Pension Plan Investment Financial Institution & Advisory Services
| Location: | West Virginia |
|---|---|
| Posted: | Dec 22, 2025 |
| Due: | Jan 22, 2026 |
| Agency: | City of Morgantown |
| Type of Government: | State & Local |
| Category: |
|
| Solicitation No: | 2026-13 |
| Publication URL: | To access bid details, please log in. |
| Bid Number: |
2026-13
|
| Bid Title: |
Pension Plan Investment Financial Institution & Advisory Services
|
| Category: | Miscellaneous |
| Status: | Open |
|
Attachment Preview
REQUEST FOR PROPOSAL
PENSION PLAN INVESTMENT FINANCIAL INSTITUTION
AND INVESTMENT ADISORY SERVICES
Employees’ Retirement and Benefit Fund
Of the City of Morgantown, WV
RFP/RFB Number 2026-13
Table of Contents
Section 1
Section 2
Section 3
Section 4
Section 5
General Information
Background Information
Scope of Services
Vendor Information and Qualifications
Bidder Responses and Evaluation Criteria
Page 2
Page 5
Page 7
Page 13
Page 15
Exhibits:
Exhibit A
Exhibit B
Exhibit C
Exhibit D
Exhibit E
Exhibit F
Exhibit G
Exhibit H
Instructions to Bidders
General Terms and Conditions
Emailing Requirements
Signature / Certification
Standard Provisions Addendum to City Contracts
Investment Policy Statement
Employee Booklet
Actuarial Valuation Report
Page 18
Page 22
Page 31
Page 35
Page 37
Page 40
Page 47
Page 58
Questions will be received until January 8, 2026 @ 4:00PM EST
Proposals will be received until January 22, 2026 @ 4:00PM EST
1
REQUEST FOR PROPOSAL
PENSION PLAN INVESTMENT FINANCIAL INSTITUTION
AND INVESTMENT ADISORY SERVICES
Employees’ Retirement and Benefit Fund
Of the City of Morgantown, WV
RFP/RFB Number 2026-13
SECTION 1: GENERAL INFORMATION
1.1 Purpose: The Employees’ Retirement and Benefit Fund of the City of Morgantown, WV
hereinafter referred to as the "Fund" is soliciting proposals from qualified vendors to provide
investment financial institution and investment advisory services for the Fund. The Fund has
issued this Request for Proposals (RFP) to seek proposals from qualified financial institutions and
investment advisory firms (Vendors) to provide certain investment advisory services for the Fund,
in accordance with the specifications, terms and conditions of the RFP. “Services” include, without
limitation, providing investment advisory services, objective expert advice, providing reports,
reviewing and recommending revisions to investment policies, reviewing and recommending
investment options, reviewing offering statements, participation agreements and disclosure
documents (between the Board and account holders, reviewing and providing recommendation on
the shareholder voting policy, giving recommendations on shareholder voting proxies, attending
board and committee meetings, conducting due diligence reviews and any other additional matters
as agreed upon by the Board and the Vendor.
By signing and submitting its proposal, the successful Vendor agrees to be bound by all the terms
contained in this RFP. An RFP is generally used for the procurement of services in situations
where price is not the sole determining factor, and the award will be based on a combination of
cost and technical factors (Best Value). Through its proposal, the bidder offers a solution to the
objectives, problem, or need specified in the RFP, and defines how it intends to meet (or exceed)
the RFP requirements.
1.2. Term: The initial term will begin on March 1, 2026, and will be for two (2) years, with the
option of renewing upon the mutual written agreement of the parties for up to three (3) additional
one (1) year periods, or until such time as the Board awards a purchase order pursuant to a new
solicitation for the Services.
1.3. Instructions to Bidders: See Exhibit A for bidder instructions.
1.4. General Terms and Conditions: See Exhibit B for general terms and conditions.
2
REQUEST FOR PROPOSAL
PENSION PLAN INVESTMENT FINANCIAL INSTITUTION
AND INVESTMENT ADISORY SERVICES
Employees’ Retirement and Benefit Fund
Of the City of Morgantown, WV
RFP/RFB Number 2026-13
1.5. Schedule of Events:
Release of RFP:
December 19, 2025
Submission of Questions Deadline:
January 8, 2026
by 4:00PM EST
Questions will be Answered:
January 15, 2026
by 4:00PM EST
Proposal Due Date:
January 22, 2026
by 4:00PM EST
Proposal Opening:
January 26, 2026
at 1:00PM EST
Award Date:
February 19, 2026
at 2:00PM EST
1.6. Proposals: All proposals shall remain in effect for ninety (90) days from the submission
date.
1.7. Expenses: The City and the Fund shall not be held liable for any expenses incurred by any
bidder responding to this RFP including expenses to prepare or deliver the proposal or attend any
presentation.
1.8. Interviews: The Fund may, in its sole discretion, hold discussions and/or interviews with
the bidders under final consideration prior to making a selection for award; however, the Fund
may make the award without such discussions or interviews.
1.9. Award: The Fund anticipates that it will award a single contract for all services. However,
the Fund reserves the right to configure the contract in whatever manner is in its best interests.
