The vendor required to provide investment performance measurement and benchmark consulting services for include:
• Investment performance measurement consulting services beginning July 1, 2026, and
• Benchmark and hurdle rate consulting services beginning July 1, 2027, and
• Optional consulting as requested by office or board (based upon an hourly rate).
- Investment performance measurement consulting services
• The consultant must prepare quarterly investment performance measurement and attribution reports for office and the board on a fixed fee basis.
• Reports will include data on the capital markets, other plan sponsors, and other investment managers.
• Performance results will be calculated from data provided by the master custodian and compared to relevant capital market benchmarks, other public funds, manager peer groups, and investment goals specified in the asset class investment policy.
• The reports must include relevant risk measures such as volatility, factor risk, and tracking error, as well as return efficiency measures such as sharp ratios, risk adjusted return, and information ratios.
• Provide a clean electronic dataset of performance activity directly to office staff monthly; to be transmitted via sftp, API, or other automated means.
• Provide office staff access to a manager research database on a fixed fee basis.
• The database should include manager performance data, manager characteristics and exposures, and other relevant information.
- Benchmark and hurdle rate consulting services
1. Annual benchmark memo
• The memo will be provided even if no changes are recommended for approval in advance of the next fiscal year.
• To prepare the memo the consultant will review board current benchmarks for all investment pools and asset classes and hold discussions with current office staff and stakeholders to gather additional background information.
• A draft memo will be provided to staff at least one month prior to scheduled meetings and feedback will be solicited from key stakeholders as identified by office staff to finalize all memos.
2. Interim benchmark memos for new investment strategies
• In the event new investment strategies are implemented during a fiscal year, an interim memo must be provided to the board investment committee and the full board for approval as needed.
• A draft memo will be provided to staff at least one month prior to scheduled meetings and feedback will be solicited from key stakeholders as identified by office staff to finalize all memos.
3. Ad hoc hurdle rate memo
• A hurdle rate memo at the request of office staff or the board.
• The memo must establish appropriate quartile performance of investment managers by investment strategy to develop appropriate incentive compensation hurdles.
• A draft memo will be provided to staff at least one month prior to scheduled meetings and feedback will be solicited from key stakeholders as identified by office staff to finalize all memos.
4. Annual incentive compensation memo
• An annual incentive compensation memo must be provided to appropriate committees and the full board for approval in September of each year.
• The memo must calculate the over and under performance in bps and dollar value to be used for incentive compensation calculations, or other metrics as outlined in the incentive compensation plan.
• A draft memo will be provided to staff at least one month prior to scheduled meetings and feedback will be solicited from key stakeholders as identified by office staff to finalize all memos.
- General investment consulting as requested by office or board
• Investment consulting may be requested by office or board.
• That work will be conducted under an hourly fee for services rate based on a mutually agreed project plan.
• The consultant may be required to attend meetings and present findings and recommendations as needed.
• board or office may require attendance in person or remotely.
• Before initiating any efforts in this area, an estimate must be provided, and authorization must be given by the executive director of office.
• Any work efforts the consultant completes or initiates that are not authorized will not be reimbursed.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: February 9, 2026
