Maryland Local Government Investment Pool

MARYLAND STATE TREASURER’S OFFICE (STO)
REQUEST FOR PROPOSALS (RFP)
FOR
MARYLAND LOCAL GOVERNMENT
INVESTMENT POOL

RFP # MLGIP -10152025

ISSUE DATE: OCTOBER 15 , 2025
NOTICE TO OFFERORS
The State Treasurer’s Office strongly encourages MBE participation in all its
solicitations, especially when there is/are no stated goal(s). To the extent that MBEs
employed in this industry are interested but are not fully qualified to respond,
please contact the Procurement Officer listed on the Key Information Summary
Sheet for further information.

A Prospective Offeror that has received this document from a source other than eMarylandMarketplace
(eMMA) https://procurement.maryland.gov should register on eMMA. See Section 4.2 .

Maryland Local Government Investment Pool
Solicitation #: RFP #MLGIP -10152025 RFP Document
RFP for State Treasurer’s Office Page ii
VENDOR FEEDBACK FORM
To help us improve the quality of State solicitations, and to make our procurement process more
responsive and business friendly, please provide comments and suggestions regarding this solicitation.
Please return your comments with your response. If you have chosen not to respond to this solicitation,
please email or fax this completed form to the attention of the Procurement Officer (see Key
Information Summary Sheet below for contact information).
Title: Maryland Local Government Investment Pool
Solicitation No: RFP# MLGIP -10152025
1. If you have chosen not to respond to this solicitation, please indicate the reason(s) below:
□ Other commitments preclude our participation at this time
□ The subject of the solicitation is not something we ordinarily provide
□ We are inexperienced in the work/commodities required
□ Specifications are unclear, too restrictive, etc. (Explain in REMARKS section)
□ The scope of work is beyond our present capacity
□ Doing business with the State is simply too complicated. (Explain in REMARKS section)
□ We cannot be competitive. (Explain in REMARKS section)
□ Time allotted for completion of the Proposal is insufficient
□ Start -up time is insufficient
□ Bonding/Insurance requirements are restrictive (Explain in REMARKS section)
□ Proposal requirements (other than specifications) are unreasonable or too risky (Explain in
REMARKS section)
□ MBE or VSBE requirements (Explain in REMARKS section)
□ Prior State of Maryland contract experience was unprofitable or otherwise unsatisfactory.
(Explain in REMARKS section)
□ Payment schedule too slow
□ Other:
2. If you have submitted a response to this solicitation, but wish to offer suggestions or express
concerns, please use the REMARKS section below. (Attach additional pages as needed.)
REMARKS:

Vendor Name: Date:

Contact Person: Phone ( ) -

Address:

E-mail Address:

Maryland Local Government Investment Pool
Solicitation #: RFP #MLGIP -10152025 RFP Document
RFP for State Treasurer’s Office Page iii
STATE OF MARYLAND
MARYLAND STATE TREASURER’S OFFICE (STO)
KEY INFORMATION SUMMARY SHEET
Request for Proposals MARYLAND LOCAL GOVERNMENT
INVESTMENT POOL
Solicitation Number: RFP# MLGIP -10152025
RFP Issue Date: Wednesday October 15, 2025
RFP Issuing Office: Maryland State Treasurer’s Office (STO or the "Office")
Procurement Officer: Kris Chewlin
80 Calvert Street, Room 109
Annapolis, Maryland 21401
e-mail:
Office Phone: kchewlin@treasurer.state.md.us
410-260-7428
Proposals are to be sent to: eMMA Portal or via Trackable Mail or Hand Delivery (PLEASE
NOTE THAT DELIVERY via the eMMA PORTAL IS HIGHLY
PREFERRED)
Pre-Proposal Conference: There will not be a Pre-Proposal Conference for this Procurement
Questions Due Date and Time Wednesday October 29 , 2025 at 4PM EST
Proposal Due (Closing) Date
and Time: Monday November 17 , 2025 at 4PM EST
Offerors are reminded that a completed Feedback Form is requested
if a no- bid decision is made (see page ii ).
Oral Presentations (for short -
listed offerors) To be finalized at a later date, but they will be held d uring t he weeks
of December 8 – Dec 18 , 2025 at the STO’s location in Annapolis MD.
MBE Subcontracting Goal: There are no MBE goals related to this RFP.
VSBE Subcontracting Goal: There are no VSBE goals related to the RFP.
Contract Type: Indefinite quantity with fixed unit prices.
Contract Duration: Three (3) Year base period with two (2) one-year renewal options.
Primary Place of
Performance: Annapolis, Maryland
SBR Designation: No
Federal Funding: No

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Solicitation #: RFP #MLGIP -10152025 RFP Document
RFP for State Treasurer’s Office Page iv
TABLE OF CONTENTS – RFP
1 Minimum Qualifications ....................................................................................................................... 1
1.1 Purpose ........................................................................................................................................ 1
1.2 Offeror Minimum Requirements .................................................................................................. 1
2 Contractor Requirements: Scope of Work ......................................................................................... 2
2.1 Summary ...................................................................................................................................... 2
2.2 Order of Precedence ..................................................................................................................... 3
2.3 Required Services ........................................................................................................................ 3
3 Contractor Requirements: General .................................................................................................... 7
3.1 Contract Initiation Requirements ................................................................................................. 7
3.2 End of Contract Transition ........................................................................................................... 7
3.3 Invoicing ...................................................................................................................................... 7
3.4 Liquidated Damages .................................................................................................................... 8
3.5 Disaster Recovery and Data ......................................................................................................... 8
3.6 Insurance Requirements ............................................................................................................... 9
3.7 Security Requirements ............................................................................................................... 10
3.8 SOC 2 Type 2 Audit Report ....................................................................................................... 11
3.9 Key Personnel ............................................................................................................................ 12
3.10 Substitution of Personnel ........................................................................................................... 13
3.11 Work Orders .............................................................................................................................. 13
3.12 Additional Clauses ..................................................................................................................... 13
4 Procurement Instructions ................................................................................................................... 14
4.1 Pre-Proposal Conference ............................................................................................................ 14
4.2 eMaryland Marketplace Advantage (eMMA) ............................................................................ 14
4.3 Questions ................................................................................................................................... 14
4.4 Procurement Method .................................................................................................................. 14
4.5 Proposal Due (Closing) Date and Time ..................................................................................... 14
4.6 Multiple or Alternate Proposals ................................................................................................. 15
4.7 Economy of Preparation ............................................................................................................. 15
4.8 Public Information Act Notice ................................................................................................... 15
4.9 Award Basis ............................................................................................................................... 15
4.10 Oral Presentation ........................................................................................................................ 15
4.11 Duration of Proposal .................................................................................................................. 15

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4.12 Revisions to the RFP .................................................................................................................. 15
4.13 Cancellations .............................................................................................................................. 16
4.14 Incurred Expenses ...................................................................................................................... 16
4.15 Protest/Disputes ......................................................................................................................... 16
4.16 Offeror Responsibilities ............................................................................................................. 16
4.17 Acceptance of Terms and Conditions ........................................................................................ 17
4.18 Proposal Affidavit ...................................................................................................................... 17
4.19 Contract Affidavit ...................................................................................................................... 17
4.20 Compliance with Laws/Arrearages ............................................................................................ 17
4.21 Verification of Registration and Tax Payment ........................................................................... 17
4.22 False Statements ......................................................................................................................... 18
4.23 Payments by Electronic Funds Transfer ..................................................................................... 18
4.24 Prompt Payment Policy .............................................................................................................. 18
4.25 Electronic Procurements Authorized ......................................................................................... 18
4.26 MBE Participation Goal ............................................................................................................. 20
4.27 VSBE Goal................................................................................................................................. 20
4.28 Living Wage Requirements ....................................................................................................... 20
4.29 Federal Funding Acknowledgement .......................................................................................... 21
4.30 Non-Disclosure Agreement ........................................................................................................ 21
4.31 HIPAA - Business Associate Agreement ................................................................................... 21
4.32 Nonvisual Access ....................................................................................................................... 21
4.33 Location of the Performance of Services Disclosure ................................................................. 22
4.34 Department of Human Services (DHS) Hiring Agreement ........................................................ 22
4.35 Small Business Reserve (SBR) Procurement ............................................................................. 22
4.36 Maryland Healthy Working Families Act Requirements ........................................................... 22
5 Proposal Format ................................................................................................................................. 23
5.1 Two Part Submission ................................................................................................................. 23
5.2 Proposal Delivery and Packaging .............................................................................................. 23
5.3 Volume I - Technical Proposal .................................................................................................. 24
5.4 Volume II – Financial Proposal ................................................................................................. 29
6 Evaluation and Selection Process ...................................................................................................... 30
6.1 Evaluation Committee ............................................................................................................... 30
6.2 Technical Proposal Evaluation Criteria ...................................................................................... 30
6.3 Financial Proposal Evaluation Criteria ...................................................................................... 30
6.4 Selection Procedures .................................................................................................................. 30

