Project Information

Bid Title

Pension Plan Investment Financial Institution & Advisory Services

Issuing Agency

City of Morgantown

Location

West Virginia

Published Date

Dec 22, 2025

Closing Date

Jan 22, 2026

Government Level

State & Local

Status

Closed

Ref. #

2026-13

Original Source

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Bid Documents

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Project Description

Bid Number:	2026-13
Bid Title:	Pension Plan Investment Financial Institution & Advisory Services
Category:	Miscellaneous
Status:	Open

Description: 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. 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. Please see related documents for bidder instructions, general terms and conditions, and more. Publication Date/Time: 12/19/2025 7:00 AM Closing Date/Time: 1/22/2026 4:00 PM Related Documents: Employees Retirement and Benefit Fund - RFP for Investment Advisor Services

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:

5

Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services

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