is your firm bonded/insured? If so, to what amount? 19. Does your firm work with client plans on an asset/management basis? a. Please provide a copy of both parts of your firm's most recent SEC Form ADV? 20. Does your firm work with clients on a commission basis? 21. Does your firm calculate and present its investment performance in accordance with Global Investment Policy Standards (GIPS)? 22. Please describe the compliance assessment process, including the time period covered testing methods, and frequency. 23. When was the last compliance assessment? Please attach a summary of the inspection results. St. Louis Community College Request for Proposal B Page 8 of 15

9 24. To whom does the chief compliance officer report? Service Team 1. Describe your service model to our plan (staff, responsibilities, interactions with our plan, frequency of in-person meetings, frequency of conference calls, team dynamics). 2. Primary contact for relationship, include the name and title, city and state, phone, fax, and Overall experience with employer sponsored retirement plans. 4. Commitment to the retirement plans business 5. Area of expertise 6. Years with the firm 7. Role at the firm 8. Will the primary contact be the only person with whom we will be working? (Y/N; if no, please list name, contact information, and profile information for each person) 9. Overall experience with employer-sponsored retirement plans Asset/Money Management Services 1. Describe your firm's a pproach to asset/money investment consulting. 2. Describe your firm s philosophy regarding retirement plan assets. 3. Describe the process for determining the appropriate asset allocation for the College s assets. 4. What investment policy statement support do you offer? 5. What tools does your firm use to evaluate products and service? a. Which of these tools are proprietary to your firm, developed in-house, or specifically for your firm? 6. How do you decide to buy or sell a security? a. How are investment benchmarks determined? b. Are investment decisions made by an individual or committee structure? St. Louis Community College Request for Proposal B Page 9 of 15

10 7. Do you hold performance review meetings with clients and what reports do they receive? 8. Do managers follow a model portfolio, and if so, to what extent is management permitted to deviate from such a model portfolio? 9. Does your firm implement tactical asset allocation moves? Please describe. 10. What actions do you take when investments are not performing? 11. Describe your firm s fund manager selection process. What tools do you use to evaluate and monitor managers? Define your research and due diligence process to identify, select, and terminate managers. 12. Please describe your views on active vs. passive management 13. Provide a sample of a written recommendation provided to a client. 14. Does your firm develop capital market assumptions? If not, how do you develop your long-term projections for asset class returns. 15. Describe how benchmarks are chosen or developed. 16. How many fund options are typically used in client portfolios? 17. Disclose any conflicts of interest or arrangements or ownership stakes in the strategies used in the portfolio. 18. Do you select proprietary investment strategies and/or non-proprietary investment strategies for client portfolios? 19. How frequently are investment strategy meetings held? Please explain 20. Have the principals of your firm been under investigation related to money management activities in the last five years? If yes, please explain. 21. Please provide a short biography or resume of the person(s) who are responsible for the overall risk management of your firm. 22. Do you intend to act as a fiduciary for the Plan? 23. How does your firm custody report client s assets? 24. Can you please provide us with data that will indicate your current clientele s market values prior to the 2007/2008 market losses in contrast with their present market values? St. Louis Community College Request for Proposal B Page 10 of 15

11 25. What are the estimated fees, if any, for underlying investment strategies/funds? 26. Please provide your GIPS-compliant investment returns over the last 1-, 3-, 5, 7, and 10-years as of June 30, Fees 1. How is your firm compensated for services? Please outline proposed fees associated with your outsourced chief investment officer (OCIO) services. Include any additional fees for reporting, custody, asset allocation studies, travel, and out-of-pocket expenses. And describe any commissions, directed brokerage or soft dollar arrangements. 2. What percentage of your firm's revenue is derived from: a. A basis point strategy. b. Maintenance fees strategy. Please explain. 3. Does your firm receive any form of compensation or benefits from the market products you provide to our plan? Please explain. 4. Are you willing to guarantee your fees for a specific period of time? Fee caps? 5. Does your firm provide written agreement or a letter of engagement detailing services provided to our plan? (Y/N) a. If so, please include sample. 6. Under what circumstances are fees negotiable? 7. What is your billing frequency? Technology 1. Describe your firm s performance reporting capabilities. 2. Do you offer on-line access for account information? 3. Describe any technology available to your firm (excluding technology of our provider). a. Which of this technology is proprietary to your firm, built in-house, or specifically for your firm? 2. What applications do you run that would be beneficial to our plan? St. Louis Community College Request for Proposal B Page 11 of 15

