Project Information

Bid Title

RFP Stress Testing Reporting 370-300-26-011

Issuing Agency

Illinois State Treasurer

Location

Illinois

Published Date

Feb 24, 2026

Closing Date

Mar 11, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

RFP Stress Testing Reporting 370-300-26-011

RFP Stress Testing Reporting 370-300-26-011

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Request for Proposals

Stress Testing Reporting

370-300-26-011

February 24, 2026

Proposals due before 10:00 a.m. CT on March 11, 2026

Mr. Christopher M. Flynn

Chief Procurement Officer

One East Old State Capitol Plaza

Springfield, IL 62701

Office of the Illinois State Treasurer

Request for Proposals

Stress Testing Reporting

370-300-26-011

TABLE OF CONTENTS

I. OVERVIEW ......................................................................................................................................3

II. BACKGROUND ...............................................................................................................................3

III. SCOPE OF WORK ............................................................................................................................4

IV. RFP PROCESS AND SCHEDULE...................................................................................................5

V. PROPOSAL .......................................................................................................................................8

VI. EVALUATION PROCESS & CRITERIA ......................................................................................14

VII. CONTRACTUAL TERMS..............................................................................................................16

Appendix A Illinois State Treasurer Certifications, Disclosures Financial Interest and Potential Conflicts

of Interest (Disclosure Form A), and Disclosures Other Contract and Procurement Related

Information (Disclosure Form B)

Appendix B Minimum Mandatory Service Requirements

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I. OVERVIEW

The Office of the Illinois State Treasurer (“Treasurer”) is issuing this Request for Proposals

(“RFP”) for a Stress Testing Firm (“Respondent”) for the Public Treasurer’s Investment Pool also

known as the Illinois Funds (“Illinois Funds”). The Respondent shall perform stress tests for the

Treasurer in coordination with its banking administrator and applicable rating agency. Firms that

submit proposals (“Respondent”) shall submit their Proposals before 10:00 a.m., CT on March

11, 2026.

The Treasurer intends to select the Respondent with a strong stress testing track record,

comprehensive quantitative skills, and expertise in client counseling and portfolio management.

The winning Respondent (“Contractor”) shall enter into a contract with the Treasurer

(“Agreement”) for an initial term of four (4) years. Upon expiration of this term, the Treasurer

may elect to extend the Agreement for a period of time agreed upon by the parties, not to exceed

a total of ten (10) years, including the initial four (4) years.

II. BACKGROUND

In October of 1975, legislation was enacted empowering the Treasurer to establish a Public

Treasurers’ Investment Pool (15 ILCS 505/17), now known as The Illinois Funds. The local

government investment pool was created in April/May of 1976. The Illinois Funds’ purpose is to

“supplement and enhance the investment opportunities otherwise available to other custodians of

public funds for public agencies in this State.”

The Illinois Funds was created to provide a viable investment opportunity for Illinois’ public

investors. It currently consists of a single money market fund (“Money Market Fund”) and is one

of the largest stable net asset value (“NAV”) government investment pools rated by Fitch Ratings.

As of January 30, 2026, The Illinois Funds serviced over 3,133 public agencies and had total

combined assets of $19.95 billion.

Fitch Money Market Fund is a forward-looking opinion about a fixed-income fund's ability to

maintain principal value (i.e., stable net asset value, or NAV). Ratings are assigned to funds that

seek to maintain stable or, as is prevalent in offshore funds, accumulating NAVs. Fitch has

awarded the Illinois Funds its AAAmmf rating, the highest rating given to stable NAV pools,

citing its superior capacity to maintain principal and limit exposure to loss.

The criteria for rating the funds consider the sources of risk in a managed fund’s portfolio and

investment strategy and assess the impact that these risks could have on a fund's ability to

maintain a stable and/or accumulating NAV. These risks include credit quality, investment

maturity, liquidity, portfolio diversification, index and spread risk, management, and security-

specific risks. Though monthly stress tests are not a requirement to maintain the highest rating by

Fitch, it is encouraged that a stress test is conducted to demonstrate to Fitch the impact in each of

the following scenarios (and a combination of the scenarios):

 Parallel interest-rate shifts of plus/minus 200 basis points in 25-basis-point increments.