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6.5 Award Determination ................................................................................................................. 31
7 RFP ATTACHMENTS AND APPENDICES
Attachment A. Financial Proposal Instructions & Form .................................................................. 32
Attachment B. Proposal Affidavit ....................................................................................................... 34
Attachment C. Maryland Living Wage Affidavit of Agreement for Service Contracts ................. 35
Attachment D. Conflict of Interest Affidavit and Disclosure ............................................................ 37
Attachment E. Contract ....................................................................................................................... 38
Attachment F. Contract Affidavit ....................................................................................................... 51
Attachment G. Collateral Security Agreement .................................................................................. 52
Attachment H. Designation of Depository .......................................................................................... 56
Appendix 1. – Abbreviations and Definitions ......................................................................................... 58
Appendix 2. – Section 6 -201(e) of the State Finance and Procurement Article of the Annotated
Code of Maryland ............................................................................................................................... 60
Appendix 3. – Section 6 -202 of the State Finance and Procurement Article of the Annotated Code
of Maryland ............................................................................................................................................... 61
Appendix 4. – Section 6 -209 of the State Finance and Procurement Article of the Annotated Code
of Maryland ............................................................................................................................................. 63
Appendix 5. – Section 6 -222 of the State Finance and Procurement Article of the Annotated Code
of Maryland ....................................................................................................................................... 64
Appendix 6. – Section 6 -203 of the State Finance and Procurement Article of the Annotated Code
of Maryland ....................................................................................................................................... 67
Appendix 7. – Section 6 -210 of the State Finance and Procurement Article of the Annotated Code
of Maryland ....................................................................................................................................... 68

Maryland Local Government Investment Pool
Solicitation #: RFP #MLGIP -10152025 RFP Document
RFP for State Treasurer’s Office Page 1

1 Minimum Qualifications
1.1 Purpose
The Maryland State Treasurer's Office (“STO” or, the “Office”) is soliciting proposals for a financial
institution with a strong presence in Maryland to provide investment and administrative services for the
Maryland Local Government Investment Pool (the “MLGIP”). MLGIP, created by Article 95, Section 22G of the Anno tated Code of Maryland, repealed and replaced by Sections 17 -201 et seq and 17-301 et seq of
the Local Government Article, Annotated Code of Maryland (Exhibit 1), consists of the aggregate of funds
from local governments and any funds of the State, or appr oved State unit or State created entity that are
placed in the pool for investment and reinvestment. The MLGIP is under the administrative control of the Maryland State Treasurer and currently has 260 participants, approximately 600 accounts (individual
and sub accounts), and an average daily aggregate balance of approximately $11.5 billion.

1.2 Offeror Minimum Requirements

As part of the determination to be considered reasonably susceptible of being selected for award, each Offeror shall specifically and clearly state in its proposal that it meets the requirements in this section. The
minimum requirements are for both the disbursement services and custody services, unless otherwise specified. Failure to do so may result in the rejection of the proposal by the Procurement Officer.
1.2.1 The Offeror is a financial institution as defined in Section 6 -201(e) of the State Finance
and Procurement Article of the Annotated Code of Maryland (Appendix 2).
1.2.2 The Offeror must have and maintain for the duration of the Contract, a Kroll Bond Rating
Agency (“KBRA”) rating, or a similar financial strength rating from a nationally
recognized statistical rating organization (NSRO) of at least a "B-"or alternatively, an IDC
Financial Publishing, Inc. numerical performance rating/grade of at least a “158” for the
duration of this Contract (and/or) effective services rendered by the State Treasurer’s
Office (STO). Should the Offeror’s rating drop below a “B -“or “158”, the STO may
dismiss the Offeror, require additional collateral of the Offeror, or take other actions to protect State funds and the interest of the State of Maryland at the sole discretion of the
Treasurer or Treasurer’s Designee.

1.2.3 The Offeror must ensure the collateralization of all repurchase agreements (REPO) in
accordance with the requirements set forth in Sections 6 -222 (b)(4) of the State Finance and
Procurement Article.
1.2.4 Every Offeror submitting a proposal in connection with this RFP must agree not to open or maintain any bank accounts for any entity representing itself as an agency or entity of the State of Maryland or using FID number 52- 6002033 without the express writt en
permission of the State Treasurer or Treasurer’s designee.
1.2.5 The Offeror must have a plan for business continuity and recovery as a result of disaster.

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2 Contractor Requirements: Scope of Work
2.1 Summary
Article 95 Section 22G, repealed and replaced by Sections 17- 201 et seq and 17- 301 et seq, of the Local
Government Article, Annotated Code of Maryland establishes the Maryland Local Government Investment
Pool. The MLGIP, under the administrative control of the State Treasurer, is designed to provide any local
governmental unit of the State an investment vehicle for the short -term investment of funds. The State
Treasurer may choose to invest State funds in the MLGIP. On approval of the State Treasurer, a u nit of State
government or an entity created by the State, if the funds of that unit or entity are not State money over which
the Treasurer has investment authority, may also invest in the MLGIP.
Since the inception of the program in 1982, a financial institution with a strong presence has operated the
MLGIP on behalf and under contract with the State Treasurer . As of June 30, 2025, there were 260
participants with approximately 600 accounts (individual and sub accounts) and approximately $11.5
billion on deposit in the MLGIP. See the MLGIP Fund Balance table below for historical balance
information.
Maryland Local Government Investment Pool Fund Balance

Fiscal Year Fund Balance as of
June 30 ($) Number of
Participants Actual Yield
Prev. 12 Months $ Inc (Dec) Prev.
Year
201 6 3,779,521,886 303 0.22% 10.36 %
201 7 3,727,516,877 305 0.56% (1.38%)
201 8
201 9 5,251,410,838
6,050,482,835 305
305 1.34% 2.27% 29.02%
15.22 %
2020 8,924,858,860 305 1.49 % 47.51 %
2021 9,722,107,828 305 0.09% 11.19 %
2022 9,666,453,434 305 0.27% (0.57 %)
2023 9,535,581,163 275 3.80 % (1.92%)
2024 9,559,781,492 275 5.51 % (1.10 %)
2025 11,477,342,276 260 4.41 % 20.36 %

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The general objectives of the MLGIP are:
1. To preserve the capital value of the dollars invested.
2. To provide a competitive rate of return.
3. To provide a daily, readily available source of liquidity.

While the MLGIP is not an SEC -registered money market rated fund, it is managed in a manner consistent
with the SEC’s Rule 2(a) -7 investment guidelines. The MLGIP maintains an AAAm rating from Standard
and Poor’s, the highest rating for local government i nvestment pools. The MLGIP is a stable net asset
value fund managed in a conservative manner, emphasizing the highest credit standards and vigilant risk
management.

2.2 Order of Precedence

The Contract between the parties will be embodied in the Contract documents which will consist of the
following, listed in their order of precedence:
1. the executed Contract;
2. the RFP; and
3. the Offeror's proposal.

The Office will not accept any modifications to the order of precedence provision of this solicitation.

2.3 Required Services

2.3.1 Investments

The purpose of the Pool is to provide an investment option in which the participants may invest their idle
balances. To achieve this purpose, the investments of the Pool must maintain principal value, limit exposure to loss, and be readily liquid. The Contractor shall manage the investments of the Pool in order to maintain
a Stable Net Asset Value and money market fund rating of AAAm by Standard & Poor’s denoting excellent safety and superior capacity to maintain principal value and limit exposure to loss.

The MLGIP may invest in any instrument in which the State Treasurer may invest that fit the parameters of
the investment pool . The permissible instruments for investments are established by Section 6- 222 of the
State Finance and Procurement Article annotated in the Code of Maryland and detailed in State Regulation COMAR 25.03.04. The types of the investments may, during the co urse of the Contract, be altered by the
State Treasurer. The maximum maturity of any individual security in the MLGIP shall be 13 months (397 days). The pool will maintain a maximum weighted average portfolio maturity of no more than 60 days and a weighted average life of no more than 120 days. There will be no formal minimum liquidity position for
the MLGIP but there shall be suffi cient liquidity to satisfy participants’ daily cash needs. Securities in the
MLGIP may be sold at the discretion of the Contractor.

The MLGIP is currently rated AAAm by Standard & Poor’s and it is expected that the selected Offeror will

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ensure this rating shall be maintained. All portfolio securities must be U.S. dollar -denominated, and the
MLGIP shall have an average daily NAV equal to $1.