12 a. Which of these applications are proprietary to your firm? References 1. Please list 5 references from similar plan types Security and Business Continuity 1. Please describe the succession plan for the primary contact who will be working with our plan. 2. Please describe the succession plan of your firm. 3. Please describe your firm's data security measures. 4. Please describe your firm's disaster recovery plans. St. Louis Community College Request for Proposal B Page 12 of 15

13 NOTICE AND INSTRUCTIONS TO BIDDERS/VENDORS REGARDING SECTIONS THROUGH RSMO, EFFECTIVE JANUARY 1, 2009 Effective January 1, 2009 and pursuant to the state of Missouri s RSMO (1), No business entity or employer shall knowingly employ, hire for employment, or continue to employ an unauthorized alien to perform work within the state of Missouri. As a condition for the award of any contract or grant in excess of five thousand dollars by the state or by any political subdivision of the state (e. g., St. Louis Community College) to a business entity, the business entity shall, by sworn affidavit and provision of documentation, affirm its enrollment and participation in a federal work authorization program with respect to the employees working in connection with the contracted services. Every such business entity shall sign an affidavit affirming that it does not knowingly employ any person who is an unauthorized alien in connection with the contracted services. [RSMO (2)] St. Louis Community College, in order to comply with sections through RSMO, requires the following bid and contract documents: Required Affidavit for Contracts Over $5, (US) Effective Company shall comply with the provisions of Section through R.S.Mo. Contract award is contingent on Company providing an acceptable notarized affidavit stating: 1. that Company is enrolled in and participates in a federal work authorization program with respect to the employees working in connection with the contracted services: and 2. that Company does not knowingly employ any person who is an unauthorized alien in connection with the contracted services. St. Louis Community College encourages companies that are not already enrolled and participating in a federal work authorization program to do so. E-Verify is an example of this type of program and the service is free. Information regarding E-Verify is available at scroll to the bottom of the page and select the E-verify link or by calling You may also access the website to begin the registration process at If you have any questions, please contact St. Louis Community College, Purchasing Department at St. Louis Community College Request for Proposal B Page 13 of 15

14 AFFIDAVIT The undersigned, being duly sworn upon oath, deposes and states as follows: 1. I am authorized to execute this affidavit and to enter into contracts on behalf of the following business entity or employer authorized to conduct business in the State of Missouri (hereinafter referred to as Contractor ):. 2. I am the for Contractor and I have personal knowledge of the facts stated herein. 3. On or about, Contractor entered into a contract with St. Louis Community College ( Political Subdivision ), for the provision of an Asset/Money Management Services, as more fully described in B (hereinafter referred to as Contract ). 4. Contractor affirms that it does not knowingly employ any person who is an unauthorized alien in connection with the Contract. 5. On or about, Contractor enrolled and began participating in E- Verify, a federal work authorization program managed by the Department of Homeland Security ( DHS ) and the Social Security Administration ( SSA ), as referred to in the Revised Statutes of the State of Missouri, Pursuant to a Memorandum of Understanding between Contractor, DHS, and SSA (hereinafter referred to as the Memorandum of Understanding ), Contractor is obligated to verify each employee hired after (hereinafter referred to as the Enrollment Date ), and Contractor hereby affirms its compliance with all obligations contained in the Memorandum of Understanding. 7. Contractor affirms that it is now and shall remain registered in E-Verify up to and including the term of the Contract and that, in addition to the Memorandum of Understanding, Contractor has provided Political Subdivision with supporting documentation regarding all employees hired after the Enrollment Date who are working in connection with the Contract. 8. Contractor affirms that if it is determined that an employee is not eligible to work on the contract, Contractor shall immediately remove the employee from the Contract, pending resolution of the matter with the appropriate state and federal authorities. 9. Contractor affirms its understanding of the requirements of the Revised Statutes of the State of Missouri, to , including the right of the State to terminate the contract and permanently suspend or debar Contractor from doing business with the State under certain circumstances. St. Louis Community College Request for Proposal B Page 14 of 15

15 AFFIDAVIT Dated this day of, ) STATE OF ) SS. COUNTY OF ) On this day of in the year 2017, before me,, a Notary Public in and for said State, personally appeared, known to me to be the person who executed the within Affidavit, and acknowledged to me that executed the same for the purposes therein stated. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal in the County of and State aforesaid, the day and year first above written. My Commission Expires: Notary Public St. Louis Community College Request for Proposal B Page 15 of 15