Somerville Retirement Board Request for Proposals

PUBLIC NOTICE

REQUEST FOR PROPOSALS:
The Somerville Retirement Board (SRB) is seeking proposals from qualified Investment Consultants to perform a One-Time independent investment portfolio asset allocation review, consistent with MGL Chapter 32 and Commonwealth of Massachusetts Regulations 840 CMR – Public Employee Retirement Administration Commission, for an investment portfolio of approximately $460 million on behalf of the SRB, with specific experience and expertise representing Massachusetts public retirement boards or systems.

The SRB serves as the pension system for the City of Somerville and the Somerville Housing Authority.

The SRB is subject to the oversight of the Public Employee Retirement Administration Commission (PERAC) and PERAC Regulations 840 CMR. The SRB is governed by Chapter 32 of Massachusetts General Laws (“Chapter 32”) and is a member of the Massachusetts Association of Contributory Retirement Systems.

Preference will be given to Consultant/Advisory firms possessing knowledge and proficiency with MGL Chapter 32, as amended by Chapter 176 of the Acts of 2011, and PERAC Regulations 840 CMR.

The information submitted in the proposal, including experience, qualifications and fee will be reviewed for the purpose of selecting a firm to provide a One-Time independent investment portfolio asset allocation review. The Consultant’s favorable expertise, qualifications, resources, fee, efficiency, experience and level of proposed services will be key factors in determining the selected vendor.

As of May 31, 2025, the market value of the system’s assets was approximately $460 million.

The SRB is considering the procurement of specific services from an Investment Consultant. The specific service is:

Investment Portfolio Asset Allocation Review

It is expected that a consultant may be retained for a period of up to approximately two (2) months. It shall be the primary purpose of the consultant to review the SRB investment portfolio with respect to its asset allocation structure and provide potential recommendations, provide an analysis of the portfolio relative to national standards & strategies provide and information on the Private Credit asset class.

A copy of the Request for Proposal (RFP) is available at the Somerville Retirement Board, 323 Broadway, Somerville,MA 02145. The RFP is also available electronically via e-mail request at mpasquariello@somervillema.gov or at http://www.somervillema.gov/departments/retirement.

Responses to this Request for Proposal will be accepted until Tuesday, July 1, 2025, prior to 1:00 p.m. EST.
Proposals should be submitted to:

Michael Pasquariello, Executive Director
Somerville Retirement Board
323 Broadway
Somerville, MA 02145

A One-Time, short-term contract will be awarded and stated in accordance with the provisions of M.G.L. Chapter 32 Section 23B and Chapter 176 of the Acts of 2011.

The Somerville Retirement Board reserves the right to reject any and all bids. Late proposals will be rejected.

Any questions related to this proposal, please contact the Retirement Board Office at (617) 764-3811 or the Executive

Director at mpasquariello@somervillema.gov