Project Information

Bid Title

RFP: Fiduciary Counsel Legal Services

Issuing Agency

Los Angeles County Employees Retirement Association

Location

California

Published Date

Oct 30, 2025

Closing Date

Dec 19, 2025

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

RFP: Fiduciary Counsel Legal Services

LACERA is a defined benefit public pension fund established to administer retirement benefits to employees of the County of Los Angeles and other participating agencies pursuant to the County Employees Retirement Law of 1937 (CERL) (California Government Code Section 31450, et seq.), the California Public Employees’ Pension Act of 2013 (PEPRA) (California Government Code Section 7522, et seq.), and other applicable law. LACERA operates as an independent governmental entity separate and distinct from Los Angeles County. LACERA has approximately 500 employees to administer benefits for active, deferred, and retired members; oversee the County’s retiree health benefits program; and manage the fund’s investments. LACERA manages over $85 billion in fund assets to support the pensions of almost 200,000 active, retired, and deferred members. The fund also invests over $5 billion in assets to support the retiree healthcare program.

LACERA’s staff includes a Legal Division consisting of thirteen (13) lawyers, five (5) legal analysts, and other professional support staff, with expertise in governance, compliance, benefits, disability, investments, commercial contracts, litigation, employment, and legislative matters.

Scope of Work

LACERA seeks to hire outside counsel to provide independent legal advice and services related to the full range of issues of fiduciary duties concerning LACERA’s operations and governance, including duties arising in connection with the interpretation and application of relevant provisions of the California Constitution, CERL, PEPRA, the Brown Act, the Public Records Act, Political Reform Act, and other applicable law. Working as appropriate in coordination with the Boards, Board Chairs, and LACERA’s Legal, Internal Audit, and Ethics and Compliance Divisions and other staff, the responsibilities of fiduciary counsel will include the following:

1. Provide oral and written legal advice to the Board of Retirement, Board of Investments, and/or staff regarding fiduciary duties.
2. Analyze and evaluate fiduciary matters facing the organization and its Boards.
3. Keep the Boards and staff up to date on the laws, legal developments regarding fiduciary duties and emerging pension risks and trends and provide training, including a minimum of 4 training presentations per calendar year for the Boards.
4. Assist in other fiduciary matters, including litigation, as requested.

The duties and responsibilities of fiduciary counsel are further explained in the Boards’ Fiduciary Counsel Policy, which is attached as Attachment 1 to this RFP.

Core skills include comprehensive knowledge and understanding of relevant fiduciary law, excellent oral and written communication skills, sound judgment, the ability to work well with and maintain the confidence of the Board of Retirement, the Board of Investments, and staff, and the ability to deliver services in a timely and cost-effective manner.

The lead attorney must have at least ten (10) years of experience providing fiduciary advice to public or private organizations in California. Experience in advising other CERL systems and/or other public pension systems is strongly desirable.

The term of service will be five (5) years with an optional two-year extension.

Submission Requirements

Submissions must be delivered in PDF format via email and three hard copies by mail or other delivery service to the contact person by the due dates stated below.

Contact Person

Francis (Frank) J. Boyd
Senior Staff Counsel
Los Angeles County Employees Retirement Association
300 N. Lake Avenue, Suite 600
Pasadena, CA 91101
(626) 564-2385 Fboyd@lacera.gov

Tentative Timetable

Issuance of RFP

October 30, 2025

Written Questions and Requests for Clarification Due

November 14, 2025

Response to Questions Posted

November 18, 2025

Proposals Due

December 19, 2025

Finalist Interviews

January 2026

Estimated Final Selection and Approval by Boards

February 2026

RFP Materials

RFP: Fiduciary Counsel Legal Services

Attachment Preview

October 30, 2025

Los Angeles County Employees Retirement Association

Request for Proposals for Fiduciary Counsel Legal Services

I. INTRODUCTION

The Los Angeles County Employees Retirement Association (LACERA) invites proposals

from experienced attorneys and law firms in response to this Request for Proposals (RFP) to

provide fiduciary counsel legal services to support LACERA’s governing Board of Retirement

and Board of Investments, staff, and the organization as a whole.

LACERA is a defined benefit public pension fund established to administer retirement benefits

to employees of the County of Los Angeles and other participating agencies pursuant to the

County Employees Retirement Law of 1937 (CERL) (California Government Code Section

31450, et seq.), the California Public Employees’ Pension Act of 2013 (PEPRA) (California

Government Code Section 7522, et seq.), and other applicable law. LACERA operates as an

independent governmental entity separate and distinct from Los Angeles County. LACERA

has approximately 500 employees to administer benefits for active, deferred, and retired

members; oversee the County’s retiree health benefits program; and manage the fund’s

investments. LACERA manages over $85 billion in fund assets to support the pensions of

almost 200,000 active, retired, and deferred members. The fund also invests over $5 billion

in assets to support the retiree healthcare program.