The MLGIP may not lend securities nor may any of the assets of the MLGIP be pledged as collateral.

2.3.2 Banking
Each MLGIP participant must be allowed to create at least one master account and an unlimited number
of subaccounts.
Deposits must be credited the same day if received in "good funds" before 3:00 p.m. E.T. and available the next business day in all other circumstances. Deposits may be made by cash, check, ACH, wire
transfer, or any other generally acceptable method. Al l deposits received by 3:00 p.m. E.T. will qualify
for interest on the day the deposit is made.
Withdrawal requests received before 2:00 p.m. E.T. shall be granted with the same day availability, and
those received after 2:00 p.m. E.T. shall receive next day availability. Withdrawals shall be by cashier
check, direct deposit, ACH, or wire transfer.
The Contractor must have available toll -free telephone lines and electronic transaction capabilities.

2.3.3 Advisory Committee
The Treasurer has appointed an MLGIP Advisory Committee (the “Committee”) whose functions are to
review the investment performance of the MLGIP, monitor the account relationships, and review the
marketing and product development activities of the MLGIP adm inistrator. The Contractor selected to
provide MLGIP administration services under this solicitation should anticipate providing performance
reports to the Committee that include economic and interest rate forecasts and attending and Committee
meetings, currently held twice a year.

2.3.4 Earnings
Interest earnings shall be calculated and compounded daily, paid monthly.

2.3.5 Audit
Contractor shall be responsible for having an annual fiscal year audit performed on the financial statements
and assets of the MLGIP by a nationally recognized independent auditor. The auditor and the scope of
services must be approved by the Treasurer. P rinted copies of the annual audit report shall be provided to
the Office, the MLGIP Advisory Committee, and upon request, to all MLGIP participants.
To that end, the Contractor shall manage the MLGIP in accordance with all applicable Federal and State laws and regulations, and shall maintain the books and records of the MLGIP in accordance with the
requirements and guidance of the Internal Revenue Code , the Securities and Exchange Commission, the
Government Accounting Standards Board and the American Institute of Certified Public Accountants.

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2.3.6 Reports

2.3.6.1. Daily transaction reporting is required to MLGIP account holders for whom transactions were executed.
These reports should identify at a minimum the transaction conducted, the name of the subaccount
holder, the account title and number, the amount of the transaction and the resulting balance in the
subaccount. These daily reports are to be sent to the MLGIP account holders electronically no later than
the following business day.

2.3.6.2. Monthly statements are required for MLGIP account holders detailing the daily transactions, the daily
balances, the daily interest rates, fees incurred, interest credited, and final balances by subaccount. These
reports should be available electronically as well.

2.3.6.3. Monthly reports are to be sent to the State Treasurer. These reports must at a minimum detail each
investment purchase and sale transaction, the total fund balance, an updated list of participants,
administrative fees charged, and gross income earnings. A list of all securities held at month end must
be included. In addition, the Treasurer may select a number of dates at random each month and request
the report from the Federal Reserve showing the collateral held by the Federal Reserve on behal f of the
MLGIP for the repurchase agreements executed on those selected dates.

2.3.6.4. An Investment Inventory must be provided daily as of close of business to the State Treasurer, or
Treasurer’s designee in electronic format. This report should identify at a minimum the CUSIP, Security
short name, maturity date, purchase date, issue date, coupon rate, next coupon date, trade face value,
trade original cost, market value, variance between face value and market value, and daily NAV. The
report must have sub totals for investment types in addition to portfolio totals.
2.3.6.5. An Annual Report shall be prepared and distributed to the Office, the MLGIP Advisory Committee, and
all MLGIP participants, including information on the MLGIP, its participants and activities,
administrative information, audited financial statements and c redit rating. The report must include the
complete listing of all investments held June 30 with credit ratings, book value and market value. The
report shall be posted on the Contractor’s maintained website. The printing quality of the Annual R eport
must meet or exceed the current standards of the MLGIP Annual Report. The volume of printed copies
is estimated at 200.

2.3.7 Website
The Contractor shall maintain a website that at a minimum displays information about the history, MLGIP
Advisory Committee, advisory notices such as holiday or early fund closings anticipated, MLGIP net rates,
monthly portfolio holdings, annual report, all necessary MLGIP forms, and contact information. The
website must also allow account access and secure transaction capabilities. The site should permit quick
updates to advise a bout market turmoil, provide monthly market insights, hold the monthly recap of all
rates, and maintain historical record of all rates paid. Rate sheets should show the daily rate, the average daily rate for the month, the effective annual yield, and the actual rolling yield for the previous 12 months.
The current website can be found at: https://www.mlgip.com/Public .

2.3.8 Marketing Plan

The Contractor shall conduct an ongoing marketing effort to attract new members to the MLGIP. This effort, at
a minimum, shall consist of a quarterly newsletter to all members concerning recent developments, distribution
of literature explaining the featu res of the MLGIP, graphs and charts showing the historical growth in members
and funds in the MLGIP, attendance at meetings of county and municipal financial and executive personnel such

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RFP for State Treasurer’s Office Page 6
as Maryland Government Finance Officers Association, Maryland Municipal League, and Maryland Association
of Counties, and provide a statewide coordinator for contact with the members.

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

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3 Contractor Requirements: General
3.1 Contract Initiation Requirements
Contractor shall schedule and hold a kickoff meeting describing the activities for the Contractor,
the State, and any third parties for fully transitioning to the Contractor’s Solution.

3.2 End of Contract Transition
3.2.1 The Contractor shall provide transition assistance as requested by the State to facilitate the
orderly transfer of services to the State or a follow -on contractor. Such transition efforts shall
consist, not by way of limitation, of:
A. Provide additional services and support as requested to successfully complete the
transition;
B. Maintain the services called for by the Contract at the required level of proficiency
3.2.2 The Contractor shall work toward a prompt and timely transition, proceeding in accordance with
the directions of the Contract Monitor. The Contract Monitor may provide the Contractor with
additional instructions to meet specific transition requirements prior to the end of the Contract.

3.3 Invoicing
3.3.1 General
A. The Contractor shall e -mail the original of each invoice and signed authorization
to stoaccountspayable@treasurer.state.md.us with a copy to the Contract Monitor
B. All invoices for services shall be verified by the Contractor as accurate at the time
of submission.
C. An invoice not satisfying the requirements of a Proper Invoice (as defined at
COMAR 21.06.09.01 and .02) cannot be processed for payment. To be considered
a Proper Invoice, invoices must include the following information, without error:
1) Contractor name and address;
2) Remittance address;
3) Federal taxpayer identification (FEIN) number
4) Invoice period (i.e. time period during which services covered by invoice
were performed);
5) Invoice date;
6) Invoice number;
7) State assigned Contract number;
8) Services provided;
9) Amount due; and
10) Any additional documentation required by regulation or the Contract.
D. The Agency reserves the right to reduce or withhold Contract payment in the event
the Contractor does not provide the Agency with all required deliverables within
the time frame specified in the Contract or otherwise breaches the terms and

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conditions of the Contract until such time as the Contractor brings itself into full
compliance with the Contract.
E. Any action on the part of the Agency, or dispute of action by the Contractor, shall
be in accordance with the provisions of Md. Code Ann., State Finance and Procurement Article §§ 15 -215 through 15- 223 and with COMAR 21.10.04.
F. The State is generally exempt from federal excise taxes, Maryland sales and use
taxes, District of Columbia sales taxes and transportation taxes. The Contractor;
however, is not exempt from such sales and use taxes and may be liable for the
same.
G. Invoices for final payment shall be clearly marked as “FINAL” and submitted
when all work requirements have been completed and no further charges are to be
incurred under the Contract. In no event shall any invoice be submitted later than
60 calendar days from the Contract termination date.
3.3.2 For the purposes of the Contract an amount will not be deemed due and payable if:
A. The amount invoiced is inconsistent with the Contract;
B. The proper invoice has not been received by the office specified in the Contract;
C. The invoice or performance is in dispute or the Contractor has failed to otherwise
comply with the provisions of the Contract;
D. The services have not been accepted;
E. The services do not meet the quality requirements of the Contract;
3.3.3 Travel Reimbursement
Travel will not be reimbursed under this RFP.

3.4 Liquidated Damages
3.4.1 MBE Liquidated Damages
THIS SECTION IS INAPPLICABLE TO THIS RFP.
3.4.2 Liquidated Damages other than MBE
THIS SECTION IS INAPPLICABLE TO THIS RFP.

