RFI 25-002 RFI Investment Consultant Advisory Services OPEB

Agency:	New Castle County
State:	Delaware
Type of Government:	State & Local
NAICS Category:	541611 - Administrative Management and General Management Consulting Services 541618 - Other Management Consulting Services
Posted Date:	Feb 21, 2024
Due Date:	Mar 6, 2024
Solicitation No:	RFI 25-002 RFI Investment Consultant Advisory Services OPEB
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NEW CASTLE COUNTY

Purchasing Division

New Castle County Government Center

87 Reads Way

New Castle, DE 19720

(302) 395-5250

Request for Information and Expressions of Interest– Investment Consultant

Advisory Services - OPEB

RFI 25-002

The Board of Trustees for Other Post-Employment Benefits (hereinto fore known as OPEB) are

seeking information regarding the cost and services available to New Castle County to manage

the funding for retiree health care and life insurance. Interested parties are asked to submit their

information, in writing to New Castle County Purchasing Division, New Castle County

Government Center, 87 Reads Way, New Castle, DE 19720. by 2:00 p.m. Wednesday, March

6th, 2024 so stating their interests and qualifications as noted in the instructions below.

Questions about this RFI must only be directed in writing to Frank Penta via e-mail at

frank.j.penta@newcastlede.gov by or before noon on Monday, February 26th, 2024.

INSTRUCTIONS FOR RFI SUBMISSION

Sealed envelopes must clearly display RFI #25-002 in the lower left quadrant on the front.

Facsimile transmissions of bids are unacceptable and will be rejected without any notice to

the bidding vendor.

Interested parties are responsible to retrieve the RFI specifications and all addendums and

exhibits from the New Castle County Purchasing website at

www.newcastlede.gov/Bids.aspx.

2/20/24

RFI # 25-002

Page 1 of 6

NEW CASTLE COUNTY

Purchasing Division

New Castle County Government Center

87 Reads Way

New Castle, DE 19720

(302) 395-5250

Request for Information and Expressions of Interest– Investment Consultant

Advisory Services - OPEB

RFI 25-002

Background

New Castle County’s (the “County”) Other Post-Employment Benefits (“OPEB”) Trust Fund

Board of Trustees (“BOARD”) wishes to engage an investment consultant/advisor and will

interview qualified candidates that meet the criteria outlined in this Request for Information.

The County’s OPEB fund provides funding for retiree health care and life insurance as set forth in

New Castle County Code § 26.03.910. The OPEB fund is a trust fund separate and distinct from

all other funds, including the pension fund established by New Castle County Code § 26.04.60.

As of December 31, 2023, the OPEB fund accumulated $69.1 million and has been invested in a

combination of active and indexed funds allocated across equity and fixed income securities, as

follows:

The fund is operated under a pay-as-you-go policy. Actuarial reporting is done bi-annually, and

benefit payments are expected to be about $6 million annually. As of June 30, 2022, with assets

of $57.8 million, the fund had an actuarial accrued liability of $131.1 million, an unfunded liability

of $73.34 million and was funded at a ratio of 44%.

02/21/24

RFI # 25-002

Page 2 of 6

NEW CASTLE COUNTY

Purchasing Division

New Castle County Government Center

87 Reads Way

New Castle, DE 19720

(302) 395-5250

Request for Information and Expressions of Interest– Investment Consultant

Advisory Services - OPEB

RFI 25-002

SCOPE

The County wishes to engage an investment advisor to provide advisory services for the County’s

OPEB portfolio and to serve as a fiduciary for the Board.

• The advisor will assess the County’s current asset portfolio, recommend adjustments to the

asset allocation, and develop an investment strategy considering an appropriate risk

tolerance based on cash needs and County resources.

• An advisor will be expected to maintain investments at the ratios designated in the

investment strategy, meet with the Board regularly, report performance at least quarterly,

and alert the Board to any additional or deletions from the portfolio. The Board would

expect event-driven reports, for example, those involving management or organizational

changes, significant litigation, etc.

• The advisor will be proactive in reporting on economic and market conditions affecting the

portfolio.

