|
State of California to Issue RFP for Government Money Market Fund The State of California's Department of Personnel Administration (DPA) plans to release a RFP to solicit bids for a Government Money Market Fund for the Savings Plus Program, the State’s $6.8 billion defined contribution plan.
The investment(s) awarded through this RFP process will replace Savings Plus’ current investments in the STIF-Cash, which is a fund-of-funds investment option.
The strategy should be designed to outperform the performance of the 90-day Treasury Bill Index. To achieve this goal, investments in First Tier Government Securities, which are issued or guaranteed as to principal or interest by the United States, are allowable for this mandate. In addition, securities offered by agencies that are backed by the government, but not explicitly guaranteed, are permissible. Proposals must comply with the maturity and diversification restrictions and requirements as defined by Rule 2a-7.
DPA will consider institutionally managed mutual funds and low-cost retail mutual funds that can operate in a daily-valued recordkeeping environment. DPA selects investments through a competitive process that considers the firm’s background and experience; investment strategy, philosophy, and process; investment performance; fees; operational information; and finalist interviews. The Agreement resulting from this RFP will be for a five-year period beginning January 1, 2011 with the option to extend the contract up to two additional one-year periods. It’s possible that assets will transfer after the inception of the contract period.
To obtain the RFP bid package, visit www.bidsync.com on or after April 21, 2010. Select the “Bid Search” link. In the “SEARCH” box type “700-10-02” and click the Search button. If you’re unable to download the bid package, e-mail kathiemullen@dpa.ca.gov to request a hard copy. Final proposals are anticipated to be due by 4:00 p.m. (PT) on May 31, 2010. |