3.5 Disaster Recovery and Data
The following requirements apply to the Contract:
3.5.1 Redundancy, Data Backup and Disaster Recovery
A. Unless specified otherwise in the RFP, Contractor shall maintain or cause to be
maintained disaster avoidance procedures designed to safeguard State data and
other confidential information, Contractor’s processing capability and the
availability of hosted services, in each case throughout the Contract term. Any force majeure provisions of the Contract do not limit the Contractor’s obligations
under this provision.
B. The Contractor shall have robust contingency and disaster recovery (DR) plans in
place to ensure that the services provided under the Contract will be maintained in

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the event of disruption to the Contractor/subcontractor’s operations (including, but
not limited to, disruption to information technology systems), however caused.
1) The DR site shall be at least 100 miles from the primary operations site
and have the capacity to take over complete production volume in case the
primary site becomes unresponsive.
2) Offeror must perform a simulated Disaster Recovery with STO annually.
3.5.2 Provisions in Sections 3.5.1 shall survive expiration or termination of the Contract. Additionally,
the Contractor shall flow down the provisions of Sections 3.5.1 (or the substance thereof) in all
subcontracts.

3.6 Insurance Requirements
The Contractor shall maintain, at a minimum, the insurance coverages outlined below, or any minimum
requirements established by law if higher, for the duration of the Contract, including option periods, if
exercised:
3.6.1 The following type(s) of insurance and minimum amount(s) of coverage are required:
A. Cyber Security / Data Breach Insurance – (For any service offering hosted by the
Contractor) five million dollars ($5,000,000) per occurrence. The coverage must be valid at all locations where work is performed or data or other information
concerning the S tate’s claimants or employers is processed or stored.
B. Commercial General Liability - of $2,000,000 combined single limit per
occurrence for bodily injury, property damage, and personal and advertising injury
and $5,000,000 annual aggregate. The minimum limits required herein may be
satisfied through any combination of primary and umbrella/excess liability policies.
C. Errors and Omissions/Professional Liability - $1,000,000 per combined single
limit per claim and $3,000,000 annual aggregate.
D. Crime Insurance/Employee Theft Insurance - to cover employee theft with a
minimum single loss limit of $1,000,000 per loss, and a minimum single loss
retention not to exceed $10,000.
3.6.2 All insurance policies shall be endorsed to include a clause requiring the insurance carrier
provide the Procurement Officer, by certified mail, not less than 30 days’ advance notice of
any non- renewal, cancellation, or expiration. The Contractor shall not ify the Procurement
Officer in writing, if policies are cancelled or not renewed within five (5) days of learning of such cancellation or nonrenewal. The Contractor shall provide evidence of replacement
insurance coverage to the Procurement Officer at least 15 days prior to the expiration of the
insurance policy then in effect.
3.6.3 Any insurance furnished as a condition of the Contract shall be issued by a company authorized
to do business in the State.
3.6.4 The recommended awardee must provide current certificate(s) of insurance with the prescribed
coverages, limits and requirements set forth in this section within five (5) Business Days from
notice of recommended award. During the period of performance for multi- year contracts, the
Contractor shall provide certificates of insurance annually, or as otherwise directed by the
Contract Monitor.

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3.7 Security Requirements
3.7.1 Data Protection and Controls
Contractor shall ensure a secure environment for all State data and any hardware and software
(including but not limited to servers, network and data components) provided or used in
connection with the performance of the Contract and shall apply or cause a pplication of
appropriate controls so as to maintain such a secure environment (“Security Best Practices”). Such
Security Best Practices shall comply with an accepted industry standard, such as the NIST
cybersecurity framework, SOC, ISO 27001 and applicabl e Standards/Framework/Manuals such
as the latest version of Maryland IT Security Manual.

1) Ensure that all State data is classified appropriately and implement appropriate
protection mechanisms.
2) Ensure that State data is not com mingled with non- State data through the proper
application of compartmentalization Security Measures.
3) Apply data encryption to protect Sensitive Data at all times, including data in use,
transit, at rest. Unless otherwise directed, the Contractor is responsible for the
encryption of all Sensitive Data.
4) For all State data that the Contractor manages or controls in transit, data encryption
shall be applied. Should data need to be transmitted over untrusted networks, the
State shall be immediately informed, and the Contractor shall take heightened
security precautions.
5) Enable appropriate login parameters to monitor user access activities, authorized and
failed access attempts, system exceptions, and critical information security events as
recommended by the operating system and application manufacturers and
information security standards.
6) Ensure system and network environments are separated by properly configured and
updated firewalls.
7) Ensure all applications that hold State data are controlled with Multi -factor
Authentication (MFA). Restrict network connections between trusted and untrusted
networks by physically or logically isolating systems from unsolicited and
unauthenticated network traffic.
8) Ensure that all legacy applications that hold State data are isolated and not exposed
to external environments.
9) Ensure that all applications/Operation Systems that hold State data are configured
with Antivirus/Endpoint Protection mechanisms and regularly conduct Vulnerability
Scans and Penetration Tests to identify and mitigate any open vulnerability.
10) Ensure State data is not processed, transferred, or stored outside of the United States
(“U.S.”). The Contractor shall provide its services to the State and the State’s end users solely from data centers in the U.S. Unless granted an exception in writing by
the State, the Contractor shall not allow Contractor Personnel to store State data on
portable devices, including personal computers (BYOD), except for devices that are
used and kept only at its U.S. data centers. The Contractor shall permit its Contractor
Personnel to access State data remotely only as required to provide technical support.

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3.7.2 Security Incident Response
The Contractor shall comply with all applicable laws that require the notification of individuals
in the event of unauthorized release of State data or other event requiring notification, and, where
notification is required, assume responsibility for infor ming all such individuals in accordance
with applicable law and to indemnify and hold harmless the State and its officials and employees
from and against any claims, damages, and actions related to the event requiring notification.
3.7.3 Data Breach Responsibilities
A. If the Contractor reasonably believes or has actual knowledge of a Data Breach, the Contractor
shall, unless otherwise directed:
1) Notify the appropriate State -identified contact immediately of an event;
2) Cooperate with the State to investigate and resolve the data breach;
3) Promptly implement commercially reasonable remedial measures to remedy/contain
the Data Breach; and
4) Document responsive actions taken related to the Data Breach, including any post -
incident review of events and actions taken to make changes in business practices in
providing the services.
B. If a Data Breach is a direct result of the Contractor’s breach of its Contract obligation to
encrypt State data or otherwise prevent its release, the Contractor shall bear the costs
associated with (1) the investigation and resolution of the data breach; ( 2) notifications to
individuals, regulators or others required by State law; (3) a credit monitoring service required
by State or federal law; (4) a website or a toll -free number and call center for affected
individuals required by State law; and (5) complete all corrective actions as reasonably
determined by Contractor based on root cause.
3.7.4 The State shall, at its discretion, have the right to review and assess the Contractor’s compliance
to the security requirements and standards defined in the Contract (right to audit).

3.8 SOC 2 Type 2 Audit Report
3.8.1 A SOC 2 Type 2 Audit applies to the Contract. The applicable trust services criteria are:
Security, Availability, Processing Integrity, Confidentiality, or Privacy – The Agency to choose
which of the five trust services criteria apply as defined in the Guidance document identified
in Section 3.8.2.
3.8.2 In the event the Contractor provides services for identified critical functions, handles Sensitive
Data, or hosts any related implemented system for the State under the Contract, the Contractor
shall have an annual audit performed by an independent audit firm of the Contractor’s handling
of Sensitive Data or the Agency’s critical functions. Critical functions are identified as all
aspects and functionality of the Solution including any add- on modules and shall address all
areas relating to Information Technology security and opera tional processes. These services
provided by the Contractor that shall be covered by the audit will collectively be referred to as
the “Information Functions and Processes.” Such audits shall be performed in accordance with
audit guidance: Reporting on an Examination of Controls at a Service Organization Relevant
to Security, Availability, Processing Integrity, Confidentiality, or Privacy (SOC 2) as published
by the American Institute of Certified Public Accountants (AICPA) and as updated from time to time, or according to the most current audit guidance promulgated by the AICPA or

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similarly -recognized professional organization, as agreed to by the Agency, to assess the
security of outsourced client functions or data (collectively, the “Guidance”) as follows:
A. The type of audit to be performed in accordance with the Guidance is a SOC 2
Type 2 Audit (referred to as the “SOC 2 Audit” or “SOC 2 Report”). All SOC2 Audit Reports shall be submitted to the Contract Monitor. The Contractor shall
ensure the audit include s all such subcontractors operating in performance of the
Contract.
All SOC 2 Audits, including those of the Contractor, shall be performed at no additional expense to the Agency.
If the Contractor currently has an annual, independent information security
assessment performed that includes the operations, systems, and repositories of the
Information Functions and Processes being provided to the Agency under the
Contract, and if that assessment generally conforms to the content and objective of
the Guidance, the Agency will determine in consultation with appropriate State
government technology and audit authorities whether the Contractor’s current
information security assessments are acceptable in lieu of the SOC 2 Report(s).
B. The Contractor shall provide annually at no cost to the Contract Officer, evidence
of compliant and ongoing internal control of sensitive data and processes through
a standard methodology, such as but without limitation the American Institute of
Certified Public Accountant (AICPA) Service Organization Control (SOC)
Reports. The scope of the audit shall cover a one (1) year period. The evidence of
compliance shall be contained in a report describing the effectiveness of the Contractor’s internal controls.
C. If deficiencies in the Contractor’s internal control processes and procedures are
described in the most recent version of the report, the Contractor shall
automatically submit the report to the Contract Officer within a timely manner
and shall describe the corrective actions to be put into place by the Contractor to
remedy the deficiencies. Failure to report and/or repair deficiencies in a timely
manner shall be cause for the STO to make a determination of breach of contract
D. Provisions in Section 3.8.1 and 3.8.2 shall survive expiration or termination of
the Contract. Additionally, the Contractor and shall flow down the provisions of
Section 3.8.1- 2 (or the substance thereof) in all subcontracts.

