Securities Liquidation and Custody Services of Unclaimed Property

Agency:	State of Vermont
State:	Vermont
Type of Government:	State & Local
NAICS Category:	531390 - Other Activities Related to Real Estate 561612 - Security Guards and Patrol Services
Posted Date:	Jan 14, 2026
Due Date:	Feb 20, 2026
Original Source:	Please Login to View Page
Contact information:	Please Login to View Page
Bid Documents:	Please Login to View Page

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Vermont State Treasurer’s Office

133 State Street, 5th Floor | Montpelier VT 05633-8000

802-828-2211 phone |802-828-2222 fax

http://bgs.vermont.gov/purchasing

SEALED BID

REQUEST FOR PROPOSAL

SECURITIES LIQUIDATION AND CUSTODY

SERVICES OF UNCLAIMED PROPERTY

ISSUE DATE

QUESTIONS DUE

RFP RESPONSES DUE BY

January 14, 2026

January 30, 2026 at 4:30 P.M EST (responses anticipated by

February 6, 2026)

February 20, 2026 at 4:30 P.M EST

PLEASE BE ADVISED THAT ALL NOTIFICATIONS, RELEASES, AND ADDENDUMS ASSOCIATED

WITH THIS RFP WILL BE POSTED AT:

http://www.bgs.state.vt.us/pca/bids/bids.php

THE STATE WILL MAKE NO ATTEMPT TO CONTACT INTERESTED PARTIES WITH UPDATED

INFORMATION. IT IS THE RESPONSIBILITY OF EACH BIDDER TO PERIODICALLY CHECK THE

ABOVE WEBPAGEFOR ANY AND ALL NOTIFICATIONS, RELEASES AND ADDENDUMS

ASSOCIATED WITH THIS RFP.

STATE CONTACT:

E-MAIL:

Al LaPerle, Director, Unclaimed Property Division

Al.LaPerle@vermont.gov

1. OVERVIEW:

1.1. SCOPE AND BACKGROUND: Through this Request for Proposal (RFP) the Vermont State Treasurer’s

Office (hereinafter the “State”) is seeking to establish contracts with one or more companies that can

provide Securities Liquidation and Custody Services Of Unclaimed Property. The selected firm shall

provide to the State services required to receive, deposit, take custody of, sell, and remit proceeds of

publicly traded securities (principally, but not limited to, common shares of publicly owned corporations

and Mutual Funds). The firm’s responsibilities shall include:

• Receipt of securities titled in the name of the State of Vermont in certificate form and via DTC.

• Receipt of all mutual funds in the name of the State of Vermont in any format.

• Necessary actions to achieve or confirm status of fully deliverable/negotiable shares, bonds,

units, etc., through transmittal of certificates to transfer agents.

• Deposit negotiable shares into a custody account maintained by the firm for benefit of the State.

• Sell securities as instructed by representatives of the State in terms of “best execution available.”

• Record-keeping of securities, deposit dates, trade dates, and settlement dates.

• Record-keeping of sales proceeds; gross and net of commissions.

• Confirmation of commission levels as consistent with contractual terms.

• Record-keeping of changes in addition to commissions, if any such additional changes occur.

• Monthly sale activity and account balance statements.

• A triple-A-rated money market investment vehicle in which to invest settled funds pending

transfer to the State.

• Upon request, wiring of settled funds to the State.

• Transfer securities and mutual funds to owners upon request from the State of Vermont.

1.2. CONTRACT PERIOD: Contracts arising from this RFP will be for a period of five years. The State

anticipates the start date for the initial contract period will be in July of 2026.

1.3. SINGLE POINT OF CONTACT: All communications concerning this RFP are to be addressed in writing

to the State Contact listed on the front page of this RFP. Actual or attempted contact with any other

individual from the State concerning this RFP is strictly prohibited and may result in disqualification,

unless the State Contact designates a different contact in writing.