• The advisor will provide the timely reporting of information necessary to produce annual

financial statements as well as any interim information necessary.

Qualifications

• Advisors must have a minimum 10 years of investment advisory experience, and

• a minimum of $5 billion in assets under management as of December 31, 2023.

• Advisors should have a significant number of assets under management in public sector

funds and a substantial presence in the governmental sector.

• Advisors should be registered investment advisors under the Investment Advisers Act of

1940. Three business references should be included.

Compensation

The County’s OPEB fund currently enjoys competitive fees and expenses and hopes to continue

to do so. Please be prepared to provide a comprehensive estimate of fees, including management

fees, mutual fund or ETF fees, if appropriate. Advisors may also provide alternative fee structures

(including, but not limited to, any fixed fee structure.)

02/21/24

RFI # 25-002

Page 3 of 6

NEW CASTLE COUNTY

Purchasing Division

New Castle County Government Center

87 Reads Way

New Castle, DE 19720

(302) 395-5250

Request for Information and Expressions of Interest– Investment Consultant

Advisory Services - OPEB

RFI 25-002

Should your firm be chosen for an interview with the Board, please be prepared to describe a

proposed investment philosophy, qualifications, compensation, and a record of performance in

similarly sized funds and funds of similar nature.

SUBMITTAL REQUIREMENTS AND ORGANIZATION

1. SUBMITTAL REQUIREMENTS

A. One (1) hard copy and one (1) electronic version of same on a USB or similar type

thumb drive. Responses must be complete and must contain all the information as

requested in this RFI. Responses will become the property of New Castle County

and will not be returned to Respondents.

B. All materials submitted by Respondent to the County are subject to disclosure

unless such materials are exempt from disclosure pursuant to Federal or State law.

The burden of claiming an exemption from disclosure shall rest solely with each

Respondent. Any materials for which Respondent claims a privilege from

disclosure shall be submitted marked as "Confidential" and accompanied by a

statement from Respondent explaining Respondent's claim of exemption from

disclosure. The County will promptly notify Respondent of any requests made for

disclosure of documents submitted under a claim of confidentiality. Respondent

may, at Respondent's sole expense, take any appropriate actions to prevent

disclosure of such material. Respondent specifically waives any claims against

County related to disclosure of any proprietary materials. In order to comply,

please note the following:

i. Respondent shall not stamp all materials confidential. Only those materials

for which a claim can be made under the Freedom of Information Act, such

pricing, non-public financial information, etc., should be deemed

confidential.

02/21/24

RFI # 25-002

Page 4 of 6

NEW CASTLE COUNTY

Purchasing Division

New Castle County Government Center

87 Reads Way

New Castle, DE 19720

(302) 395-5250

Request for Information and Expressions of Interest– Investment Consultant

Advisory Services - OPEB

RFI 25-002

2. ORGANIZATION OF RESPONSE

Responses shall be organized in the following manner:

I. Executive Summary

II. Firm Information

III. Key Personnel and Organization

a. Experience and ability of key professional personnel.

b. Summary of experience providing the services as mentioned above within

the past ten (10) years.

c. References who can support the above

DISCLAIMER

This RFI does not represent a commitment or offer by New Castle County to enter into an

agreement with a respondent, or to pay monies or costs incurred in the preparation of a response

to this request. The responses provided, and any information made a part of the responses to this

RFI will NOT become a part of any future project’s files in relation to the subject matter and/or

information requested above. New Castle County is not obligated to return the responses from the

individual respondents.

New Castle County may request a meeting to clarify information obtained via the responses to the

RFI, and such a meeting would not constitute a contingent offer for or to obtain goods and services

in relation to this RFI.

CONFIDENTIALITY

New Castle County is a public agency and is subject to the Freedom of Information Act (FOIA).

Firms must designate those items that are considered “trade secrets” as defined in the Delaware

02/21/24

RFI # 25-002

Page 5 of 6

Bid Title:	RFI 25-002 RFI Investment Consultant Advisory Services OPEB
Category:	Professional Services (RFPs)
Status:	Open

RFI 25-002 RFI Investment Consultant Advisory Services OPEB

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