3.9 Key Personnel
When Key Personnel are identified for the Contract, the following apply:
A. Key Personnel shall be available to perform Contract requirements. Unless
explicitly authorized by the Contract Monitor or specified in the Contract, Key
Personnel shall be assigned to the State of Maryland as a dedicated resource.
B. Key Personnel shall perform continuously for the duration of the Contract, or such
lesser duration as specified in the Technical Proposal. Contractor must notify STO
of the changes to personnel.
C. Please describe what type of background investigations are performed prior
onboarding of new employees that are considered a dedicated resource.

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3.10 Substitution of Personnel
The following provisions apply to Contractor Personnel substitutions.
A. The Contractor shall demonstrate to the Contract Monitor’s satisfaction that the
proposed substitute has qualifications at least equal to those of the Contractor
Personnel proposed to be replaced.
B. The Contractor shall provide the Contract Monitor with a substitution request that shall include:
1) The official resume of the current personnel for comparison purposes.
2) Evidence of any required credentials.
C. The Contract Monitor may request additional information concerning the proposed
substitution and may interview the proposed substitute personnel prior to deciding
whether to approve the substitution request.
D. The Contract Monitor will notify the Contractor in writing of: (i) the acceptance or
denial, or (ii) contingent or temporary approval for a specified time limit, of the
requested substitution. The Contract Monitor will not unreasonably withhold
approval of a proposed Contractor Personnel replacement.

3.11 Work Orders
THIS SECTION IS INAPPLICABLE TO THIS RFP.

3.12 Additional Clauses
This section does not apply to this solicitation.

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

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4 Procurement Instructions
4.1 Pre-Proposal Conference
There will not be a Pre-Proposal Conference for this procurement

4.2 eMaryland Marketplace Advantage (eMMA)
4.2.1 eMMA is the electronic commerce system for the State of Maryland. The RFP, Conference
summary and attendance sheet, Offerors’ questions and the Procurement Officer’s responses,
addenda, and other solicitation- related information will be made available via eMMA.
4.2.2 In order to receive a contract award, a vendor must be registered on eMMA. Registration is
free. Go to emma.maryland.gov, click on “New Vendor? Register Now” to begin the process,
and then follow the prompts.

4.3 Questions
4.3.1 All questions shall identify in the subject line the Solicitation Number and Title (RFP# MLGIP -
10152025 – Maryland Local Government Investment Pool ), and shall be submitted in
writing via e -mail to kchewlin@treasurer.state.md.us no later than the date and time specified
the Key Information Summary Sheet. PLEASE IDENTIFY THE PARTICULAR RFP
SECTION AND RFP PAGE NUMBER IN THE QUESTION (if applicable).
4.3.2 Answers to all questions that are not clearly specific only to the requestor will be
distributed via the same mechanism as for RFP amendments and posted on eMMA.

4.4 Procurement Method
A Contract will be awarded in accordance with the Competitive Sealed Proposals method under COMAR
21.05.03.

4.5 Proposal Due (Closing) Date and Time
4.5.1 Proposals, in the number and form set forth in Section 5 Proposal Format , must be received
by the Procurement Officer no later than the Proposal due date and time indicated on the Key
Information Summary Sheet in order to be considered.
4.5.2 Requests for extension of this date or time may not be granted.
4.5.3 Offerors submitting Proposals should allow sufficient delivery time to ensure timely receipt by
the Procurement Officer. Except as provided in COMAR 21.05.03.02.F and 21.05.02.10, Proposals received after the due date and time listed in the Key Information Summary Sheet
will not be considered.
4.5.4 Proposals may be modified or withdrawn by written notice received by the Procurement Officer
before the time and date set forth in the Key Information Summary Sheet for receipt of
Proposals.
4.5.5 Proposals may not be submitted by e- mail or facsimile. Proposals will not be opened publicly.
4.5.6 Potential Offerors not responding to this solicitation are requested to submit the “Notice to
Vendors” form, which includes company information and the reason for not responding (e.g.,
too busy, cannot meet mandatory requirements).

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4.6 Multiple or Alternate Proposals
Multiple or alternate Proposals will not be accepted.

4.7 Economy of Preparation
Proposals should be prepared simply and economically and provide a straightforward and concise
description of the Offeror’s Proposal to meet the requirements of this RFP.

4.8 Public Information Act Notice
4.8.1 The Offeror should give specific attention to the clear identification of those portions of its
Proposal that it considers confidential and/or proprietary commercial information or trade
secrets, and provide justification why such materials, upon request, should not be disclosed by
the State under the Public Information Act, Md. Code Ann., General Provisions Article, Title 4 (See also RFP Section 5.3.2.B “Claim of Confidentiality”). This information should be
identified by page and section number and placed after the Title Page and before the Table of
Contents in the Technical Proposal and if applicable, separately in the Financial Proposal.
4.8.2 Offerors are advised that, upon request for this information from a third party, the Procurement
Officer is required to make an independent determination whether the information must be
disclosed.

4.9 Award Basis
A Contract shall be awarded to the responsible Offeror(s) submitting the Proposal that has been
determined to be the most advantageous to the State, considering price and evaluation factors set forth
in this RFP (see COMAR 21.05.03.03F), for providing the goods and services as specified in this RFP.
See RFP Section 6 for further award information.

4.10 Oral Presentation
Offerors may be required to make oral presentations to State representatives. Oral presentations are
considered part of the Technical Proposal. Offerors must confirm in writing any substantive oral
clarification of, or change in, their Proposals made in th e course of discussions. Any such written
clarifications or changes then become part of the Offeror’s Proposal. The Procurement Officer will notify
Offerors of the time and place of oral presentations.

4.11 Duration of Proposal
Proposals submitted in response to this RFP are irrevocable for the latest of the following: 180 days
following the Proposal due date and time, best and final offers if requested (see Section 6.4.2 ), or the date
any protest concerning this RFP is finally resolved. This period may be extended at the Procurement Officer’s request only with the Offeror’s written agreement.

4.12 Revisions to the RFP
4.12.1 If the RFP is revised before the due date for Proposals, the Agency shall post any addenda to
the RFP on eMMA and shall endeavor to provide such addenda to all prospective Offerors that
were sent this RFP or are otherwise known by the Procurement Officer to have obtained this RFP. It remains the responsibility of all prospective Offerors to check eMMA for any addenda
issued prior to the submission of Proposals.

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4.12.2 Acknowledgment of the receipt of all addenda to this RFP issued before the Proposal due date
shall be included in the Transmittal Letter accompanying the Offeror’s Technical Proposal.
4.12.3 Addenda made after the due date for Proposals will be sent only to those Offerors that remain
under award consideration as of the issuance date of the addenda.
4.12.4 Acknowledgement of the receipt of addenda to the RFP issued after the Proposal due date shall
be in the manner specified in the addendum notice.
4.12.5 Failure to acknowledge receipt of an addendum does not relieve the Offeror from complying
with the terms, additions, deletions, or corrections set forth in the addendum, and may cause
the Proposal to be deemed not reasonably susceptible of being selected f or award.

4.13 Cancellations
4.13.1 The State reserves the right to cancel this RFP, accept or reject any, and all Proposals, in whole
or in part, received in response to this RFP, waive or permit the cure of minor irregularities,
and conduct discussions with all qualified or potentially qualified Offerors in any manner necessary to serve the best interests of the State.
4.13.2 The State reserves the right, in its sole discretion, to award a Contract based upon the written Proposals received without discussions or negotiations.

