Participant Account Management Solution - UPDATED

1

STATE OF TENNESSEE
DEPARTMENT OF TREASURY
REQUEST FOR INFORMATION
FOR
PARTICIPANT ACCOUNT MANAGEMENT SOLUTION

RFI # 30901- 64326
SEPTEMBER 15 , 2025

1. STATEMENT OF PURPOSE:
The State of Tennessee, Department of Treasury ( “Treasury ”) issues this Request for Information
(“RFI”) for the purpose of soliciting information from the vendor community which will assist
Treasury in performing analysis of software solutions available to meet the Treasury ’s need for
updating technology and enhancing its participant accounting functionality , enhancing its
investment earnings allocation, and updating current technology over its in -house managed trust
funds. Treasury has provided the questions below in an attempt to understand the services available. The information gathered during this process will be utilized by Treasury to determine
the next steps required for a potential procurement. This request is strictly a mechanism for
gathering information and will not constitute a procurement process. All vendors with appropriate
product offerings and knowledge relating to the requirements described herein are invited to
submit a response to this RFI. The response should discuss the vendor’s capabilities to provide
products and assist Treasury in understanding product offering capabilities. Reponses should
also address the functional, technical, and other questions specified in this RFI. We appreciate
your input and participation in this process.
2. BACKGROUND:
Treasury is responsible for the investment and administration of various investments trust funds, including the Local Government Investment Pool ( “LGIP ”), the Chairs of Excellence Trust Fund
(“COE ”) and the Agency Specified Investment program ( “ASI”). The LGIP is a pooled cash
investment fund for local government units, municipalities, counties, school districts, and political subdivisions of the state of Tennessee that desire to participate in the fund. The COE is an
endowment trust fund servicing various higher education institutions within the University of Tennessee and the Tennessee Board of Regents systems. ASI provides a longer -term
investment portfolio for Tennessee s tate agencies that prefer a different strategy than the State
Pooled Investment Fund can provide. Treasury currently utilizes a 3
rd party vendor supported
software application that has been in operation since 2019 to support the participant accounting for the LGIP, the COE, and the ASI. System functionality includes plan and account set -up and
maintenance; recording contributions ; withdrawals ; adjustments and account transfers ;
transaction warehousing ; transaction import and export ; calculation and posting of monthly
interest and administrative fees ; transaction confirmation; system user security administration;
various query capabilities ; monthly statement generation for participants ; and various daily,
monthly, and annual reporting of activity for administrative and accounting control/reconciliation

purposes. As part of this application, an online portal provides account balance information,
transaction initiation and statement retention. This portal interfaces with Treasury ’s internal cash
movement system to initiate both wire and ACH transfers for the LGIP, as well as accessing
authorized destination information for banking transactions.
In the current system, the LGIP, COE, and ASI are accounted for as individual plans . Each
participant type (cities, counties, etc.) are grouped together by funds . A participant is a specific
entity ( e.g., City of Townsville) and may have multiple accounts.
The LGIP reports at a stable net asset value ($1.00), whereas the system strikes a daily net asset
value ( NAV) for both the COE and ASI plans . Currently, there are no restrictions placed on
participant withdrawals . The LGIP typically has transactions daily whereas ASI has limited
participant activity other than interest and fees . COE has consistent quarterly withdrawals and a
return of excess withdrawals annually.
The new solution should be able to provide participant level accounting as well as a web interface
with the following primary capabilities:

1) The ability to add future needed plans , funds participant s, and accounts as needed.

2) Provide an online portal for the different plans managed by the State. The portal will allow
participants to access their information, view statements, initiate ACH and wire
transactions.

3) The system should support different rules for withdrawal managed at the fund or plan level.

4) Provide means of recording contributions, withdrawals and account transfers on participant
accounts and provide the calculation for recording and reporting of interest and assess
administrative fees monthly.

5) Provide a reporting module that will allow Treasury users to independently run existing
reports, create new ad hoc reports, schedule reports and export reports in a format that
will allow them to easily manipulate the reports .

6) Interface with the State’s internal cash movement system to initiate ACH/wire transactions.

7) Allow participants to manage security roles/settings for their account(s) only, including
multifactor authentication.

3. COMMUNICATIONS :

3.1. Please submit your response to this RFI via email to Dawn Rochelle at
dawn.rochelle@tn.gov by no later than the Response Deadline date specified in Section 4 ,
Schedule of Events , below . In the event your response with all attachments and supporting
documentation will exceed fifteen (15) megabytes in total, please place the documents in a
zip file or make two (2) or more submissions such that the documents, per email submission, do not exceed fifteen (15) megabytes.
3.2. Please feel free to contact Treasury with any questions regarding this RFI. The main point
of contact will be:

Dawn Rochelle, Solicitation Coordinator
Tennessee Department of Treasury
Telephone: (615) 253-8770
Email: dawn.rochelle@tn.gov

