Investment Consulting Services

The vendor is required to provide investment consulting services will also be expected to attend regular monthly retirement board meetings and other meetings and events as necessary.
1. Assist the retirement board in fulfilling its fiduciary duties
•    Provide services as an investment fiduciary in accordance with all applicable federal and state laws and regulations, as well as with all applicable professional codes and regulations. 
•    Provide unbiased, transparent, conflict-free advice and opinions to the investment subcommittee and retirement board on all investment recommendations. 
•    Assist in the development of strategic and tactical asset allocation recommendations which are approved by the retirement board. 
•    Assist in the development of investment policies, reporting, strategic planning, and pacing analysis for private market investments. 
•    Report in-person to the investment subcommittee and retirement board meetings and as otherwise requested on the status of the agency funds and their multi-period, net of fees performance. 
•    Assist in the development and amendment of investment related policies, procedures, guidelines, and performance measurement standards, including private markets. 
•    Provide objective research, information, and advice on investment topics, strategies, and investment managers when requested by the retirement board or investment subcommittee, or when considered relevant by the consultant. 
•    Prepare and conduct overview presentations or educational workshops on markets and investment strategies and sub-strategies that include a macro view of key managers, types of investments, trends, and key success factors. 
•    Monitor, evaluate, and communicate investment portfolio and manager performance as appropriate on an ongoing basis including written monthly and quarterly reports. 
•    Recommend to the retirement board and investment subcommittee the retention, additional investment in, redemption, or termination of investment managers.
2. Support in development and implementation of strategy
•    Provide access to a robust suite of investment manager research and other tools that are helpful in constructing portfolios and managing the agency funds. 
•    Conduct style factor analysis to support manager selection, portfolio construction and asset allocation decisions. 
•    Conduct risk budgeting analyses at the portfolio, asset class, and fund levels. 
•    Provide input on key implementation decisions related to carrying out the decisions of the retirement board. 
•    Conduct fee analysis to help the retirement board obtain the best possible fee terms. 
•    Apprise the retirement board of ongoing developments in the portfolios related to markets, asset classes, and investment managers. 
•    Collaborate with the retirement board and investment subcommittee on the due diligence of potential or existing investment managers. 
•    Deliver useful and informative written updates on economic and capital markets conditions at least monthly. 
•    Provide analysis and other support as required to assist in the preparation and production of the plans’ annual actuarial valuations. 
•    Support reconciliation of manager performance with fee invoices to ensure accuracy.
3. Investment policies and asset allocation
•    Work with staff and actuary to understand agency liabilities. 
•    Conduct asset liability studies every three to five years, or as needed with changes in benefits or funding policies, or significant deviations from actuarial assumptions (experience study), as a means to help gauge the long-term health of the plans and the desired investment strategies. 
•    Conduct an annual comprehensive review and analysis of agency investment policies, including strategic asset allocation and recommended changes, if appropriate. 
•    Assist in developing an appropriate investment management structure for the funds and each asset class that provides adequate diversification, considering the role of active versus passive management, management styles, and the advisability of various management structures under different market conditions. 
•    Provide assistance in analyzing the investment characteristics of available asset classes and the risk and return potential of alternative asset mixes. 
•    Provide information on new investment ideas and assess the application of these ideas with regard to the risk and return targets.
4. Manager selection and monitoring
•    Assist in establishing appropriate qualitative and quantitative selection criteria for reviewing potential candidates and conducting manager searches. 
•    Provide monitoring and ongoing due diligence of current investment managers. 
•    Identify and screen potential investment manager candidates, including those requested by the retirement board or its investment subcommittee. 
•    Perform comprehensive due diligence including onsite investment and operational due diligence. 
•    Monitor and advise the retirement board of any compliance rule violations or other operational concerns related to existing managers.
5. Performance evaluation and analysis
•    Facilitate the development and selection of appropriate performance benchmarks and policy benchmarks for each asset class and each manager. 
•    Provide timely, comprehensive quarterly performance analysis, attribution analysis, risk analysis, and peer analysis of the individual managers, composites, and total fund. 
•    Evaluate manager performance and consistency relative to peers, mandate, the investment guidelines, and established benchmarks. 
•    Conduct ongoing discussions with managers and investment performance and organizational issues (such as changes in ownership, staff, new products, etc.). 
•    Assist in enhancing the existing manager review process and advise on manager surveillance, retention, and termination. 
•    Help evaluate any underperformance or irregular performance of managers.

- Contract Period/Term: 5 years
- Questions/Inquires Deadline: September 16, 2025