LACERA’s staff includes a Legal Division consisting of thirteen (13) lawyers, five (5) legal

analysts, and other professional support staff, with expertise in governance, compliance,

benefits, disability, investments, commercial contracts, litigation, employment, and legislative

matters.

LACERA’S MISSION, VISION, AND VALUES

Mission: To Produce, Protect, and Provide the Promised Benefits to Our Members

Vision: Empowering our members to enjoy a healthy and secure retirement

Values: Integrity, Inclusivity, Innovation, Accountability, Collaboration, and Transparency

LACERA GOVERNING BOARDS

Board of Retirement (BOR) – This nine-member Board, with two alternates, is responsible

for the overall management of the retirement system. Under the policy guidance of the BOR,

LACERA strives to create innovative ways to streamline and expedite retirement processes,

integrate new technologies, and introduce new member services options and upgrades.

Board of Investments (BOI) – This nine-member Board is responsible for establishing

LACERA’s investment policy and objectives, as well as exercising authority over the

investment management of the fund’s diversified portfolio and actuarial matters. The two

Boards share joint responsibility for LACERA’s budget, personnel classifications and

compensation, and the CEO’s performance evaluation.

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October 30, 2025

II. SCOPE OF SERVICES AND REQUIRED CORE SKILLS

LACERA seeks to hire outside counsel to provide independent legal advice and services

related to the full range of issues of fiduciary duties concerning LACERA’s operations and

governance, including duties arising in connection with the interpretation and application of

relevant provisions of the California Constitution, CERL, PEPRA, the Brown Act, the Public

Records Act, Political Reform Act, and other applicable law. Working as appropriate in

coordination with the Boards, Board Chairs, and LACERA’s Legal, Internal Audit, and Ethics

and Compliance Divisions and other staff, the responsibilities of fiduciary counsel will include

the following:

A. Provide oral and written legal advice to the Board of Retirement, Board of Investments,

and/or staff regarding fiduciary duties.

B. Analyze and evaluate fiduciary matters facing the organization and its Boards.

C. Keep the Boards and staff up to date on the laws, legal developments regarding

fiduciary duties and emerging pension risks and trends and provide training, including

a minimum of 4 training presentations per calendar year for the Boards.

D. Assist in other fiduciary matters, including litigation, as requested.

The duties and responsibilities of fiduciary counsel are further explained in the Boards’

Fiduciary Counsel Policy, which is attached as Attachment 1 to this RFP.

Core skills include comprehensive knowledge and understanding of relevant fiduciary law,

excellent oral and written communication skills, sound judgment, the ability to work well with

and maintain the confidence of the Board of Retirement, the Board of Investments, and staff,

and the ability to deliver services in a timely and cost-effective manner.

The lead attorney must have at least ten (10) years of experience providing fiduciary advice

to public or private organizations in California. Experience in advising other CERL systems

and/or other public pension systems is strongly desirable.

The term of service will be five (5) years with an optional two-year extension.

III. RFP PROCESS

This RFP and other relevant information related to the RFP, including addenda, modifications,

answers to questions, and other updates, will be posted on the “Business Opportunities” page

of LACERA.gov. Additional background information about LACERA may also be found on

LACERA.gov.

A. Calendar

Issuance of RFP

October 30, 2025

Written Questions and

Requests for Clarification Due

November 14, 2025

2

October 30, 2025

Responses to Questions Posted

November 18, 2025

Proposals Due

December 19, 2025

Finalist Interviews

January 2026

Estimated Final Selection and

Approval by the Boards

February 2026

B. Communication and Questions

Respondents are encouraged to communicate any questions regarding this RFP by the

deadline stated above in the RFP Calendar. Questions should be submitted in writing to the

Contact Person identified in Section IV.G. Questions and answers will be posted at

LACERA.gov by the date stated in the RFP Calendar.

C. Errors in the RFP

If a respondent discovers an ambiguity, conflict, discrepancy, omission or other error in this

RFP, notice should be immediately provided to the Contact Person identified in Section IV.G.

LACERA is not responsible for, and has no liability for or obligation to correct, any errors or

omissions in this RFP.

D. Addenda

Modifications or clarifications of the RFP, if deemed necessary, will be made by addenda to

the RFP and posted on LACERA.gov.

E. Delivery of Submissions

Submissions must be delivered in PDF format via email and three hard copies by mail or other

delivery service to the Contact Person by the due date stated above in the RFP Calendar.

See “Notice Regarding the California Public Records Act and Brown Act” in this RFP for

information regarding redactions and disclosure.

F. Proposal Format and Content

All responses to this RFP should follow the format described in this Section III.F. For each

part of the response, restate the RFP item immediately above the response. When requested,

please provide details and state all qualifications or exceptions. All information provided

should be concise and clearly relevant to qualifications to serve as LACERA’s fiduciary

counsel.