4.14 Incurred Expenses
The State will not be responsible for any costs incurred by any Offeror in preparing and submitting a
Proposal, in making an oral presentation, providing a demonstration, or performing any other activities
related to submitting a Proposal in response to this solicitation.

4.15 Protest/Disputes
Any protest or dispute related to this solicitation or the Contract award shall be subject to the provisions
of COMAR 21.10 (Administrative and Civil Remedies).

4.16 Offeror Responsibilities
4.16.1 Offerors must be able to provide all goods and services and meet all of the requirements
requested in this solicitation and the successful Offeror shall be responsible for Contract
performance including any subcontractor participation.
4.16.2 All subcontractors shall be identified and a complete description of their role relative to the
Proposal shall be included in the Offeror’s Proposal.
4.16.3 If the Offeror is the subsidiary of another entity, all information submitted by the Offeror,
including but not limited to references, financial reports, or experience and documentation (e.g.
insurance policies, bonds, letters of credit) used to meet minimum qualifications, if any, shall pertain exclusively to the Offeror, unless the parent organization will guarantee the
performance of the subsidiary. If applicable, the Offeror’s Proposal shall contain an explicit
statement, signed by an authorized representative of the parent organization, stating that the parent organization will guarantee the performance of the subsidiary.
4.16.4 A parental guarantee of the performance of the Offeror under this Section will not automatically
result in crediting the Offeror with the experience or qualifications of the parent under any evaluation criteria pertaining to the actual Offeror’s experience and qualifications. Instead, the
Offeror will be evaluated on the extent to which the State determines that the experience and
qualifications of the parent are applicable to and shared with the Offeror, any stated intent by

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the parent to be directly involved in the performance of the Contract, and the value of the
parent’s participation as determined by the State.

4.17 Acceptance of Terms and Conditions
By submitting a Proposal in response to this RFP, the Offeror, if selected for award, shall be deemed to
have accepted the terms and conditions of this RFP and the Contract, attached hereto as Attachment E.
Any clarifications required of the Contract (Attachment E) shall be addressed during the
Questions & Answers process as explained in Section 4.3. Please be reminded that much of the
Contract terms and conditions language is mandated either by Statute, Regulations and/or STO
Policy and therefore is non-negotiable.
Any proposed exceptions shall be clearly identified reflecting the page number and section of
concern in the Executive Summary of the Technical Proposal. Any exceptions requested to the
Contract will be considered on a case -by-case basis and STO reserves the right to seek further
discussion if deemed necessary, following which the results will be disclosed publicly either via the
Questions & Answers process as explained in Section 4.3 or an Amendment to the RFP as explained
in Section 4.12.
All requested exceptions will be taken into consideration when evaluating the Offeror’s Proposal.
The Agency reserves the right to accept or reject any exceptions.

4.18 Proposal Affidavit
A Proposal submitted by the Offeror must be accompanied by a completed Proposal Affidavit. A copy of
this Affidavit is included as Attachment C of this RFP.

4.19 Contract Affidavit
All Offerors are advised that if a Contract is awarded as a result of this solicitation, the successful Offeror
will be required to complete a Contract Affidavit. A copy of this Affidavit is included for informational
purposes as Attachment F of this RFP. This Affidavit must be provided within five (5) Business Days of
notification of recommended award. For purposes of completing Section “B” of this Affidavit
(Certification of Registration or Qualification with the State Department of Assessments and Taxation), a
business entity that is organized outside of the State of Maryland is considered a “foreign” business.

4.20 Compliance with Laws/Arrearages
By submitting a Proposal in response to this RFP, the Offeror, if selected for award, agrees that it will comply with all federal, State, and local laws applicable to its activities and obligations under the Contract,
including but not limited to:
• Internal Revenue Service
• Securities Exchange Commission, and in particular, the SEC Rule 2A -7 of the Investment
Company Act of 1940, 17 C.F.R. § 270.2A- 7, as amended.
By submitting a response to this solicitation, each Offeror represents that it is not in arrears in the payment
of any obligations due and owing the State, including the payment of taxes and employee benefits, and
shall not become so in arrears during the term of the Contract if selected for Contract award.

4.21 Verification of Registration and Tax Payment
Before a business entity can do business in the State, it must be registered with the State Department of
Assessments and Taxation (SDAT). SDAT is located at State Office Building, Room 803, 301 West

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Preston Street, Baltimore, Maryland 21201.For registration information, visit
https://www.egov.maryland.gov/businessexpress .
It is strongly recommended that any potential Offeror complete registration prior to the Proposal due date
and time. The Offeror’s failure to complete registration with SDAT may disqualify an otherwise successful
Offeror from final consideration and recommendation for Contract award.

4.22 False Statements
Offerors are advised that Md. Code Ann., State Finance and Procurement Article, § 11- 205.1 provides as
follows:
4.22.1 In connection with a procurement contract a person may not willfully:

Falsify, conceal, or suppress a material fact by any scheme or device.
A. Make a false or fraudulent statement or representation of a material fact.
B. Use a false writing or document that contains a false or fraudulent statement or
entry of a material fact.
4.22.2 A person may not aid or conspire with another person to commit an act under Section 4.22.1.
4.22.3 A person who violates any provision of this section is guilty of a felony and on conviction is
subject to a fine not exceeding $20,000 or imprisonment not exceeding five (5) years or both.

4.23 Payments by Electronic Funds Transfer
By submitting a Proposal in response to this solicitation, the Offeror, if selected for award:
4.23.1 Agrees to accept payments by electronic funds transfer (EFT) unless the State Comptroller’s
Office grants an exemption. Payment by EFT is mandatory for contracts exceeding $200,000.
The successful Offeror shall register using the COT/GAD X -10 Vendor Electronic Funds
(EFT) Registration Request Form.
4.23.2 Any request for exemption must be submitted to the State Comptroller’s Office for approval at
the address specified on the COT/GAD X -10 form, must include the business identification
information as stated on the form, and must include the reason for the exemption. The
COT/GAD X- 10 form may be downloade d from the Comptroller’s website at:
http://comptroller.marylandtaxes.com/Vendor_Services/Accounting_Information/Static_Files
/GADX10Form20150615.pdf.

4.24 Prompt Payment Policy
This procurement and the Contract(s) to be awarded pursuant to this solicitation are subject to the Prompt
Payment Policy Directive issued by the Governor’s Office of Small, Minority & Women Business
Affairs (GOSBA) and dated August 1, 2008. Promulgated pursuant to Md. Code Ann., State Finance and
Procurement Article, §§ 11 -201, 13- 205(a), and Title 14, Subtitle 3, and COMAR 21.01.01.03 and
21.11.03.01. The Directive seeks to ensure the prompt payment of all subcontractors on non-construction
procurement contracts, if applicable. The Contractor shall comply with the prompt payment requirements
available on GOSBA’s website at:
http://www.gomdsmallbiz.maryland.gov/documents/legislation/promptpaymentfaqs.pdf .

4.25 Electronic Procurements Authorized
4.25.1 Under COMAR 21.03.05, unless otherwise prohibited by law, the Agency may conduct
procurement transactions by electronic means, including the solicitation, proposing, award,

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execution, and administration of a contract, as provided in Md. Code Ann., Maryland Uniform
Electronic Transactions Act, Commercial Law Article, Title 21.
4.25.2 Participation in the solicitation process on a procurement contract for which electronic means
has been authorized shall constitute consent by the Offeror to conduct by electronic means all
elements of the procurement of that Contract which are specifically authorized under the
solicitation or Contract. In the case of electronic transactions authorized by this RFP, electronic
records and signatures by an authorized representative satisfy a requirement for written
submission and signatures.
4.25.3 “Electronic means” refers to exchanges or communications using electronic, digital, magnetic,
wireless, optical, electromagnetic, or other means of electronically conducting transactions.
Electronic means includes e -mail, internet -based communications, ele ctronic funds transfer,
specific electronic bidding platforms (e.g., https://procurement.maryland.gov ), and electronic
data interchange.
4.25.4 In addition to specific electronic transactions specifically authorized in other sections of this
solicitation (e.g., RFP § 4.23 describing payments by Electronic Funds Transfer), the following
transactions are authorized to be conducted by electronic means on the terms as authorized in
COMAR 21.03.05:
A. The Procurement Officer may conduct the procurement using eMMA or e-mail to
issue:
1) The RFP;
2) Any amendments and requests for best and final offers;
3) Pre-Proposal conference documents (if applicable);
4) Questions and responses;
5) Communications regarding the solicitation or Proposal to any Offeror or potential Offeror;
6) Notices of award selection or non-selection; and
7) The Procurement Officer’s decision on any Proposal protest or Contract
claim.
B. The Offeror or potential Offeror shall e-mail:
1) Questions regarding the solicitation;
2) Replies to any material received from the Procurement Officer by
electronic means that includes a Procurement Officer’s request or direction
to reply by e-mail but only on the terms specifically approved and directed
by the Procurement Officer and;
3) A "No Proposal Response" to the RFP.
C. The Procurement Officer, the Contract Monitor, and the Contractor may conduct
day-to-day Contract administration, except as outlined in Section 4.25.5 of this
subsection, utilizing e -mail or other electronic means if authorized by the
Procurement Officer or Contract Monitor.
4.25.5 The following transactions related to this procurement and any Contract awarded pursuant to it
are not authorized to be conducted by electronic means with the exception of activity through
eMMA:
A. Submission of initial Proposals;

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B. Filing of protests;
C. Filing of Contract claims;
D. Submission of documents determined by the Agency to require original signatures (e.g.,
Contract execution, Contract modifications); or
E. Any transaction, submission, or communication where the Procurement Officer has
specifically directed that a response from the Contractor or Offeror be provided in writing or
hard copy.