Note: If you have any questions or comments concerning this RFI, it is important you e-
mail them to Dawn Rochelle (Treasury’s main point of contact ) by no later than the
Written Questions & Comments Deadline detailed in RFI Section 4, Schedule of Events.
Treasury will e -mail its responses to written questions and comments to prospective
Respondents on the date detailed in RFI Section 4, Schedule of Events. Treasury will
also post a copy of the amendment to the following website:
https://www.tn.gov/generalservices/procurement/central -procurement -office--cpo-
/supplier -information/request -for-proposals --rfp--opportunities1.html

3.3. Please reference RFI # 30901- 64326 with all communications to this RFI.
4. RFI SCHEDULE OF EVENTS:

EVENT
TIME
(Central Time
Zone)
DATE
(all dates are State
business days)
1. RFI Issued September 1 5, 2025
2. Written “ Questions & Comments” Deadline 2:00 p.m. September 30, 2025
3. Treasury Response to Written “Questions
and Comments” October 14, 2025
4. RFI Response Deadline 2:00 p.m. November 7 , 2025

5. GENERAL INFORMATION:
5.1. Please note that responding to this RFI is not a prerequisite for responding to any future
solicitations related to this project and a response to this RFI will not create any contract
rights. Responses to this RFI will become property of the State.
5.2. The information gathered during this RFI is part of an ongoing procurement. In order to
prevent an unfair advantage among potential respondents, the RFI responses will not be
available until after the completion of evaluation of any responses, proposals , or bids
resulting from a Request for Qualifications, Request for Proposals, Invitation to Bid or other procurement method. In the event that Treasury chooses not to go further in the
procurement process and responses are never evaluated, the responses to the
procurement , including the responses to the RFI, will be considered confidential by
Treasury .
5.3. Treasury will not pay for any costs associated with responding to this RFI.
6. INFORMATIONAL FORM S:
Treasury is requesting the following information from all interested parties. Please fill out the
following forms :

RFI # 30901- 64326
TECHNICAL INFORMATIONAL FORM
1. RESPONDENT LEGAL ENTITY NAME:
2. RESPONDENT CONTACT PERSON:
Name, Title:
Address:
Phone Number:
Email:

3. Please provide a brief description of Respondent’s experience providing similar scope of
services/products.
4. Describe how the solution addresses the multi -layer hierarchy requirements described above,
where each plan may have different definitions driven by policy or statute, and participant
accounts can be segregated and reported at multiple levels (i.e., fund, specific participant ,
participant account ).
5. Describe the flexibility for each plan to maintain independent processing schedules and operating
calendars.
6. Describe the solution’s capability in maintaining and monitoring account spending limits including
limiting withdrawal amounts.
7. Describe the earnings calculation and update process. Specifically address the options available
for allocating a rate of return, NAV, or a fixed dollar amount of earnings to participant accounts.
In addition, discuss the capabilities and implications of posting negative income due to decreases in market values.
8. Describe the solution’s capability for addressing “global” changes needed to the system
definitions at the plan or fund level.
9. Treasury currently collects an administrative fee by deducting basis points (which can vary by
fund) from the earnings rate credited to participant accounts. Describe the options for processing
and collecting such administrative fees from participant accounts when earnings are and are not applied. Describe any additional service charge billing processes that are available.
10. Describe the adjustment process for reversing or correcting transactions and the earnings adjustment processing that is associated with transaction adjustment or reversal. Does the
solution distinguish between “posting” date and “as -of” date? With respect to the earnings
adjustment process, include in this discussion how earnings are affected if the adjustment or correction is made in the current earnings allocation period versus a subsequent earnings
allocation period. Also include a discussion of any processing differences for positive earnings
adjustment versus negative earnings adjustment.
11. Describe the query functionality available for inquiring on system administration, plan, fund,
participant, and account data and activity. Also include how individual security and roles can be
customized for querying.
12. Describe the solution’s capabilities for producing monthly and annual participant statements as well as ad hoc statement date requests. Include discussion on capabilities for customizing
statements based on different needs for different portfolios.
13. Describe statistical, management, balancing/reconcilement and financial reporting that is

available on a scheduled basis, on demand, and by an event trigger.
14. Describe the secure integration capability, via real -time API, with Treasury ’s internal cash
movement application for initiating wire and ACH transactions as well as accessing authorized
destination information for banking transactions.
15. Describe how the solution can implement appropriate RBAC (Role Based Access Control)
covering items such as segregations of duties and the capability to manage the functionality to
create/modify user groups, roles, permission, users, and access privileges .
16. Describe how the solution’s security aligns with the NIST Cybersecurity Framework (CSF) to
include the implementation of key NIST 800.53 Security Controls? How would you work with
Treasury in completing a System Security Plan based on your proposed solution and meeting state cybersecurity requirements?

COST INFORMATIONAL FORM
1. Describe what pricing units you typically utilize for similar services or goods (e.g., per hour, each,
etc.:
2. Describe the typical price range for similar services or goods :

ADDITIONAL CONSIDERATIONS
1. Please provide input on alternative approaches or additional things to consider that might benefit
the State:
2. If your company has recently responded to a public solicitation for similar services described in
this RFI , please describe how Treasury can access to the solicitation and your response.