Investment Modernization RFP

Request for Proposals (RFP) for Investment Modernization Roadmap

Colorado PERA is seeking an experienced, independent advisory firm to support the development of a multi‑year investment systems modernization roadmap. The selected firm will perform a holistic assessment of PERA’s current investment systems and business processes; facilitate stakeholder discovery and high-level requirements definition; evaluate the investment technology solution landscape; develop multiple future state modernization options; and produce a detailed, execution‑ready roadmap for a selected option.

PERA intends to modernize its investment systems and associated business processes while enabling additional Artificial Intelligence capabilities and automation. The desired approach is expected to include a current state assessment of where PERA stands relative to technology, process workflow and AI/automation, and the gap assessment in relation to best-in-class for similar sized organizations. The roadmap will be informed through the resulting gap assessment.

The firm selected through this RFP will support PERA in defining a clear, actionable modernization roadmap which will include current state assessment, future state architecture, gap assessment and modernization roadmap, change & adoption strategy, program governance & execution framework and data migration and compliance strategy. This will include options based upon cost scenarios, timelines of delivery, specific resources necessary for completion, and support models.

Respondents are expected to propose and evaluate multiple high‑level modernization options; however, only one option selected by PERA will be developed into a detailed, execution‑ready roadmap.

This engagement is advisory in nature and is intended to inform PERA leadership decision‑making, budgeting, sequencing, governance, resource planning, and future procurement activities. Implementation services, software acquisition, or system configuration are explicitly out of scope for this RFP.

PERA is intentionally not prescribing detailed functional requirements in this RFP. It is expected that the selected partner will help define those requirements through a structured discovery process. PERA will work collaboratively with the selected consultant to evaluate and compare modernization options, select a preferred option through a structured decision-making process, and develop a detailed, execution-ready roadmap for the selected option.

PERA encourages respondents to supplement the scope described in this RFP with additional activities or refinements based on their experience with similar scale investment modernization initiatives, particularly in the public sector retirement system environment.

In order to assist you in evaluating this opportunity and preparing a response, we have also included the following logistics below:

Question Period: June 1, 2026 – June 19, 2026

Proposal Due Date: July 10, 2026

We are looking forward to receiving a response from your firm.

Colorado PERA provides retirement and other benefits to over 700,000 current and former teachers, State Troopers, corrections officers, snowplow drivers, and other public employees who provide valuable service to all of Colorado. PERA is a vital and stable contributor to Colorado’s economy, distributing $4.55 billion in benefits in 2023 to more than 114,000 retirees who live in Colorado.