Investment Advisory Services | Package A: City Investment Portfolio | Package B: Section 115 Trust

Through this Request for Proposal (RFP), the City is soliciting investment advisory services for two separate areas: City Investment Portfolio and Section 115 Trust. This RFP consists of one main section and two separate packages. Proposers are directed to review and respond to the information contained in this main RFP, which includes general terms, conditions, attachments and requirements that are applicable to both packages.

Proposers must submit any package-specific responses in the respective Package A and/or Package B. Each package will be evaluated and awarded separately, resulting in two contracts.

Note: Proposers must navigate to Project Documents, Section 3 of this main RFP to access the live links for both Package A and Package B.

Package A – City Investment Portfolio
The selected proposer will provide comprehensive review, analysis, reporting and portfolio management of the City’s investment portfolio in accordance with the City’s Adopted Investment Policy.

Term: The estimated start date for the contract is January 1, 2027 for a five-year initial term, with two one-year options, to be exercised at the City's sole discretion, to extend the Agreement for a total of seven years.

How to Access: Please reference Package A for background, scope of services and vendor questionnaire. Go to Project Documents, Section 3 for the active link to Package A.

Package B – Section 115 Trust Portfolio
The selected proposer will provide Internal Revenue Service (IRS) Code Section 115 Retirement Trust (hereinafter referred to as “Trust”) services to California local government agencies. The services include providing Section 115 trust service investment and administrative services.

Term: The estimated start date for this contract is April 1, 2027 for a five-year initial term, with two one-year options, to be exercised at the City's sole discretion, to extend the Agreement for a total of seven years.

How to Access: Please reference Package B for background, scope of services and vendor questionnaire. Go to Project Documents, Section 3 for active link to Package B.

The City of Milpitas is located in Santa Clara County near the southern tip of San Francisco Bay, 45 miles south of San Francisco with a current population of approximately 82,000. Milpitas is a general law city of the State of California. The city was incorporated in 1954 and operates under a Council-Manager form of government. The City's political and legislative body is the City Council and is empowered by the general laws of the State of California to formulate citywide policy, including a fiscal program, City services, and appointment of the City Manager and City Attorney. There are four City Council members who are elected at-large for staggered four-year terms, and the Mayor is selected every two years in a separate citywide election. The Director of Finance, hired by the City Manager, serves as the City Treasurer.

Refer to Background sections in each package for additional details.