4.25.6 Any e -mail transmission is only authorized to the e -mail addresses for the identified person as
provided in the solicitation, the Contract, or in the direction from the Procurement Officer or
Contract Monitor.

4.26 MBE Participation Goal
THIS SECTION IS NOT APPLICABLE TO THIS RFP.

4.27 VSBE Goal
THIS SECTION IS NOT APPLICABLE TO THIS RFP.

4.28 Living Wage Requirements
A. Maryland law requires that contractors meeting certain conditions pay a living
wage to covered employees on State service contracts over $100,000. Maryland
Code Ann., State Finance and Procurement Article, § 18- 101 et al. The
Commissioner of Labor and Industry at the Maryland Department of Labor requires that a contractor subject to the Living Wage law submit payroll records
for covered employees and a signed statement indicating that it paid a living wage
to covered employees; or receive a waiver from Livi ng Wage reporting
requirements. See COMAR 21.11.10.05.
B. If subject to the Living Wage law, Contractor agrees that it will abide by all Living
Wage law requirements, including but not limited to reporting requirements in
COMAR 21.11.10.05. Contractor understands that failure of Contractor to provide
such documents is a material breach of the terms and conditions and may result in
Contract termination, disqualification by the State from participating in State
contracts, and other sanctions. Information pertaining to reporting obligations may
be found by going to the Maryland Department of Labor website
http://www.dllr.state.md.us/labor/prev/livingwage.shtml .
C. Additional information regarding the State’s living wage requirement is contained
in Attachment C. Offerors must complete and submit the Maryland Living Wage
Requirements Affidavit of Agreement with their Proposals. If the Offeror fails to
complete and submit the required documentation, the State may determine the
Offeror to not be responsible under State law.
D. Contractors and subcontractors subject to the Living Wage Law shall pay each
covered employee at least the minimum amount set by law for the applicable Tier
area. The specific living wage rate is determined by whether a majority of services
take place in a Tier 1 Area or a Tier 2 Area of the State. The specific Living Wage
rate is determined by whether a majority of services take place in a Tier 1 Area or
Tier 2 Area of the State.

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The Tier 1 Area includes Montgomery, Prince George’s, Howard, Anne
Arundel and Baltimore Counties, and Baltimore City. The Tier 2 Area
includes any county in the State not included in the Tier 1 Area. In the
event that the employees who perform the services are not located in the
State, the head of the unit responsible for a State Contract pursuant to §18-
102(d) of the State Finance and Procurement Article shall assign the tier
based upon where the recipients of the services are located. If the Contractor provides more than 50% of the services from an out -of-State
location, the State agency determines the wage tier based on where the
majority of the service recipients are located. In this circumstance, the
Contract will be determined to be a Tier (enter “1” or “2,” depending on
where the majority of the service recipients are located) Contract.
1) The Contract will be determined to be a Tier 1 Contract or a Tier 2 Contract
depending on the location(s) from which the Contractor provides 50% or
more of the services. The Offeror must identify in its Proposal the
location(s) from which services will be provided, including the location(s)
from which 50% or more of the Contract services will be provided.
2) If the Contractor provides 50% or more of the services from a location(s)
in a Tier 1 jurisdiction(s) the Contract will be a Tier 1 Contract.
3) If the Contractor provides 50% or more of the services from a location(s)
in a Tier 2 jurisdiction(s), the Contract will be a Tier 2 Contract.
E. If the Contractor provides more than 50% of the services from an out -of-State
location, the State agency determines the wage tier based on where the majority of
the service recipients are located. See COMAR 21.11.10.07.
F. The Offeror shall identify in the Proposal the location from which services will be
provided.
G. NOTE: Whereas the Living Wage may change annually, the Contract price will
not change because of a Living Wage change or a change in the State minimum
wage.

4.29 Federal Funding Acknowledgement
This Contract does not contain federal funds.

4.30 Non-Disclosure Agreement
4.30.1 Non-Disclosure Agreement (Offeror)
A Non-Disclosure Agreement (Offeror) is not required for this procurement.
4.30.2 Non-Disclosure Agreement (Contractor)
A Non-Disclosure Agreement (Contractor) is not required for this procurement.

4.31 HIPAA - Business Associate Agreement
A HIPAA Business Associate Agreement is not required for this procurement.

4.32 Nonvisual Access
This solicitation does not contain Information Technology (IT) provisions requiring Nonvisual Access.

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4.32.1 Mercury and Products That Contain Mercury
This solicitation does not include the procurement of products known to likely include mercury as a
component.

4.33 Location of the Performance of Services Disclosure
This solicitation does not require a Location of the Performance of Services Disclosure.
4.34 Department of Human Services (DHS) Hiring Agreement
This solicitation does not require a DHS Hiring Agreement.

4.35 Small Business Reserve (SBR) Procurement
This solicitation is not designated as a Small Business Reserve (SBR) Procurement.

4.36 Maryland Healthy Working Families Act Requirements

On February 11, 2018, the Maryland Healthy Working Families Act went into effect. All offerors should
be aware of how this Act could affect your potential contract award with the State of Maryland. See the
Department of Labor, Licensing and Regulations web site for Maryland Healthy Working Families Act
Information: http://dllr.maryland.gov/paidleave/ .

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

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5 Proposal Format
5.1 Two Part Submission
Offerors shall submit Proposals in separate volumes:
o Volume I –Technical Proposal – signed PDF of 1 full copy & signed PDF of 1
redacted copy if there is confidential information to be withheld
o Volume II – Financial Proposal – 1 signed PDF copy

5.2 Proposal Delivery and Packaging
5.2.1 Proposals delivered by facsimile and e- mail shall not be considered.
5.2.2 Provide no pricing information in the Technical Proposal.
5.2.3 Offerors may submit Proposals through eMMA, OR by hand- carry OR by trackable mail (i.e.
UPS, FedEx, etc.) as described below to the attention of Kris Chewlin at the address provided
in the Key Information Summary Sheet. PLEASE NOTE THAT DELIVERY VIA eMMA
IS HIGHLY ENCOURAGED (Follow the eMMA Quick Reference Guide (QRG) labelled
“5-eMMA QRG Responding to Solicitations (RFP)” for double envelope submissions) .
Submit a second PDF copy of the Technical Proposal with confidential & proprietary
information redacted AND a signed PDF copy of the Financial Proposal.
A. Any Proposal received at the appropriate mailroom, or typical place of mail receipt,
for the respective procuring unit by the time and date listed in the RFP will be
deemed to be timely. The State recommends a delivery method for which both the
date and time of receipt can be verified.
B. For hand- delivery, Offerors are advised to secure a dated, signed, and time -
stamped (or otherwise indicated) receipt of delivery. Hand -delivery includes
delivery by commercial carrier acting as agent for the Offeror.
5.2.4 The Procurement Officer must receive all Proposal material by the RFP due date and time
specified in the Key Information Summary Sheet. Requests for extension of this date or time
will not be granted. Except as provided in COMAR 21.05.03.02F, Proposals rec eived by the
Procurement Officer after the due date will not be considered.
5.2.5 If by mail , Offerors shall provide their Proposals in two separately sealed and labeled packages
as follows:
A. Volume I - Technical Proposal consisting of:
1. One (1) original executed Technical Proposal and all supporting material marked and sealed,
2. Five (5) duplicate copies of the above separately marked and sealed,
3. the Technical Proposal in searchable Adobe PDF format, and
4. a second searchable Adobe PDF copy of the Technical Proposal with confidential and proprietary information redacted (see Section 4.8).
B. Volume II - Financial Proposal consisting of:
1. One (1) original executed Financial Proposal and all supporting material
marked and sealed,