1.10. Waiver of Minor Irregularities: The Fund reserves the right to waive minor irregularities
in bids or specifications.
1.11. Electronic File Access Restrictions: Vendor must ensure that its submission via email can
be accessed and viewed by the Fund’s financial advisors immediately upon bid opening. The Fund
will consider any file that cannot be immediately accessed and viewed at the time of the bid
opening (such as, encrypted files, password protected files, or incompatible files) to be blank or
incomplete as context requires, and therefore unacceptable. A Vendor will not be permitted to
unencrypt files, remove password protections, or resubmit documents after bid opening to make a
file viewable if those documents are required with the bid. A Vendor may be required to provide
3
REQUEST FOR PROPOSAL
PENSION PLAN INVESTMENT FINANCIAL INSTITUTION
AND INVESTMENT ADISORY SERVICES
Employees’ Retirement and Benefit Fund
Of the City of Morgantown, WV
RFP/RFB Number 2026-13
document passwords or removed access restrictions to allow the Fund to print or electronically
save documents provided that those documents are viewable by the Fund prior to obtaining the
password or removing the access restriction.
1.12. Non-Responsible: The Fund reserves the right to reject the bid of any Vendor as Non-
Responsible when the Board determines that the Vendor submitting the bid does not have the
capability to fully perform or lacks the integrity and reliability to assure good-faith performance.
1.13. Acceptance / Rejection: The Fund may accept or reject any bid in whole, or in part.
1.14. Your Submission is a Public Document: Vendor’s entire response to the Solicitation and
the resulting Contract are public documents. As public documents, they will be disclosed to the
public following the bid/proposal opening or award of the contract, as required by the competitive
bidding laws of West Virginia Code §§ 5A-3-1 et seq., 5-22-1 et seq., 5G-1-1 et seq. and the
Freedom of Information Act in West Virginia Code §§ 29B-1-1 et seq.
DO NOT SUBMIT MATERIAL YOU CONSIDER TO BE CONFIDENTIAL, A TRADE
SECRET, OR OTHERWISE NOT SUBJECT TO PUBLIC DISCLOSURE.
Submission of any bid, proposal, or other document to the Fund constitutes your explicit consent
to the subsequent public disclosure of the bid, proposal, or document. The Fund will disclose any
document labeled “confidential,” “proprietary,” “trade secret,” “private,” or labeled with any other
claim against public disclosure of the documents, to include any “trade secrets” as defined by West
Virginia Code § 47-22-1 et seq. All submissions are subject to public disclosure without notice.
1.15. With the Bid Requirements: In instances where the specifications require documentation
or other information with the bid response, and a vendor fails to provide it with the bid, the Fund
reserves the right to request those items after the bid opening and prior to the contract award
pursuant to the authority to waive minor irregularities in bids
or specifications. This authority does not apply to instances where state law mandates receipt with
the bid.
1.16. Email Notification of Award: The Fund will attempt to provide bidders with email
notification of contract award when a solicitation that the bidder participated in has been awarded.
For notification purposes, bidders must provide the Fund with a valid email address in the bid
response.
4
REQUEST FOR PROPOSAL
PENSION PLAN INVESTMENT FINANCIAL INSTITUTION
AND INVESTMENT ADISORY SERVICES
Employees’ Retirement and Benefit Fund
Of the City of Morgantown, WV
RFP/RFB Number 2026-13
SECTION 2: BACKGROUND INFORMATION
The Fund is a qualified defined benefit plan that serves both civilian employees of the City of
Morgantown, the Morgantown Utility Board (MUB), and the Morgantown Parking Authority
(MPA). Details of the Fund, including information on membership, vesting provisions, and
benefits, are provided in Exhibit G: Employee Booklet.
The City of Morgantown processes the payroll for both itself and the MPA using its internal payroll
system. It also submits employee and employer contributions for both entities via wire transfer.
MUB operates independently, processing its own payroll and remitting its employee and employer
contributions separately through wire transfer.
Currently, the Plan has approximately 270 active members contributing to it, and approximately
200 retirees and beneficiaries who receive monthly benefit payments.
The City is responsible for managing several key financial operations related to the Plan. This
includes:
Monthly Benefit Payments: The City internally administers and processes monthly
payments to retirees and beneficiaries associated with both participating employers.
Annual Tax Filings: The City handles the preparation and submission of all required
annual tax documents related to these benefit payments.
Plan Expenses: All expenses incurred by the Plan are processed and paid through the
City’s Accounts Payable system. This ensures that vendor payments, administrative costs,
and other financial obligations are properly managed.
Funding Transfers: To cover benefit payments and Plan-related expenses, the City
initiates transfers from the Plan’s investment account into its Payroll and Central Paying
accounts. These transfers ensure that sufficient funds are available to meet all financial
commitments of the Plan.
The Fund has retained the professional actuarial firm Gabriel, Roeder, Smith & Company (GRS)
to provide expert support in managing the financial health of the Fund. As part of their engagement,
GRS performs the following key functions:
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