State Treasurer’s Office/Maryland 529 (STO/MD529) Request for Proposal (RFP) For Financial Investor

Investment Advisor Solicitation #: MD529- FY27 -001 RFP Document RFP for STO/MD529 Page 1 of 49 STATE TREASURER’S OFFICE/MARYLAND 529 (STO/MD529) REQUEST FOR PROPOSALS (RFP) FOR INVESTMENT ADVISOR RFP# MD529- FY27- 001 ISSUE DATE: APRIL 20, 2026 A Prospective Offeror that has received this document from a source other than eMarylandMarketplace Advantage (eMMA) https://procurement.maryland.gov should register on eMMA https://emma.maryland.gov/ MINORITY BUSINESS ENTERPRISES ARE ENCOURAGED TO RESPOND TO THIS SOLICITATION Investment Advisor Solicitation #: MD529- FY27 -001 RFP Document RFP for STO/MD529 Page 2 of 49 STATE OF MARYLAND STATE TREASURER’S OFFICE (STO ) KEY INFORMATION SUMMARY SHEET Request for Proposal s Services - INVESTMENT ADVISOR Solicitation Number: MD529- FY27 -001 RFP Issue Date: April 20, 2026 RFP Issuing Office: State Treasurer’s Office ( STO or the " State") Procurement Officer: Kris Chewlin 80 Calvert Street, Room 109 Annapolis, Maryland 21401 Email: Phone Number: kchewlin@treasurer.state.md.us 410-260-7428 Proposals are to be sent to: Submit on emma.maryland.gov under Solicitation Number MD529- FY27 - 001 or via hand delivery or trackable mail to the Procurement Officer above. To submit a proposal via eMMA , offerors must first register on emma.maryland.gov. We recommend registering in advance to become acquainted with the site. No Bid/Proposal Notice Feedback Form *If you are not submitting a proposal for this solicitation, submit Attachment 1 and please include reason . Pre-Proposal Conference: May 4, 2026 @ 2:00 PM EST See Section 4.3 for additional details. See Attachment 2 to RSVP by c lose of b usiness on April 30, 2026 to Attend Questions Due Date and Time: Questions should be submitted to procurement@treasurer.state.md.us with a subject line of “Questions for RFP #MD520-FY27-001” by May 18, 2026 @ 2:00 PM EST Investment Advisor Solicitation #: MD529 -FY27 -001 RFP Document RFP for STO/MD529 Page 3 of 49 Proposal Due (Closing) Date and Time: June 17 , 2026 @ 1:00 PM EST Offerors are reminded that a completed Feedback Form is requested if a no-bid/proposal decision is made (see Attachment 1 - No Bid Notice /Vendor Feedback Form ). Oral Pre sentations (for short -listed offerors) To be finalized at a later date, but the estimated period will be between July 13, 2026 and July 31, 2026. MBE Subcontracting Goal: An overall Minority Business Enterprise (MBE) subcontract participation goal of __0___ percent of the total contract dollar amount, including all renewal option terms, if any, has been established for this procurement. The overall MBE or DBE subcontract participation goal includes the following subgoals, which have been established for t his procurement: __N/A___% for African -American MBEs; __N/A___% for Asian -American MBEs; __N/A___% for Hispanic -American MBEs; and __N/A___% for Woman -Owned MBEs. VSBE Subcontracting Goal: This solicitation includes a VSBE participation Goal of __0___% Procurement Method: A Contract will be awarded in accordance with the Competitive Sealed Proposals method under COMAR 21.05.03. Multiple or Alternate Bids: Multiple or alternate Proposal s will not be accepted. Contract Type: Firm Fixed Price Contract Duration: Five (5) year base period with two (2) one -year option periods. Primary Place of Performance: As proposed by Offeror SBR Designation: No Federal Funding: No Investment Advisor Solicitation #: MD529 -FY27 -001 RFP Document RFP for STO/MD529 Page 4 of 49 THIS PAGE IS INTENTIONALLY LEFT BLANK Investment Advisor Solicitation #: MD529- FY27 -001 RFP Document RFP for STO/MD529 Page 5 of 49 TABLE OF CONTENTS – RFP 1 Minimum Qualifications .......................................................................... ...................... ........................7 1.1 Offeror Minimum Qualifications ................................................................................................. 7 2 Contractor Requirements: Scope of Work ........................................................................................ 8 2.1 Summary Statement ..................................................................................................................... 8 2.2 Background and Purpose ............................................................................................................. 8 2.3 Contractor Responsibilities and Tasks ........................................................................................ 9 2.4 Experience and Personnel .......................................................................................................... 14 2.5 Labor Categories ....................................................................................................................... 14 2.6 Substitution of Personnel ........................................................................................................... 16 2.7 Supplemental Category of Work Requirements and Responsibilities ....................................... 19 3 Standard Terms and Conditions ....................................................................................................... 21 3.1 Contract Initiation Requirements ............................................................................................... 21 3.2 End of Contract Transition ........................................................................................................ 21 3.3 Invoicing .................................................................................................................................... 21 3.4 Liquidated Damages .................................................................................................................. 22 3.5 Problem Escalation Procedure ................................................................................................... 23 3.6 Work Orders .............................................................................................................................. 23 3.7 Payments by Electronic Funds Transfer .................................................................................... 23 3.8 Prompt Payment Policy ............................................................................................................. 24 3.9 Federal Funding Acknowledgement .......................................................................................... 24 3.10 Conflict of Interest Affidavit and Disclosure ............................................................................ 24 3.11 Non-Disclosure Agreement ....................................................................................................... 24 3.12 Maryland Healthy Working Families Act Requirements .......................................................... 24 3.13 The State of Maryland’s Commitment to Purchasing Environmentally Preferred Products and Services (EPPs) ......................................................................................................................... 