 Asset decreases (i.e., redemptions) of 10%, 15%, 20%, 25%, and the percentage of the

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largest historical five business day net redemptions for the fund. Note: If the largest

voluntary shareholder is more than 25% of net assets, then use that larger percentage in

the stress test in lieu of the 25%.

 A downgrade on the largest issuer exposure (excluding sovereign government issuers

rated F1+ or higher).

 The widening and narrowing of credit spreads (based on current market conditions).

The successful Respondent must be able to coordinate with the fund administration provider for

Illinois Funds, which will be US Bank for this contract, to ensure timely and accurate flow of

information. Information is currently transferred via email/electronic/courier. Respondent must

also provide adequate reporting to the Treasurer’s staff, including daily stress test reports and on-

demand reporting as needed. The Treasurer will also consider additional services or benefits

Respondents propose to enhance The Illinois Funds in the appropriate sections below.

III. SCOPE OF WORK

The Contractor shall perform the following SEC 2a-7 Stress Testing services (collectively, the

“Services”) for all funds within Illinois Funds, in accordance with all applicable laws, rules,

regulations, and Treasurer policies:

1. Review current stress testing offerings in coordination with Treasurer staff. Make best

efforts to replicate and/or improve on the information being currently provided;

2. Prepare monthly commentary on the stress testing results to the Treasurer, defining the

concept of “breaking the buck” and including detail on the dollar amount of loss/gain

required for Illinois Funds to fall outside the $1.00 NAV requirement, as well as quantify

the interest rate shift required for Illinois Funds to “break the buck”;

3. Provide continuous oversight of the Illinois Fund’s stress test performance. Respondent

should provide monthly results detailing whether or not Illinois Funds was in compliance

with SEC 2a-7 standards. Such reports will be provided to the Treasurer on at least a

quarterly basis;

4. Assist in creating an SEC 2a-7 stress testing policy statement (“Stress Testing Policy

Statement”) that considers the regulatory requirements of 2a-7 stress testing, the

investment portfolio of Illinois Funds, the timeline for daily/weekly/monthly stress testing

files, and the risk tolerances of Treasurer;

5. Develop, maintain and execute a process to identify and manage any shortcomings in data

delivery/formatting/receipt that affected the timeliness or accuracy of stress testing

results, or are not in compliance with the Stress Testing Policy Statement;

6. Conduct an annual review of the Stress Testing Policy Statement, and provide best

practice recommendations;

7. Meet with representatives from the Treasurer at least quarterly to answer any questions

regarding the reports submitted and/or the analysis conducted on an as needed basis; and

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8. Serve as a general resource to the Treasurer’s staff for information and training regarding,

but not limited to: stress testing industry trends, market factors affecting stress test results,

and stress testing policy.

IV. RFP PROCESS AND SCHEDULE

This Section outlines the process and schedule associated with this RFP.

A. RFP Schedule

The following is the schedule for this RFP:

Date

Event

February 24, 2026

RFP published on the Treasurer’s website.

March 2, 2026

All Respondent questions due by 12:00 p.m. CT.

March 5, 2026

March 11, 2026

Responses to all questions posted on the Treasurer’s website.

Proposals due before 10:00 a.m. CT. Opening of Proposals at

10:30 a.m. CT.

Week of March 16, 2026 Interviews, if any, with final candidates.

Week of March 16, 2026 If applicable, best and final offer due.

Week of March 16, 2026 Notification of award and begin negotiation of Agreement.

These dates are subject to change at the Treasurer’s discretion.

B. Contact Information

The Treasurer’s Chief Procurement Officer (“CPO”) is the sole point of contact concerning this

RFP.

Respondents should submit questions about the intent or content of this RFP and request

clarification of any and all procedures used for this procurement prior to the submission of a

Proposal. Respondents must submit their questions in writing by e-mail to the CPO by 12:00 p.m.

CT on March 2, 2026.

Christopher Flynn

Chief Procurement Officer

Illinois State Treasurer's Office

1 East Old State Capitol Plaza

Springfield, IL 62701

cflynn@illinoistreasurer.gov

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Commodity Codes

• NAICS 541519Other Computer Related Services

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