1.4. BIDDERS’ CONFERENCE: No bidders’ conference will be held.

1.5. QUESTION AND ANSWER PERIOD: Any bidder requiring clarification of any section of this RFP or

wishing to comment on any requirement of the RFP must submit specific questions in writing no later than

the deadline for question indicated on the first page of this RFP. Questions may be e-mailed to the point

of contact on the front page of this RFP. Questions or comments not raised in writing on or before the last

day of the question period are thereafter waived. At the close of the question period a copy of all

questions or comments and the State's responses will be posted on the State’s web site

http://www.bgs.state.vt.us/pca/bids/bids.php . Every effort will be made to post this information as soon as

possible after the question period ends, contingent on the number and complexity of the questions. All

information provided by vendors during this process will be public and bidders shall not provide

confidential information, except as described in 4.1 below.

1.6. CHANGES TO THIS RFP: Any modifications to this RFP will be made in writing by the State through the

issuance of an Addendum to this RFP and posted online at http://www.bgs.state.vt.us/pca/bids/bids.php .

Modifications from any other source are not to be considered.

2. DETAILED REQUIREMENTS/DESIRED OUTCOMES:

2.1.1.The State of Vermont is interested in obtaining bids to provide): The Unclaimed Property Program is

about consumer protection; the mission of the division is to reunite owners and their lost property,

including stocks, and mutual funds.

3. GENERAL REQUIREMENTS:

3.1. PRICING: Bidders must price the terms of this solicitation at their best pricing. Any and all costs that

Bidder wishes the State to consider must be submitted for consideration.

Revised: March 18, 2025

Page 2 of 26

3.1.1.Prices and/or rates shall remain fixed for the term of the contract. The pricing policy submitted by Bidder

must (i) be clearly structured, accountable, and auditable and (ii) cover the full spectrum of materials

and/or services required.

3.1.2.Cooperative Agreements. Bidders that have been awarded similar contracts through a competitive

bidding process with another state and/or cooperative are welcome to submit the pricing in response

to this solicitation.

3.2. STATEMENT OF RIGHTS: The State shall have the authority to evaluate Responses and select the

Bidder(s) as may be determined to be in the best interest of the State and consistent with the goals and

performance requirements outlined in this RFP. The State of Vermont reserves the right to obtain

clarification or additional information necessary to properly evaluate a proposal. Failure of bidder to

respond to a request for additional information or clarification could result in rejection of that bidder's

proposal. To secure a project that is deemed to be in the best interest of the State, the State reserves the

right to accept or reject any and all bids, in whole or in part, with or without cause, and to waive

technicalities in submissions. The State also reserves the right to make purchases outside of the awarded

contracts where it is deemed in the best interest of the State.

3.2.1.Best and Final Offer (BAFO). At any time after submission of Responses and prior to the final

selection of Bidder(s) for Contract negotiation or execution, the State may invite Bidder(s) to provide a

BAFO. The state reserves the right to request BAFOs from only those Bidders that meet the minimum

qualification requirements and/or have not been eliminated from consideration during the evaluation

process.

3.2.2.Presentation. An in-person or webinar presentation by the Bidder may be required by the State if it

will help the State’s evaluation process. The State will factor information presented during

presentations into the evaluation. Bidders will be responsible for all costs associated with providing

the presentation.

3.3. CONFLICTS OF INTEREST:

3.3.1.Organizational Conflict of Interest (OCOI): An OCOI arises when a bidder as a business entity has

interests (for example, customers, partners, contracts) that could undermine, or reasonably be

perceived to undermine, its faithful and unbiased performance of a contract with the State that may

result from this solicitation.

3.3.2.Personal Conflict of Interest (PCOI): A PCOI arises when an interest held by an individual, agent or

employee of a bidder could undermine, or reasonably be perceived to undermine, its faithful and

unbiased performance of a contract with the State that may result from this solicitation.

3.3.3.Requirements: The State does not seek to contract with any individual or business entity having a

conflict of interest which cannot be mitigated to the State’s satisfaction. To ensure the State’s

awareness of actual, potential, or reasonably perceived PCOIs and OCOIs, bidders shall:

a) Prior to submitting a proposal, conduct an internal review of its current affiliations and activities and

identify actual, potential, or reasonably perceived PCOIs or OCOIs relative to a contract with the

State that may result from this solicitation.

b) Disclose in your proposal any actual or potential PCOI or OCOI or the existence of any facts that

may cause a reasonably prudent person to perceive a PCOI or OCOI with respect to a contract

with the State that may result from this solicitation. Disclose, also, any actions proposed to mitigate

the PCOI or OCOI.

