Retirement Board Advisory Services-457(b) and HRA Plans

REQUEST FOR QUOTATION (RFQ)
RFQ #Q26-02
Retirement Board Advisory Services-457(b) and HRA Plans
RFQ SUMMARY:
Larimer County intends to enter an agreement with a company that will provide Advisory Services for both
the Larimer County Deferred Compensation Plan - 457(b) and the Larimer County Post-Employment Health
Reimbursement Account (VEBA Trust) Plan.
QUESTION DEADLINE: May 6, 2026 @ 10:00 a.m. (MT)
All questions regarding this solicitation must be emailed to the Contact Person identified below. If you do not
receive a confirmation email of receipt, please call the Contact Person to verify receipt of your questions. No
questions will be accepted after the date and time referenced above. All questions received will be answered
via Addendum only.
DEADLINE FOR SUBMITTALS: May 14, 2026 @ 10:00 a.m. (MT)
We will only be accepting quotations submitted via the Rocky Mountain E-Purchasing System (BidNet, BidNet
Direct) portal, up to the date and time referenced above, at which time they will be recorded, but not publicly
opened on behalf of the Human Resources Department.
BIDNET PORTAL / RFQ OFFICIAL WEBSITE:
To view official RFQ documents and addenda only available on the BidNet portal, use the following link:
https://www.bidnetdirect.com/colorado/larimer-county/
CONTACT PERSON:
Purchasing Agent Karen Schaefer, schaefka@co.larimer.co.us, 970-498-5936
NOTE: Unauthorized contact with a County employee other than the Contact Person listed above or
Purchasing Manager regarding this RFQ may result in disqualification of your Quote.
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1. INTENT
On behalf of Larimer County's Human Resources Department, the Purchasing Division is requesting
quotations with the intention of contracting with a company that will provide Advisory Services for both the
Larimer County Deferred Compensation Plan - 457(b), and the Larimer County Post-Employment Health
Reimbursement Account (VEBA Trust) Plan.
This RFQ is not for the mandatory 401(a) plan; that service is being procured via "Q26-03 Retirement Board
Advisory Services 401(a) Plan", published separately from this RFQ.
2. QUALIFICATIONS
Qualifications, at a minimum, include the following items which must be documented explicitly in your quote:
2.1. Firm must have provided and performed continuous retirement plan advisory services for a
minimum of five (5) years.
2.2. Responding firms should have provided retirement plan advisory services for a minimum of three
(3) government clients during the previous five (5) years (2021 - 2025).
2.3. Firm must be independent and licensed to practice in the State of Colorado.
2.4. Firm must be a registered advisor with the SEC (Security and Exchange Commission) under the
Investment Advisor Act of 1940 and provide a copy of ADV Parts I and II form that are currently on file
with the SEC.
3. BACKGROUND
Larimer County ("County") is a general-purpose local government providing the full range of services governed
by State Statute. The County currently employs approximately 2,000 regular staff and 500 temporary and
seasonal employees, and has a fiscal year that is aligned with the calendar year (January 1 through December
31).
The County's operations are organized into five (5) areas: Human and Economic Health Services, Community
Justice Alternatives, Support Services, Community Planning Infrastructure & Resources, and County Manager,
as well as eight (8) separately elected functions: Board of County Commissioners, Coroner, Clerk and
Recorder, Assessor, Treasurer, Sheriff, District Attorney, and Surveyor.
Larimer County Deferred Compensation Plan 457(b):
Larimer County has an optional deferred compensation plan administered by the Human Resources
Department. The plan includes 457(b) and 457 Roth contributions, as well as loans. The plan was adopted in
1989. Sheriff's sworn employees qualify for an enhanced plan, which supplements the 401(a) matches. The
County has no future liability for benefits paid to plan participants.
Larimer County Post-Employment Health Reimbursement Account (HRA):
Upon separation, Larimer County provides employees who have accumulated a sick leave balance of $1,000
or more a one-time payout. Employees with five or more years of service a payout of either 35% (for 5-9
years) or 50% (for 10+ years) of their balance. If the value is less than $2,500, it's paid through payroll,
otherwise it is deposited into a post-employment HRA based on the final pay rate.
