APERS Banking Services

Background
The State of Arkansas, through the Department of Transformation and Shared Services, is issuing this Request for Proposal (RFP) to obtain banking services for the Arkansas Public Employees’ Retirement System (APERS), the Arkansas State Police Department (ASPRS), and the Arkansas Judicial Retirement System (AJRS).

The goal is to establish a contract for comprehensive banking services including ACH/EFT capabilities, remote deposit services, and online banking functionalities. The contract will be awarded based on the proposal deemed most advantageous to the State.

Work Details
The Contractor will provide various banking services including:
1. ACH and EFT functions for employer and member contributions.
2. ACH disbursements for monthly retiree pensions and non-periodic distributions.
3. Remote deposit capabilities with same-day crediting of deposits.
4. Secure online banking access with real-time updates on balances, deposits, and wire transactions.
5. Compliance with NACHA standards for account validation and security measures for wire transfers.
6. Development of file formats and data transfer systems compatible with State IT systems.
7. Provision of training materials and ongoing support throughout the contract duration.

Period of Performance
The initial term of the contract will commence on July 1, 2025, lasting four years with options to renew for up to three additional one-year terms, not exceeding a total of seven consecutive years.

Place of Performance
Services will be performed in Little Rock, Arkansas, where the Department's offices are located.

Bidder Requirements
The Contractor must be a certified public depository under Arkansas law, have at least five years of experience in handling public retirement systems, comply with GASB and FASB reporting requirements, possess full wire transfer capabilities through the Federal Reserve System, and provide a certificate confirming no regulatory actions against them prior to award.