3.3.4.The State shall have sole discretion to determine whether a PCOI or OCOI can be mitigated to the

State’s satisfaction and may discuss the conflict with the bidder if and to the extent the State deems

discussion necessary to its determination. The State reserves the right to (a) reject from further

consideration any proposal having a PCOI or OCIO that cannot be mitigated to the State’s full

satisfaction and (b) terminate a contract upon discovery that a contractor failed to disclose facts

pertaining to a PCOI or OCOI in its proposal, or otherwise misrepresented relevant information to the

State.

Revised: March 18, 2025

Page 3 of 26

3.4. WORKER CLASSIFICATION COMPLIANCE REQUIREMENTS: In accordance with Section 32 of The

Vermont Recovery and Reinvestment Act of 2009 (Act No. 54), Bidders must comply with the following

provisions and requirements.

3.4.1.Self Reporting: For bid amounts exceeding $250,000.00, Bidder shall complete the appropriate

section in the attached Certificate of Compliance for purposes of self-reporting information relating to

past violations, convictions, suspensions, and any other information related to past performance

relative to coding and classification of workers. The State is requiring information on any violations

that occurred in the previous 12 months.

3.4.2.Subcontractor Reporting: For bid amounts exceeding $250,000.00, Bidders are hereby notified that

upon award of contract, and prior to contract execution, the State shall be provided with a list of all

proposed subcontractors and subcontractors’ subcontractors, together with the identity of those

subcontractors’ workers compensation insurance providers, and additional required or requested

information, as applicable, in accordance with Section 32 of The Vermont Recovery and

Reinvestment Act of 2009 (Act No. 54). This requirement does not apply to subcontractors providing

supplies only and no labor to the overall contract or project. This list MUST be updated and provided

to the State as additional subcontractors are hired. A sample form is available online at

http://bgs.vermont.gov/purchasing-contracting/forms. The subcontractor reporting form is not

required to be submitted with the bid response.

3.5. EXECUTIVE ORDER 05-16: CLIMATE CHANGE CONSIDERATIONS IN STATE PROCUREMENTS:

For bid amounts exceeding $25,000.00 Bidders are requested to complete the Climate Change

Considerations in State Procurements Certification, which is included in the Certificate of Compliance for

this RFP.

After consideration of all relevant factors, a bidder that demonstrates business practices that promote

clean energy and address climate change as identified in the Certification, shall be given favorable

consideration in the competitive bidding process. Such favorable consideration shall be consistent with

and not supersede any preference given to resident bidders of the State and/or products raised or

manufactured in the State, as explained in the Method of Award section. But, such favorable

consideration shall not be employed if prohibited by law or other relevant authority or agreement.

3.6. METHOD OF AWARD: Awards will be made in the best interest of the State. The State may award one

or more contracts and reserves the right to make additional awards to other compliant bidders at any time

if such award is deemed to be in the best interest of the State. All other considerations being equal,

preference will be given first to resident bidders of the state and/or to products raised or manufactured in

the state, and then to bidders who have practices that promote clean energy and address climate change,

as identified in the applicable Certificate of Compliance.

3.6.1.Evaluation Criteria: Consideration shall be given to the Bidder’s project approach and methodology,

qualifications and experience, ability to provide the services within the defined timeline, cost, and

success in completing similar projects.

3.7. CONTRACT NEGOTIATION: Upon completion of the evaluation process, the State may select one or

more bidders with which to negotiate a contract, based on the evaluation findings and other criteria

deemed relevant for ensuring that the decision made is in the best interest of the State. In the event State

is not successful in negotiating a contract with a selected bidder, the State reserves the option of

negotiating with another bidder, or to end the proposal process entirely.

3.8. COST OF PREPARATION: Bidder shall be solely responsible for all expenses incurred in the preparation

of a response to this RFP and shall be responsible for all expenses associated with any presentations or

demonstrations associated with this request and/or any proposals made.

3.9. CONTRACT TERMS: The selected bidder(s) will be expected to sign a contract with the State, including

the Standard Contract Form and Attachment C as attached to this RFP for reference. If IT Attachment D is

included in this RFP, terms may be modified based upon the solution proposed by the Bidder, subject to

approval by the Agency of Digital Services.