The Plan's current advisor is Innovest Portfolio Solutions LCC (Innovest). Innovest is actively engaged through
6/30/2026. Employee enrollment in the 401(a) Retirement plan is mandatory. Enrollment in the HRA plan is
conducted only after a qualifying employee has separated from the County. Employee enrollment in the 457(b)
plan is optional.
Current Retirement Program Plan's 401(a) and 457(b) are administrated by TIAA. Current Post-
Employment Health Reimbursement Account (VEBA Trust) is administered by TASC.
4. SCOPE OF WORK
The following Scope of Work should be considered the minimum that the Consultant will perform or provide.
Advisory services for the following plans and levels of service:
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* The 457(b) Plan at 3(38) level of service
* The Post-Employment HRA (VEBA Trust) Plan at 3(21) level of service
4.1. Attend in-person bi-monthly investment meetings with comprehensive review and recommendations
for prudent changes to maximize performance. (Estimated at four (4) two-hour meetings per year).
4.2. Provide annual comprehensive plan review, including but not limited to; plan documents and fee
structure (firm shall present with 4th quarter results).
4.3. Advise 457(b) Committee/HRA Board on contractual agreement with plan vendor.
4.4. Will perform due diligence on investment review and reporting.
4.5. Advise in the selection and monitoring of investment options under Plans.
4.6. Monitor and negotiating fee structure of Plan platform providers.
4.7. Assistance in refining and monitoring of Investment Policy Statements (IPS).
4.8. Advise, implement, and monitor employee education strategy.
4.9. Provide oversight of Plan services to participants.
4.10. Provide oversight of Plan compliance and reporting.
4.11. Provide annual Fiduciary Training for the 457(b) Committee/HRA Board.
4.12. Review documents and minutes of monthly meetings for fiduciary compliance.
4.13. Participate in monthly meeting either in-person or by conference call, and compile supporting
documentation.
4.14. Provide guidance in determining who will prepare plan financial statements.
4.15. Provide guidance in determining who will perform plan audit.
4.16. Review and monitor Revenue Credit for compliance and accuracy.
4.17. Complete annual administrative benchmarking review.
4.18. In addition, the firm shall give Larimer County written notice of any professional relationships
entered into during the period of this agreement.
4.19. Review and report on the Plan Vendor's cyber security protocols and insurance coverage annually.
4.20. Provide proactive legislative updates and impact analysis on new federal or state regulations that
may require plan document amendments or operational changes.
5. AWARD AND CONTRACT
This solicitation will be awarded to the vendor with the most responsive, responsible, reasonable quotation
meeting all specifications and deemed the best fit and most advantageous to Larimer County. To assist in the
decision for award: interviews may be held, background checks may be performed, references may be
contacted, and other inquiries may be taken to determine the abilities of the vendor.
A formal agreement will be executed with the award vendor. A Sample of Larimer County's Agreement is
included with this Request for Quotation as Attachment C - Agreement. State any exceptions or requested
additions to Attachment C and submit with your proposal; these requests may not be accepted after the
Proposal has closed. The County makes no guarantee of any changes or concessions but will review and may
consider requests submitted.
The term of the agreement will be for one (1) year from the date the agreement is executed. The County, at its
sole option, may offer to extend this Contract for up to four (4) additional one-year terms. The extension option
may be exercised providing satisfactory service is given, and must be mutually agreed upon in writing, by and
between the County and the Award Vendor.
Upon Notice of Award, the Award Vendor will be required to submit a valid Certificate of Insurance (COI) that
meets, at a minimum, the Insurance Requirements published in the solicitation. This valid COI must be
received by Larimer County within 10 calendar days of the Notice of Award and must include Larimer County
listed as Additional Insured and Certificate Holder. Work may only begin after the COI has been approved by
Risk Management.
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If it should become necessary for Larimer County 457(b) Committee/HRA Board to request the advisor to render
additional related services to either supplement the services requested in this RFQ or to perform additional work
as a result of the specific recommendations included in any report issued on this engagement, then such
additional work shall be performed only if set forth in an addendum to the contract/agreement between the
Larimer County 457 Committee/HRA Board and the firm. Any such additional work agreed to between the
Larimer County 457 Committee/HRA Board and the firm shall be performed at no more than the rates as
presented in your quote, Attachment B - Pricing.