25 3.14 Insurance Requirements ............................................................................................................ 25 3.15 Non-Compete Clause Prohibition .............................................................................................. 26 4 Proposal Submission Information and Instructions ........................................................................ 27 4.1 eMaryland Marketplace Advantage (eMMA) ........................................................................... 27 4.2 Electronic Means ....................................................................................................................... 27 4.3 Pre-Proposal Conference ........................................................................................................... 27 Investment Advisor Solicitation #: MD529 -FY27 -001 RFP Document RFP for STO/MD529 Page 6 of 49 4.4 Questions ................................................................................................................................... 28 4.5 Proposal Due (Closing) Date and Time ..................................................................................... 28 4.6 Economy of Preparation ............................................................................................................ 28 4.7 Public Information Act Notice .................................................................................................. 28 4.8 Oral Presentation ....................................................................................................................... 29 4.9 Duration of Proposals ................................................................................................................ 29 4.10 Revisions to the RFP ................................................................................................................. 29 4.11 Cancellations ............................................................................................................................. 29 4.12 Incurred Expenses ..................................................................................................................... 30 4.13 Protest/Disputes ......................................................................................................................... 30 4.14 Offeror Responsibilities ............................................................................................................. 30 4.15 Acceptance of Terms and Conditions ........................................................................................ 31 4.16 Compliance with Laws/Arrearages ........................................................................................... 31 4.17 Verification of Registration and Tax Payment .......................................................................... 31 4.18 False Statements ........................................................................................................................ 31 5 Proposal Format ................................................................................................................................. 33 5.1 Two Part Submission ................................................................................................................. 33 5.2 Proposal Delivery and Packaging .............................................................................................. 33 5.3 Volume I - Technical Proposal .................................................................................................. 34 5.4 Volume II – Financial Proposal ................................................................................................. 43 6 Evaluation and Selection Process ...................................................................................................... 44 6.1 Evaluation Committee ............................................................................................................... 44 6.2 Technical Proposal Evaluation Criteria ..................................................................................... 44 6.3 Financial Proposal Evaluation Criteria ...................................................................................... 44 6.4 Reciprocal Preference ................................................................................................................ 44 6.5 Selection Procedures .................................................................................................................. 45 6.6 Documents Required upon Notice of Recommendation for Contract Award RFP Attachments (Table B) .................................................................................................................................... 46 7 RFP Appendices and Exhibits ........................................................................................................... 48 7.1 Appendices (Table C) ................................................................................................................ 48 7.2 Exhibits (Table D) ..................................................................................................................... 49 Investment Advisor Solicitation #: MD529- FY27 -001 RFP Document RFP for STO/MD529 Page 7 of 49 1 Minimum Qualifications 1.1 Offeror Minimum Qualifications The Offeror must document in its Proposal that it satisfies the following Minimum Qualifications: A. The Offeror shall have served as an investment advisor for at least three (3) state and/or local governments since July 1, 2021. Required Documentation: The Offeror shall provide with its Proposal three or more references from the past five years that collectively are able to attest to the Offeror’s required years of experience in providing services similar to the requirements listed in Section 2. B. The Offeror shall be registered as an investment advisor with the U.S. Securities and Exchange Commission, Investment Advisers Act of 1940. Required Documentation: The Offeror shall provide with its Proposal proof of current registration. C. The Offeror shall provide Senior level professionals with at least five (5) years of experience providing investment advice to Section 529 plans, defined contribution, and/or college or disability related savings plans . Offeror shall also have experience with Local Government Investment Pools (LGIP ), High Grade Fixed Income funds and target date investments. D. The offeror shall provide at least one Senior level professional with a Chartered Financial Analyst designation. E. The Offero r shall provide with its Proposal " Attachment L Reference Checks" with three or more references filled out. F. The O fferor shall provide resumes for Senior level professional Investment Advisors. THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK Investment Advisor Solicitation #: MD529- FY27 -001 RFP Document RFP for STO/MD529 Page 8 of 49 2 Contractor Requirements: Scope of Work