3.9.1.Business Registration. To be awarded a contract by the State of Vermont a bidder (except an

individual doing business in his/her own name) must be registered with the Vermont Secretary of

State’s office https://sos.vermont.gov/corporations/registration/ and must obtain a Contractor’s

Business Account Number issued by the Vermont Department of Taxes http://tax.vermont.gov/ .

Revised: March 18, 2025

Page 4 of 26

3.9.2.The contract will obligate the bidder to provide the services and/or products identified in its bid, at the

prices listed.

3.9.3.Payment Terms. Percentage discounts may be offered for prompt payments of invoices; however,

such discounts must be in effect for a period of 30 days or more in order to be considered in making

awards.

3.9.4.Retainage. In the discretion of the State, a contract resulting from this RFP may provide that the

State withhold a percentage of the total amount payable for some or all deliverables, such retainage

to be payable upon satisfactory completion and State acceptance in accordance with the terms and

conditions of the contract.

3.9.5.Quality. If applicable, all products provided under a contract with the State will be new and unused,

unless otherwise stated. Factory seconds or remanufactured products will not be accepted unless

specifically requested by the purchasing agency. All products provided by the contractor must meet

all federal, state, and local standards for quality and safety requirements. Products not meeting these

standards will be deemed unacceptable and returned to the contractor for credit at no charge to the

State.

4. CONTENT AND FORMAT OF RESPONSES: The content and format requirements listed below are the

minimum requirements for State evaluation. These requirements are not intended to limit the content of a

Bidder’s proposal. Bidders may include additional information or offer alternative solutions for the State’s

consideration. However, the State discourages overly lengthy and costly proposals, and Bidders are advised to

include only such information in their response as may be relevant to the requirements of this solicitation.

4.1. Unsolicited Bidder-Confidential Information Prohibited. Bidders are hereby expressly directed not to

include any confidential information in their proposal submissions, except as specifically permitted below.

By submitting a proposal in response to this RFP, bidders acknowledge and agree to abide by the terms

and conditions outlined in this document, including the prohibition on submitting confidential information.

This prohibition reduces the burden on the State while preventing bidder-confidential information from

entering the public record.

4.2. Disclosure under Public Records Act. All information received by the State in response to this

solicitation will become part of the contract file and subject to public disclosure in accordance with the

State’s Public Records Act, 1 V.S.A. § 315 et seq. The State may also choose to publicly post responses to

this solicitation and the resulting agreement(s), following conclusion of this procurement process.

4.3. Unsolicited Confidential Materials. This RFP does not solicit bidder confidential information and bidders

are expressly prohibited from providing confidential information in response to this RFP. All materials

furnished by bidders in response to this RFP, including those marked as confidential by bidders, are subject

to disclosure if requested under the Public Records Act, or public posting.

4.4. State Not Responsible for Disclosure of Unmarked Bidder-Confidential Information. It is the

sole responsibility of the bidder to ensure that, other than where specifically directed or permitted by this

RFP and accordingly marked as described below, no information that should not be publicly disclosed is

included in their proposal materials, including any 1) trade secrets or intellectual property, 2) proprietary

financial or business information, 3) personal information, or 4) any other information that should not be

disclosed to the public. For example, bidders should avoid including specific details of their proprietary

technologies or methodologies that they consider confidential, and any references to previous client

engagements should be presented in a manner that does not disclose the client's confidential information.

4.5. The bid should include a Cover Letter and Technical Response and Price Schedule.

4.6. COVER LETTER:

4.6.1.Exceptions to Contract Terms and Conditions. The State will not consider exceptions to contract

terms and conditions included with this RFP.

4.7. TECHNICAL RESPONSE. In response to this RFP, a bidder shall:

4.7.1.Provide details concerning your form of business organization, company size and resources.

4.7.2.Describe your capabilities and particular experience relevant to the RFP requirements.

Revised: March 18, 2025

Page 5 of 26

This page summarizes the opportunity, including an overview and a preview of the attached documents.

TITLE	QUESTIONS DUE	ANSWERS POSTED	DUE DATE	NO POSTING AFTER
Securities Liquidation and Custody Services of Unclaimed Property	01/30/2026 04:30PM		02/20/2026 04:30PM

Securities Liquidation and Custody Services of Unclaimed Property

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