6. INSURANCE REQUIREMENTS
BEFORE submitting your company quote, confirm with your insurance carrier that your company can meet the
insurance requirements published in the solicitation. Your company insurance coverages should be correctly
noted in the most current EOC. NOTE: All Larimer County contracts require that the Award Vendor possess
appropriate insurance at all times during the contract; these coverages are purchased at the company's
expense. The County's insurance requirements may necessitate a company adding or increasing
coverage/limits, and those changes may impact pricing for the proposed project. These costs must be included
in your pricing at the time of submission and will not be permitted to be added later.
Prior to commencement of any work, contractor/vendor shall provide a Certificate of Insurance issued to
Larimer County, 200 West Oak St., Suite 4000, Fort Collins, Colorado 80521 as the Certificate Holder. The
insurance required herein shall be procured and maintained in full force and effect for the duration of the
Contract or Agreement and shall be written for not less than the following amounts, or greater if required by
law. Such certificate shall be delivered to InsuranceCert@larimer.org.
I. Workers' Compensation and Employers' Liability
A. Workers' Compensation: Statutory
B. Employer's Liability: $100,000 Each Accident
$500,000 Disease-Policy Limit
$100,000 Disease-Each Employee
C. Waiver of Subrogation in favor of Larimer County
D. If the contractor/vendor is not required to carry Workers' Compensation coverage per Colorado
Workers' Compensation Act 8-40-202(2)(b) a signed Workers' Compensation waiver must be
provided.
II. General Liability on an Occurrence Form with minimum limits as follows:
A. Per Occurrence Limit $1,000,000
B. General Aggregate Limit $2,000,000
C. Contractor/Vendor agrees that the insurance afforded the County is primary non-contributory.
III. Automobile Liability Insurance including coverage for all owned, non-owned, & hired autos. Limits to
be as follows:
A. Bodily Injury & Property Damage Combined Single Limit $1,000,000
B. Lower limits may be accepted if automobiles are not used for transport in relation to
goods/service provided as outlined in agreement (i.e. only commuting to job site).
IV. Professional Liability/Errors & Omissions $1,000,000
V. Network Security and Privacy Liability (Cyber Liability) $1,000,000
VI. Minimum required limits set forth herein may be met by utilizing a combination of excess/umbrella
policies in conjunction with primary insurance policies if necessary.
VII. General Liability and Automobile Liability insurance policies shall include Larimer County and
its elected and appointed officials and employees as additional insureds as their interests may
appear.
VIII. The County reserves the right to reject any insurer it deems not financially acceptable by insurance
industry standards. Insurance Companies shall be licensed to do business in the State of Colorado and
shall have an AM Best rating of not less than A- VII.
IX. Notice of Cancellation: Each insurance policy required by the insurance provision of this Contract or
Agreement shall provide the required coverage and shall not be suspended, voided, or
canceled. Should any of the required policies be canceled before the expiration date, notice shall be
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delivered to Larimer County, 200 West Oak St. Suite 4000, Fort Collins, CO 80521 or
InsuranceCert@larimer.org.
X. Subcontractors: If subcontractors are used by contractor/vendor in the performance of contracted
services, all subcontractors are required to carry insurance coverage consistent with the limits as listed
in this document and the subcontractor must include Larimer County an additional insured as described
in section VII.
ANY DEVIATIONS FROM THE STANDARDS GIVEN ABOVE MUST BE APPROVED BY THE
LARIMER COUNTY RISK MANAGEMENT DIVISION.
7. EVALUATION CRITERIA
Quote submittals will be evaluated and scored by a committee selected by the 457(b) committee and HRA
board members. The criteria below will be the basis for review of the written quotes. The rating scale shall be
for available points, receiving the maximum points available per criteria would be considered an outstanding
rating.
POINTS
CRITERIA STANDARD
AVAILABLE
* Does the firm meet or exceed the requirements outlined in
the RFQ, including the firm's performance and experience
with comparable government engagements?
* Does the firm's competence and capacity to perform
advisory services for Larimer County meet or exceed the
Expertise, and needs of the County?
Experience * Does the proposal demonstrate the firm's commitment to 40
dedicate professional personnel to this engagement?
* Will the firm's management support personnel be available
for technical consultation as needed?
* Does the proposal submitted indicate adequacy of
analytical procedures and internal control review
methodology?