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RFP for State Treasurer’s Office Page 24
2. Five (5) duplicate copies of the above separately marked and sealed,
3. An electronic version of the Financial Proposal in searchable Adobe PDF
format, and Microsoft Excel (if applicable).
5.2.6 Affix the following to the outside of each sealed Proposal. Include the name, email address, and
telephone number of a contact person for the Offeror be included on the outside of the
packaging for each volume. Unless the resulting package will be too unwieldy, the State’s
preference is for the separately sealed Technical and Financial Proposals t o be submitted
together in a single package to the Procurement Officer and including a label bearing:
o RFP title and number,
o Name and address of the Offeror, and
o Closing date and time for receipt of Proposals
5.3 Volume I - Technical Proposal
NOTE: Omit all pricing information from the Technical Proposal (Volume I). Include pricing
information only in the Financial Proposal (Volume II).
5.3.1 In addition to the instructions below, responses in the Offeror’s Technical Proposal shall
reference the organization and numbering of Sections in the RFP (e.g., “Section 2.2.1 Response
. . .; “Section 2.2.2 Response . . .,”). All pages of both Proposal volumes shall be consecutively
numbered from beginning (Page 1) to end (Page “x”).
5.3.2 The Technical Proposal shall include the following documents and information in the order
specified as follows. Each section of the Technical Proposal shall be separated by a TAB as
detailed below:
A. Title Page and Table of Contents
The Technical Proposal should begin with a Title Page bearing the name and address of the Offeror and the name and number of this RFP. A Table of Contents shall follow the Title Page
for the Technical Proposal, organized by section, subsection, and page number.
B. Claim of Confidentiality
Any information which is claimed to be confidential and/or proprietary information should be
identified by page and section number and placed after the Title Page and before the Table of
Contents in the Technical Proposal, and if applicable, separately in the Financial Proposal. An
explanation for each claim of confidentiality shall be included (see Section 4.8 “Public
Information Act Notice” ). The entire Proposal cannot be given a blanket confidentiality
designation - any confidentiality designation must apply to specific sections, pages, or portions
of pages of the Proposal and an explanation for each claim shall be included.
C. Transmittal Letter
A Transmittal Letter shall accompany the Technical Proposal. The purpose of the Transmittal
Letter is to transmit the Proposal and acknowledge the receipt of any addenda to this RFP
issued before the Proposal due date and time. Transmittal Letter should be brief, be signed by
an individual who is authorized to commit the Offeror to its Proposal and the requirements as
stated in this RFP.
D. Executive Summary
The Offeror shall condense and highlight the contents of the Technical Proposal in a separate
section titled “Executive Summary.”

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In addition, the Summary shall indicate whether the Offeror is the subsidiary of another entity,
and if so, whether all information submitted by the Offeror pertains exclusively to the Offeror.
If not, the subsidiary Offeror shall include a guarantee of performance from its parent
organization as part of its Executive Summary (see Section 4.16 “Offeror Responsibilities” ).
The Executive Summary shall also identify any exceptions the Offeror has taken to the
requirements of this RFP. Any clarifications required of the Contract (Attachment E)
shall be addressed during the Questions & Answers process as explained in Section 4.3.
Please be reminded that much of the Contract terms and conditions language is mandated
either by Statute, Regu lations and/or STO Policy and therefore is non-negotiable.
Any proposed exceptions shall be clearly identified reflecting the page number and
section of concern in the Executive Summary of the Technical Proposal. Any exceptions
requested to the Contract will be considered on a case- by-case basis and STO reserves
the right to seek further discussion if deemed necessary, following which the results will
be disclosed publicly either via the Questions & Answers process as explained in Section
4.3 or an Amendment to the RFP as explained in Section 4.12.
All requested exceptions will be taken into consideration when evaluating the Offeror’s
Proposal. The Agency reserves the right to accept or reject any exceptions.

E. Minimum Qualifications Documentation
1. The Offeror shall specifically and clearly state in its proposal that it meets
each Minimum Qualifications as set forth in RFP Section 1 .
2. The Offeror shall provide evidence of certification and/or membership and
compliance with Federal Deposit Insurance Corporation (“FDIC”).
3. The Offeror shall include one and only one copy of the Offeror’s most
recent audited financial statements with all attachments, including the
unqualified audit opinion, OR a website link with the same information in
the original volume of its Technical Proposal.
4. The Offeror shall include a brief description of its plan for business continuity and recovery as a result of disaster.
F. Offeror Technical Response to RFP Requirements for Section 2.3 Required
Services
1. In its Technical Proposal the Offeror shall address each RFP requirement in
Section 2 .3 in order with a cross reference to the requirement and describe
how it will approach the implementation of the proposed services, including
the services of any proposed subcontractor(s).
2. Compliance with Applicable Rules and Regulations – Each Offeror shall
acknowledge its compliance with Section 4.20. Any refusal or inability to accept any applicable rules and regulations must be clearly noted and
explained.
3. Transition – Each Offeror shall provide a discussion of its plan to transition
from the current Contractor, if selected for award.
G. Firm Experience and Qualifications of Staff - The Offeror shall identify its
experience and qualifications of staff proposed to be utilized under the
Contract. The Offeror shall:
1. In a chart format, Offerors should summarize prior engagements involving

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RFP for State Treasurer’s Office Page 26
services similar to the Pool that the Offeror successfully performed for
other organizations within the last five years. Within the chart, the
summary should include the following information for each engagement:
• the structure,
• investment policy,
• investment performance,
• managing program,
• name of the organization, their address, contact name and telephone number, and
• size and trade volumes.
2. Indicate the manner in which you would organize your resources to
provide the services required by including responses to the following:
• The name and qualifications of the individual who will coordinate
the implementation of activities associated with this Contract and/or
the name and qualifications of the overall relationship manager
• The names and qualifications of the individuals who will manage the
investments during the term of the contact;
• The names and qualifications of the individuals who will manage the
account relationships; and
• The names and qualifications of the IT staff that will implement and
service all accounts during transition as well as during the term of
the Contract.
3. Include brief (one page or less for each person ) individual resumes for Key
Personnel, including Key Personnel for any proposed subcontractors.
Each resume should include the amount of experience the individual has had relative to the Scope of Work set forth in this solicitation.

H. References
The Offeror shall identify a minimum of three current references that the Offeror provides similar to
those required under this RFP. References shall include:
At least three (3) references are requested from customers who are capable of documenting the
Offeror’s ability to provide the goods and services specified in this RFP. Each reference shall be
from a client for whom the Offeror has provided services within the past five (5) years and shall
include the following information:
1) Name of client organization;
2) Name, title, telephone number, and e -mail address, if available, of point of contact for
client organization; and
3) A brief description of the services rendered for each reference.
The Agency reserves the right to request additional references or utilize references not provided
by the Offeror. Points of contact must be accessible and knowledgeable regarding Offeror
performance.

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I. Certificate of Insurance
The Offeror shall provide a copy of its current certificate of insurance showing the types and
limits of insurance in effect as of the Proposal submission date. The current insurance types
and limits do not have to be the same as described in Section 3.6 . See Section 3.6 for the
required insurance certificate submission for the apparent awardee.
J. Subcontractors
The Offeror shall provide a complete list of all subcontractors that will work on the Contract if
the Offeror receives an award. This list shall include a full description of the duties each
subcontractor will perform and why/how each subcontractor was dee med the most qualified
for this project.
K. Legal Action Summary
This summary shall include:
1) A statement as to whether there are any outstanding legal actions or potential claims against the Offeror and a brief description of any action;
2) A brief description of any settled or closed legal actions or claims against the Offeror
over the past five (5) years;
3) A description of any judgments against the Offeror within the past five (5) years,
including the court, case name, complaint number, and a brief description of the final
ruling or determination; and
4) In instances where litigation is ongoing and the Offeror has been directed not to disclose
information by the court, provide the name of the judge and location of the court.
L. Community Benefits
1) The Offeror shall provide its rating on its most recent examination under the Federal Community Reinvestment Act of 1977, P. L. Number 95-128, as required under Section
6-203(b) of the State Finance and Procurement Article of the Maryland Annotated Code.
If the Offeror operates in a state other than Maryland, the Offeror shall provide Maryland -
specific information within the assessment area section of its Community Reinvestment Act report. (See Appendix 6).
2) The Offeror shall state whether, during the previous five (5) years, a court in the State of
Maryland or in another state has found, in a final adjudication, that the Offeror, its
affiliate or an entity acquired by the Offeror has violated any antidiscrimination statute
or regulation.
3) Pursuant to Section 6- 203(d) of the State Finance and Procurement Article of the
Annotated Code of Maryland, the Offeror shall provide information to demonstrate
whether during the past 5 years, the financial institution has: