published in newspapers and/or trade journals in this or any other state, and may be made in any way likely to notify prospective offerors. PERA may also provide notice to persons or businesses identified through independent investment services data bases. 9. Procurement Method The Board is responsible for determining the procurement method for each investment. The Investment Director with input from investment consultant(s) shall recommend a PERA’s procurement method to the Investment Committee of the PERA Board. When making a determination regarding the appropriate procurement method, the Board may consider among other things: 1) the number of service providers that could provide the service(s); 2) the mandate being considered for procurement; and 3) advancements in interest-based or analytic software and comprehensive databases (as defined in Section 11, Selection Criteria). Investment staff shall maintain written documentation of each procurement. At its discretion, the Board may select one of the following processes for procurement to accomplish the goal of an open and fair competitive process to obtain qualified services: a. Request for Proposals All shall be issued by the Investment Director, or in the case of investment-related legal RFP’s services for alternative investments, by the Office of General Counsel upon approval by the PERA Board, and shall contain: i. Specifications of the services to be procured including clearly identified and “mandatory” criteria and/or minimum mandatory qualifications for prospective “preferred” (discretionary) offerors; ii. The proposed term of the anticipated contract, not to exceed eight (8) years; iii. Description of any mandatory contract terms including but not limited to a term stating that the contractor accepts fiduciary status with respect to assets managed on behalf of PERA; iv. The anticipated compensation formula for the services to be procured; v. The location and method where responses shall be delivered and a secure method of receipt and safeguarding of the proposals. Each RFP shall state that PERA shall have no responsibility or obligation to accept incorrectly delivered proposals or to provide for redelivery of incorrectly sent proposals; vi. The deadline for receipt of proposals including the calendar date and the time. Deadlines may only be extended by the Board on the request of the Investment Director, for good cause shown. Any extension must be requested and approved, with notice given to prospective offerors, prior to the original deadline;
published in newspapers and/or trade journals in this or any other state, and may be made in any way likely to notify prospective offerors. PERA may also provide notice to persons or businesses identified through independent investment services data bases. 9. Procurement Method The Board is responsible for determining the procurement method for each investment. The Investment Director with input from PERA’s investment consultant(s) shall recommend a procurement method to the Investment Committee of the PERA Board. When making a determination regarding the appropriate procurement method, the Board may consider among other things: 1) the number of service providers that could provide the service(s); 2) the mandate being considered for procurement; and 3) advancements in interest-based or analytic software and comprehensive databases (as defined in Section 11, Selection Criteria). Investment staff shall maintain written documentation of each procurement. At its discretion, the Board may select one of the following processes for procurement to accomplish the goal of an open and fair competitive process to obtain qualified services: a. Request for Proposals All RFP’s shall be issued by the Investment Director, or in the case of investment-related legal services for alternative investments, by the Office of General Counsel upon approval by the PERA Board, and shall contain: i. Specifications of the services to be procured including clearly identified “mandatory” and “preferred” (discretionary) criteria and/or minimum mandatory qualifications for prospective offerors; ii. The proposed term of the anticipated contract, not to exceed eight (8) years; iii. Description of any mandatory contract terms including but not limited to a term stating that the contractor accepts fiduciary status with respect to assets managed on behalf of PERA; iv. The anticipated compensation formula for the services to be procured; v. The location and method where responses shall be delivered and a secure method of receipt and safeguarding of the proposals. Each RFP shall state that PERA shall have no responsibility or obligation to accept incorrectly delivered proposals or to provide for redelivery of incorrectly sent proposals; vi. The deadline for receipt of proposals including the calendar date and the time. Deadlines may only be extended by the Board on the request of the Investment Director, for good cause shown. Any extension must be requested and approved, with notice given to prospective offerors, prior to the original deadline;