* Is the firm independent and licensed to practice in the
State of Colorado?
* Has the firm performed continuous services for a minimum
of five (5) years?
Firm's * Does the firm's qualifications meet or exceed the County's
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Qualifications needs?
* Is the firm a registered advisor with the SEC under the
Investment Advisor Act of 1940 and did they provide a
copy of ADV Parts I and II form that are currently on file
with the SEC?
* Is the firm's pricing comprehensive, reasonable and
Price 25
advantageous to Larimer County?
8. GENERAL INSTRUCTIONS TO RESPONDENTS
8.1 Artificial Intelligence (AI) Disclosure:
Portions of this solicitation may have been prepared or modified with the assistance of Artificial Intelligence (AI)
technologies. All such content has been reviewed, verified, and approved for accuracy and compliance by the
Purchasing Agent prior to issuance.
8.2 Cooperative Purchasing:
Other governmental entities may piggyback on the award of this solicitation, assuming the award vendor is
amenable, and should contact Larimer County Purchasing for any necessary procurement documents. The
entity will deal directly with the award vendor concerning the placement of Purchase Orders, freight charges,
contracting and disputes, invoicing, and payment. Larimer County will not be held liable or responsible for any
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liability, claims, costs, damages, demands, actions, losses, judgments or expenses incurred by the vendor or
any government entity relating to such use.
8.3 Opportunities:
Larimer County, whenever possible, ensures consideration is given to small businesses, minority businesses,
women's business enterprises, veteran-owned businesses, and labor surplus area firm services.
Larimer County hereby notifies all Respondents they will be afforded full and fair opportunity to submit a
quotation in response to this RFQ and they will not be discriminated against on the basis of age 40 and over,
race, sex (including pregnancy), color, religion, national origin, disability, genetic information, sexual
orientation, military or veteran status, or any other applicable status protected by Federal, State, or local law in
consideration for this contract.
8.4 General Requirements:
All businesses, organizations, and individuals contracting with Larimer County must comply with Title II of the
Americans with Disabilities Act of 1990, as amended. For more information on these requirements and to read
the full Title II text, please go to the following web page: https://www.ada.gov/ada_title_II.htm.
No vendor awarded a solicitation shall be federally debarred. Such debarment will be checked through the
System for Award Management, at https://sam.gov/SAM
No quote is contingent on the purchase of all items listed. The right is reserved to reject any and all quotes or
parts thereof.
8.5 Reasonable Accommodations:
Per the Americans with Disabilities Act (ADA), Larimer County will provide reasonable accommodation to
qualified individuals with a disability who need assistance. Services can be arranged with at least seven (7)
business days' notice. Please email the Contact Person listed on page 1 or call Relay Colorado 711. "Walk-
in" requests for auxiliary aids and services will be honored to the extent possible but may be unavailable if
advance notice is not provided.
9. SUBMITTAL REQUIREMENTS
Submit your non-redacted quote addressing each of the following items in the order as outlined below. As
time is of the essence, brevity is appreciated, firms should limit their quote to 50 pages with no
significant font less than 10 pt. Firms should provide only the information requested, and present it in a
clear, concise manner. Incomplete quotes may be rejected.
NOTE: All parts of the quote should be combined and submitted as one (1) single .pdf file; quotes
comprised of multiple separate files or not as directed below may be rejected.
Firms are encouraged, not required, to provide one (1) redacted .pdf quote, excluding any information that is
not subject to disclosure under the Colorado Open Records Act ("CORA"). Firms that do not provide a
redacted electronic copy will have their non-redacted electronic copy used to satisfy CORA requests.
9.1. Signed Signature Page (page 10)
9.2. Table of Contents
9.3. Executive Summary
9.3.1.The executive summary should give in brief, concise terms a summation of your submittal.
9.4. Agreement:
9.4.1. The County anticipates that the selected firm will sign the County's "Professional Services
Agreement" which is included as Attachment C - Agreement. In this section, you must specifically
address any issues with the agreement and propose solutions.
9.5. Qualifications:
9.5.1. Provide a narrative that explicitly describes/explains how your firm meets or exceeds the
QUALIFICATIONS as listed. Vendors need to use this section to provide proof/evidence that they meet
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or exceeded the qualifications, be specific for each qualification listed. Statements that you have the
qualification does not describe/explain how your firm meets or exceeds the QUALIFICATIONS.
