RFP: Defined Contribution Investment-Fiduciary Consultant

The County of San Mateo Human Resources Department is conducting a request for proposals (RFP) for an investment and fiduciary consultant for its defined contribution retirement plans.

The County of San Mateo, immediately south of the City and County of San Francisco, serves a diverse population of 750,000 residents. The County government employs 8,400 full- and part-time employees.

Background

The County sponsors a voluntary defined contribution (DC) retirement program alongside its mandatory defined benefit (DB) retirement plan. The DC assets total almost $1 billion as of 3/31/2026 and consists of five plans:

• §457 Voluntary Plan, $929 million
• §401a Mandatory Plan, $23 million
• §457 OBRA Plan, $17 million
• §401a OBRA Plan (closed), $8 million
• §401a Money Purchase Plan, $5 million
• TOTAL, $982 million

The number of participants in each plan are as follows. Note that some participants are eligible and are participating in multiple plans.

• §457 Voluntary Plan, 9,796
• §401a Mandatory Plan, 1,257
• §457 OBRA Plan, 2,040
• §401a OBRA Plan (closed), 2,165
• §401a Money Purchase Plan, 49
• TOTAL, 15,307

The County also offers a retiree health reimbursement arrangement (RHRA) for certain newer employees. That RHRA has assets of $5.5 million and 1,266 participants. The investment consultant assists the County in monitoring and, as needed, updating the RHRA investment options to best coincide with the defined contribution program's investment options.

Project Details

• Reference ID: 2026-RFP-00604
• Department: Human Resources Department
• Department Head: Michelle Kuka (Director)

Important Dates

• Questions Due: 2026-08-08T00:00:00.000Z

Evaluation Criteria

• Project Approach (35 pts) —
  • Clear understanding of the County's defined contribution program, governance structure, and objectives.
  • Comprehensive approach to all elements of the Scope of Work.
  • Quality and practicality of the proposed investment monitoring methodology.
  • Strength of fiduciary governance and committee support processes.
  • Quality of legislative monitoring and fiduciary education program.
  • Approach to Investment Policy Statement development and maintenance.
  • Methodology for investment manager evaluation, watch lists, and replacement recommendations.
  • Approach to fee benchmarking and participant cost reduction.
  • Experience conducting competitive RFPs and vendor transitions.
  • Quality of communication, participant education, and strategic planning support.
  • Innovation, technology, reporting capabilities, and value-added services.
  • Realistic implementation schedule and responsiveness.
• Firm Qualifications (20 pts) —
  • Experience serving public sector defined contribution retirement plans, including counties.
  • Experience with governmental fiduciary consulting, including experience with public agencies in California.
  • Number, size, and complexity of comparable governmental clients.
  • Experience with plans similar in asset size, participant count, and plan design.
  • Demonstrated knowledge of governmental retirement plan regulations and fiduciary standards.
  • Independence from investment managers and potential conflicts of interest.
  • Financial stability and organizational resources.
  • Quality of references and client retention.
  • Success with similar engagements.
  • Overall reputation within the public retirement industry.
• Team Qualifications (20 pts) —
  • Qualifications and experience of the lead consultant.
  • Relevant experience of supporting consultants and specialists.
  • Experience working together as a team.
  • Experience advising public retirement committees and boards.
  • Knowledge of defined contribution investments, fiduciary governance, and retirement plan administration.
  • Availability, accessibility, and responsiveness of key personnel.
  • Continuity of staffing and commitment to retain proposed personnel.
  • Professional credentials (e.g., CFA, CAIA, CFP, ERISA/fiduciary expertise).
  • Communication and presentation skills.
  • Overall confidence in the proposed team.
• Price (25 pts) —
  • Total five-year proposed cost.
  • Cost competitiveness compared to other proposals.
  • Completeness and transparency of pricing.
  • Reasonableness of hourly rates for out-of-scope services.
  • Value provided relative to proposed services.
  • Absence of hidden fees or unnecessary charges.
  • Overall cost-effectiveness.
• Preferential Points (10 pts) —

  Where price is not the sole evaluation factor for a solicitation (e.g., in the case of a "best-value" solicitation), five percent (5%) of the total evaluation points otherwise awardable will be added to the proposal score for each Local Business or Local Non-Profit score for evaluation purposes. In the event of a tie between a Local Business or Local Non-Profit and another bidder, the Local Business or Non-Profit shall be awarded the Contract, assuming agreement on other contract terms.