Cover Letter

The cover letter must provide a statement affirming that the signatory is empowered and

authorized to bind the respondent to an engagement agreement with LACERA and

represents and warrants that the information stated in the proposal is accurate and may be

relied upon by LACERA in considering, and potentially accepting, the proposal.

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October 30, 2025

Executive Summary

In this section, an overview should be provided of the respondent’s background, experience,

and other qualifications to serve as LACERA’s fiduciary counsel.

Experience and Approach

The proposal must provide a detailed statement of the respondent’s experience in providing

independent fiduciary counsel services to CERL systems and other public pension systems,

including experience advising boards on governance issues, the California Constitution,

CERL, PEPRA, the Brown Act, the Public Records Act, the Political Reform Act, and other

legal issues. LACERA’s goal in the RFP process is to understand each respondent’s

experience across the full spectrum of fiduciary issues that may arise in the administration of

a California public pension system, including but not limited to:

1. Fiduciary duties under the California Constitution, the County Employees

Retirement Law of 1937, the California Public Employees’ Pension Reform Act of

2013, and other applicable law.

2. Ethical issues, under LACERA’s Code of Ethical Conduct, the Political Reform Act,

California Government Code Section 1090 and other provisions of the California

Government Code, Fair Political Practices Commission (FPPC) Regulations,

FPPC and California Attorney General Opinions, and other applicable laws and

LACERA policy relating to conflicts of interest and ethics of Board Members,

LACERA staff, and/or LACERA vendors.

3. Board governance.

4. LACERA’s organizational structure.

5. Disputes by and between Board Trustees.

6. Negotiation and drafting of contracts.

7. Actuarial and financial matters.

8. Employment-related matters.

9. Benefit-related matters, including service retirement, disability retirement, retiree

healthcare benefits, and other benefit issues.

10. Investment-related matters.

11. Emerging risks and trends that relate to or may affect the performance of LACERA’s

fiduciary duty.

12. Investigations.

13. Litigation, as requested.

14. Board and staff training.

LACERA is interested in a respondent’s experience and approach in analyzing such issues,

interfacing with trustees and staff, and litigating issues if necessary. LACERA is also

interested in how the respondent differentiates themselves from other counsel offering similar

services.

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October 30, 2025

Assigned Professionals

The proposal must set forth the name the lead attorney(s) and all other attorneys, identifying

the jurisdiction where the attorneys are licensed to practice law, and professional staff

expected to be assigned to LACERA work, including a detailed profile of each person’s

background and relevant individual experience and the ability of the professionals collectively

to function together as a team and also to work effectively with LACERA’s Boards and staff in

performing the scope of services. The lead attorney and each attorney provided advice to

LACERA must be licensed and in good standing with the California Bar to practice law in the

State of California. Diversity is a core LACERA value, and therefore the proposal must

specifically address the diversity of the proposed team members in meaningful roles to

support the firm’s work for LACERA. LACERA expects that this section of the response will

only include those persons committed to supporting LACERA and investing in a relationship

with LACERA on a regular and long-term basis. The proposal should include a commitment

by the lead attorney to be reasonably available to LACERA on an ongoing basis; availability

to attend Board and Committee and staff meetings in person on request is a material selection

criteria.

With respect to diversity, the response must include a description of diversity policies,

practices, and procedures maintained by the firm regarding equal employment opportunity,

including the recruitment, development, retention, and promotion of a diverse and inclusive

workforce, non-discrimination based on gender, race, ethnicity, sexual orientation, age,

veteran’s status, and other legally protected categories, prohibition of sexual harassment, and

non-retaliation in the workplace. If the respondent has written policies, a copy should be

provided with the response to this RFP. The response should identify the oversight,

monitoring, and other compliance processes for implementation and enforcement of the firm’s

diversity policies, practices, and procedures, including the name of the person who is

responsible for oversight the firm’s method to measure the effectiveness of the policies, and

conclusions as to effectiveness. Please describe any judicial, regulatory, or other legal

finding, formal action, or claims related to equal employment opportunity, workplace

discrimination, or sexual harassment during the past ten (10) years.

References

In this section, the proposal must identify as references at least five (5) public pension

systems for which the respondent has served as fiduciary counsel, including, for each system,

an individual point of contact, the length of time the respondent served as fiduciary counsel,

and a summary of the work performed.

Fees and Costs, Billing Practices, and Payment Terms

The respondent must explain the pricing proposal for the scope of work including pricing of

fees and costs, billing practices, and payment terms that would apply assuming a five (5) year

initial duration of the engagement as well as an additional two-year optional period during

which the engagement may extend. LACERA does not place any limits on the approach to

pricing and is open to presentation of more than one pricing alternative for the scope of work,

or portions of it. This section of the response should include an explanation as to how the

pricing approach(es) will be managed to provide the best value to LACERA. The respondent

should represent that the pricing offered to LACERA is, and will remain, equivalent to or better

than that provided to other governmental clients or should provide an explanation as to why

5

Commodity Codes

• NAICS 541110Offices of Lawyers

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