9.6. Independence:
9.6.1. The firm should list and describe the firm's (or proposed subcontractors) professional
relationships involving Larimer County or any of its agencies or component units for the past five
(5) years, together with a statement explaining why such relationships do not constitute a conflict
of interest relative to performing the proposed advisory services.
9.7. Experience:
9.7.1. Provide a brief description of your firm's corporate history, including the size of your firm, total
years of investment advisory 457(b) deferred compensation and Post-Employment HRA (VEBA
Trust) plans, clarify the scope of retirement plan advisory services provided by your firm, is your
firm publicly traded or privately held.
9.7.1.1. Additionally, add a brief history of how your firm has contributed to local government
organizations in Colorado, for example: speaking engagements, participation on
educational or informational committees, or conducting and sponsoring educational
seminars.
9.7.2. Provide a brief statement telling us how many retirement plan clients your firm has added and
how many your firm has lost in the past 24 months, provide the number and size of current
assigned accounts along with the total dollar amount of assets managed by your firm.
9.7.3. Provide a sample copy of the engagement agreement that will be used by your firm if your firm is
the awarded vendor.
9.7.4. Within the last five (5) years, has your organization or any officer or principal been involved in
any business litigation or other legal proceedings relating to the type of services to be provided
under this contract? If yes, please provide a full explanation and indicate the status or
disposition of these proceedings.
9.7.5. Does your firm have a compliance officer on staff, if yes tell us your compliance officer's
qualifications and designation?
9.7.6. Provide all relevant details about your firm's coverage including coverage carried for errors and
omissions, fidelity, fiduciary, and liability.
9.7.7. Indicate the firm's level of commitment to maintaining advisory services in Colorado, describe
the qualifications, competence, and capacity of your firm's ability to provide advisory services for
the Larimer County 457(b) Committee/HRA Board.
9.7.8. Describe your firm's overall approach to retirement plan investment consulting that will be
provided to our 457(b) Committee/HRA Board.
9.7.9. How will you help our Board measure and define the success of the Retirement Plan and Health
Reimbursement Account?
9.7.10. How does your firm define and measure the success of retirement plan advisory relationships?
9.7.11. Describe your firm's policies and procedures regarding business continuation and disaster
recovery.
9.7.12. Describe your firm's conflict of interest policies.
9.7.13. Provide a description of what distinguishes your advisory services from your competitors.
9.7.14. Tell us why your firm feels it is the best qualified firm to carry out the responsibilities as listed in
this Request for Quotation.
9.8. Partner, Supervisory and Staff Qualifications and Experience:
9.8.1. Indicate the firm's strategy to ensure the quality and continuity of staff over the term of the
engagement.
9.8.2. Tell us the size and composition of the firm's governmental advisory staff at the location of the
office from which the work on this engagement is to be performed.
9.8.3. Identify the principal supervisory and management staff, including engagement partners,
managers, other supervisors, and specialists, who would be assigned to this engagement.
9.8.4. For each assigned staff, please provide a brief resume summarizing their qualifications and
certifications, any relevant continuing professional education achieved in the past three (3) years
and list memberships in professional organizations, particularly local government organizations.
9.9. Similar Engagements with Other Government Entities:
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9.9.1. Tell us the number of years and how many governmental plan clients your firm has provided
advisory services for.
9.9.2. Overall, what percentage of revenue does the firm generate from retirement plan clients?
9.9.3. Describe what portion of the firm's business is derived from performing governmental advisory
services?
9.9.4. Of your current client base, provide the total number of governmental Defined Contribution Plans.
Include a list of your 457(b) and Post-Employment HRA (VEBA Trust) plan clients.
9.10. Investment Review & Reporting:
9.10.1. Describe the type of analysis your firm will offer to evaluate our retirement plan investments,
explain the procedures your firm employs in recommending new or additional investment
options, and describe the basis for recommending the removal of an investment option from the
plan.
9.10.2. Tell us your firm's philosophies regarding pre-mixed portfolios and target date portfolios.
9.10.3. Explain your capital markets process and your asset allocation process.
9.10.4. Briefly describe your firm's due diligence process on investment review and reporting and how
timely after a reporting period is a performance report available?