  An additional three percent (3%) preference shall be given to a Local Business or Local Non-profit (for a total of eight percent (8%) of total points otherwise awardable) if the proposer is a Small Business or Small Non-Profit, or an additional 5 percent preference (for a total of ten percent (10%) of total points otherwise awardable) if the proposer is a Micro Business or Micro Non-Profit.

Submission Requirements

• Minimum Qualifications
• Has Proposer has been providing similar services for a minimum of seven (7) years? (required)
• Account manager has a minimum of ten (10) years of experience in providing account services? (required)
• Please confirm your firm is registered with System for Award Management (SAM) (required) —

  SAM.gov

• What is the registered Business Name and Unique Entity ID (UEI) No.? (required) —
  • UEI number can be obtained by registering your business through SAM.GOV
  • Should you be in the process of obtaining your UEI number, please enter the digits ‘123’ temporarily for your response below in order to proceed with proposal. This temporary number should be replaced with the correct registration number for submission of the proposal.
• Procurement Preference for Local Businesses and Local Non-Profits
• Is the Proposer a "Local Business"? —

  As Defined by Chapter 2.89.020 of the San Mateo County Ordinance Code, a “Local Business” means any for-profit business which has its principal place of business, or is headquartered, in San Mateo County. If this designation applies to the proposer, a self-attestation form must be completed and provided with this response. 

  Please download the below documents, complete, and upload. If this designation is not applicable, please leave blank. 

• Is the Proposer a Non-Profit? (required) —

  A Non-Profit is defined as a tax-exempt public charity organization (within the meaning of section 501(c)(3) of the Internal Revenue Code) that is formed for purposes other than making a profit, is exempt from paying federal income taxes on the income generated for their exempt purposes. 

• Is the Proposer a "Local Non-Profit" —

  As Defined by Chapter 2.89.020 of the San Mateo County Ordinance Code, a “Local Non-Profit" means a tax-exempt public charity organization (within the meaning of section 501(c)(3) of the Internal Revenue Code) that is formed for purposes other than making a profit, is exempt from paying federal income taxes on the income generated for their exempt purposes, and has its principal place of business, or is headquartered, in San Mateo County. If this designation applies to the proposer, a self-attestation form must be completed and provided with this response. 

  Please download the below documents, complete, and upload. If this designation is not applicable, please leave blank.

• Is the Proposer a Local "Small" or "Micro" Business? —

  As Defined by Chapter 2.89.020 of the San Mateo County Ordinance Code:

  “Small Business” means any business which holds a Small Business Certification awarded by the California Office of Small Business and Disabled Veteran Business Enterprise Services (OSDS).

  “Micro Business” means any Small Business certified by the OSDS which is automatically designated by the OSDS as a Micro Business due to gross annual receipts falling below the OSDS-designated dollar amount.

  If the above designations apply, please provide the OSDS provided Certification ID. 

  If this designation is not applicable, please leave blank. 

• Is the Proposer a Local "Small" or "Micro" Non-Profit? —

  As Defined by Chapter 2.89.020 of the San Mateo County Ordinance Code:

  “Small Non-Profit" means a Local Non-Profit with an annual revenue of $1,000,000 to $2,500,000 according to its most recently filed IRS Form 990.

  “Micro Non-Profit" means a Local Non-Profit with an annual revenue of less than $1,000,000, according to its most recently filed IRS Form 990.

  If the above designations apply, please provide your latest filed IRS form 990. A filing from the last two calendar years is acceptable. 

  If this designation is not applicable, please leave blank. 

• Technical Proposal
• Introduction and Executive Summary (required) —

  Submit a letter of introduction and executive summary of the proposal.  The letter must contain:

  • Name, title and contact information (email, phone, and address) for representative of proposer that is responsible for communication related to this RFP.
  • Name, title, contact information, and signature of person authorized to obligate firm to perform the commitment contained in the proposal.

  Limit responses to five (5) pages, using hyperlinks as needed.

  Submission of the letter will constitute a representation by proposer that it is willing and able to perform the commitments contained in the proposal and has not violated the terms of this RFP.

• Statement of Minimum Qualifications (required) —

  Describe how the proposer meets the minimum qualifications as set forth in Minimum Qualifications of this RFP.

  Submission of the Minimum Qualifications checklist is not a substitute for providing a detailed written response.

• Project Approach (required) —

  This section should correlate to the Scope of Services. Proposer should give a short summary describing how it will perform the relevant work of each section of the Scope of Services and/or how it already performs the work for other clients.