9.10.5. Describe the content and format of performance reports (please include a sample report).
9.10.6. What software do you use to prepare performance reports?
9.10.7. Who prepares these reports and where is the team located?
9.10.8. Explain how you will comprehensively evaluate investments across all plans and how each does
or does not complement the other.
9.11. Plan Administration & Compliance:
9.11.1. Explain your approach and expertise to advising clients in regard to plan design, administration,
and compliance.
9.11.2. Describe your services to advise/educate clients regarding new developments or laws affecting
public plans.
9.11.3. Explain your experience and search process conducting record keeper searches.
9.11.4. What plan design change initiatives have you led with your other governmental plan clients in
the past 24 months?
9.12. Participant Education & Retirement Readiness:
9.12.1. Describe your ability to assist in evaluating the overall retirement readiness of our plan
participants.
9.12.2. Explain your process with partnering with our record keepers, TIAA and TASC, in developing
and executing an effective employee education strategy.
9.12.3. Provide a sample education plan.
9.13. Additional Support:
9.13.1. Describe how the firm provides ongoing support to clients throughout the year.
9.13.2. Indicate the willingness of staff to answer technical questions.
9.13.3. Describe any training, education, or pertinent newsletters or updates you will provide to the 457
Committee/HRA Board.
9.14. Conflict of Interest:
9.14.1. Does your firm receive revenue from investment managers, custodians, brokerage firms, trusts,
commission recapture firms and so on in the form of dues, finder's fees, "soft dollars," or charge
for conferences?
9.14.2. Disclose any finder's fees, fee splitting, payments to consultants, or other contractual
arrangements of the firm that could present a real or perceived conflict of interest.
9.15. Subcontracting:
9.15.1. If portions of the work will be subcontracted, the subcontractor's name and qualifications of the
proposed subcontracting firms must be clearly identified in their quote.
9.15.2. Following the award of the advisory services contract, no additional subcontracting will be
allowed without the express prior written consent of the Larimer County 457(b) Committee/HRA
Board, as applicable.
9.16. Additional Data:
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9.16.1. Since the preceding sections are to contain only data specifically requested, any additional
information considered essential to the quote should be included in this section, the firms'
general information publications should not be included.
9.16.2. If there is no additional information, that fact should be stated.
9.17. References
9.17.1. Complete and submit with your quote Attachment A - References.
9.18. Pricing:
9.18.1. Complete and submit with your quote Attachment B - Pricing.
9.19. Insurance
Evidence of Coverage Certificate (EOC) or Certificate of Insurance (COI) that most closely reflects the
insurance requirements described in this Request for Quotation (RFQ) document.
9.19.1. Provide a copy of your EOC or COI that most closely covers the requirements as specified in
this RFQ.
9.19.2. Provide responses to answer the following questions.
9.19.2.1. Does coverage meet minimum project requirements?
9.19.2.2. Can this coverage be extended for work on this project?
9.19.2.3. Can coverage be increased?
9.19.2.4. Can the County be listed as an additional insured?
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SIGNATURE PAGE Q26-02:
Quotes must be furnished exclusive of any Federal, State, or Local taxes.
ADDENDA:
The contractor acknowledges receipt of the following Addenda:
Addendum Number Date of Addendum Date Received
________________ ___________________ _______________
________________ ___________________ _______________
The undersigned certifies that they are an authorized representative, have examined the specifications and
instructions to respondents, and has submitted a quote in full compliance and without collusion with any other
person, individual or corporation.
The undersigned certifies that neither the contractor nor subcontractors, the organization nor its principals are
suspended or debarred or otherwise excluded from procurement by the Federal government and do not
appear on the Excluded Parties List System (EPLS) maintained by the General Services Administration (GSA).
For all employees hired to perform labor or services in the United States after November 6, 1986, firm will have
completed Form I-9, Employment Eligibility Verification.
SIGNED:
PRINTED NAME:
COMPANY NAME:
ADDRESS:
CITY: ____________________ STATE: ___________________ ZIP:
UNIQUE ENTITY ID________________________________________________________________________
DATE: TELEPHONE: FAX:
EMAIL ADDRESS:
For further information regarding this request for quotation, Q26-02, please contact Purchasing Agent Karen
Schaefer at 970-498-5936, or schaefka@co.larimer.co.us.
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