  • Plan Governance—Consulting and Education
  • Investments—Monitoring and Management
  • Fees—Monitoring and Advising
  • Plan Administration—Oversight and Consulting
  • Relationship Management—Facilitating and Advising

  Responses will be evaluated on proposer's understanding of the County's DC program and governance structure, on the proposer's unique methodologies for helping the DCAC with investments, fiduciary education and fees.

• Proposed schedule (required) —

  Attach a proposed schedule that adheres to the DCAC's quarterly meeting agendas as they pertain to the consultant (below).

  Responses will be evaluated on planning, realistic production and responsiveness.

  Q1 MEETINGS Quarterly Investment Performance Review of Q4 Final Education Plans for Committee NAGDCA Participation/Award Consideration Investment Policy Review (annual)	Q3 MEETINGS Quarterly Investment Performance Review of Q2 Annual Fee Review Education Policy Review (annual)
  Q2 MEETINGS Quarterly Investment Performance Review of Q1 Annual Review of RHRA Reports Recordkeeper Performance Review	Q4 MEETINGS Quarterly Investment Performance Review of Q3 NAGDCA Highlights Approval of Annual Retreat Agenda

• Fiduciary Education (required) —

  Provide a list of off-the-shelf fiduciary education topics that can be considered by the DCAC in its annual education planning. The DCAC will select topics annually and consider new topics each year.

• Innovations (required) —

  Refence any notable innovations or improvements that you expect to provide (with respect to, for example, efficiency, technology, sustainability) 

• Performance Measures (required) —

  Describe a plan for measuring and reporting against performance measures.

• Firm Qualifications (required) —

  Attach information regarding background and qualifications, including the following:

  • A brief description of the proposer.
  • A description of not more than three (3) projects similar in size and scope conducted by the proposer, including the client, reference and telephone numbers, primary staff members involved, budget, schedule, and project summary.  Descriptions should be limited to one (1) page for each project.
  • If subcontractors are anticipated, identify them (if known) and provide information on how they will be used.
• Team Qualifications (required) —

  Provide a chart identifying:

  5. 2. • Project team and reporting structure
        • Lead project manager
        • Role each person will play in the project

  Provide a brief description of the experience and qualifications of the project team members, including short resumes if desired.

  Written assurance that the key individuals listed and identified will be performing the work and will not be substituted or reassigned without the County’s prior approval

• Pending Lawsuits (required) —

  Describe any pending or threatened litigation, arbitration, administrative proceedings, regulatory investigations, or enforcement actions involving your firm, its parent company, affiliates that would provide services under this contract, or any proposed key personnel that could reasonably be expected to affect your firm's ability to perform the services requested in this RFP. Include:

  • The name of the matter and the parties involved;
  • The court, regulatory agency, or other forum;
  • The nature of the allegations;
  • The current status of the matter;
  • The potential impact, if any, on your firm's financial condition, operations, reputation, or ability to provide services; and
  • Any corrective actions or compliance measures implemented in response.

  If no such matters exist, explicitly state "None."

• Regulatory Issues —

  Within the past five (5) years, disclose any judgments, settlements, consent orders, disciplinary actions, censures, or other sanctions involving your firm or proposed key personnel by the SEC, FINRA, the Department of Labor, state securities regulators, or any other governmental or self-regulatory organization. Describe the circumstances and the resolution of each matter.

• References (required) —

  Provide 5 references. For each reference, include the name, address, email address and telephone number of recent clients (preferably other public agencies):

  • Three references from existing clients
  • Two references from former clients
• Fee Proposal (required) —

  The Fee Proposal should be submitted as a separate PDF file from the Technical Proposals detailed in Required Documents.

  The County seeks a five-year proposal in which each year's billing is the same dollar amount. The proposal should be all-inclusive for the scope of services as described and can include hourly consulting rates for ad hoc services that might arise outside of the scope of services.

  The County reserves the right to select the best value proposal, not necessarily the lowest-priced proposal. The County may reject any proposals that are not responsive to this request.

• Agreement term (years) (required) —

  Update below if needed.

• Is there an extension to this agreement? (required) —

  Is there an extension to this agreement?

• Extension (required) —

  Modify the extension information below, if needed

• Will there be a Pre-Proposal Meeting and/or a Site Visit? (required)
• Include the information that will be covered in the site visit. (required)
• Require vendors to provide References? (required)
• References (required) —

  How many references are required by the vendor? (Number)

• Use Electronic Line Item Pricing? (required)
• Allow vendors to submit Confidential Information? (required) —

  In rare circumstances where there is an expectation that proposers will need to submit trade secrets or other confidential information in order to respond to an RFP. 

• Sample Agreement (required)