This Deputy position oversees all activities of STO Investments. It is responsible for adhering to all statutes, regulations and policies governing the investment and safekeeping of public funds. Additional responsibility lies in ensuring the accurate and timely processing of all cash management and investment activities with regard to the State’s $565+ billion dollar cash flow and the $8+ billion dollar investment portfolio. This position is also charged with strategizing, developing and implementing policies and procedures which promote automation in all areas of cash management.
This position will provide direct guidance and coaching to all employees within the Investment Unit.
The Office of the Illinois State Treasurer (“Treasurer”) is issuing this Request for Proposals Taxable Municipal Bond Emerging Manager (“RFP”) to retain an emerging investment manager to invest approximately $25 million in taxable municipal bonds, held in a separately managed account in the name of the Treasurer. In addition to other requirements, it is a mandatory requirement for Respondents to be “emerging investment managers,” as defined by 30 ILCS 575/4f. Respondents shall submit responses (“Proposal”) to this RFP by 2:00 p.m. CT on October 21, 2016. The Treasurer intends to select the Respondent with the most effective, yet cost efficient Proposal. The successful Respondent (“Contractor”) shall enter into a contract with the Treasurer (“Agreement”) for a term of 4 years. Upon expiration of this term, the Treasurer may elect to extend the Agreement for a period of time agreed upon by the parties, not to exceed a total of ten (10) years, including the initial four (4) years.
The Office of the Illinois State Treasurer (“Treasurer”) is issuing this Request for Proposals Investment Grade Corporate Credit Emerging Manager (“RFP”) to retain an emerging investment manager to invest approximately $50 million in corporate bonds, held in a separately managed account in the name of the Treasurer. In addition to other requirements, it is a mandatory requirement for Respondents to be “emerging investment managers,” as defined by 30 ILCS 575/4f. Respondents shall submit responses (“Proposal”) to this RFP by 2 pm CT on October 21, 2016. The Treasurer intends to select the Respondent with the most effective, yet cost efficient Proposal. The successful Respondent (“Contractor”) shall enter into a contract with the Treasurer (“Agreement”) for a term of 4 years. Upon expiration of this term, the Treasurer may elect to extend the Agreement for a period of time agreed upon by the parties, not to exceed a total of ten (10) years, including the initial four (4) years.
WASHINGTON—A bipartisan group of senators is pushing to include municipal bonds in bank-safety rules, the latest wrinkle in a continuing fight over how safe—and salable—the debt of states and localities would be in another financial crisis.
Sens. Mark Warner (D., Va.), Charles Schumer (D., N.Y.) and Mike Rounds (R., S.D.) are set to introduce legislation on municipal bonds this week, according to Senate aides. The bill aims to open the door for big U.S. banks to count municipal bonds as liquid assets under rules completed in 2014 that were designed to ensure Wall Street firms have enough cash during a crisis to fund their operations for 30 days.
The Senate legislation would place municipal bonds on the lowest rung of the “high quality liquid assets” category. That means they would be treated on par with corporate bonds, but not as favorably as under related legislation approved by the House early this year.
“We must ensure a continued and reliable access to capital markets for our local governments,” Mr. Warner said in a written statement. “This legislation represents a compromise that achieves that while appropriately balancing concerns for the long term stability of our financial system.”
The rules, slated to go into effect next year, are aimed at making banks hold more cash or securities that are easy to sell. The Federal Reserve and two other bank regulators had originally decided debt issued by states and localities didn’t make the cut—prompting a backlash from banks, lawmakers and states and localities who warned the move would make the bonds less attractive and raise borrowing costs for municipalities.
The Fed completed amendments in April to allow some investment-grade municipal bonds to qualify. But the two other regulators involved in the rules—the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.—haven’t followed suit.
Aides to Senate lawmakers say their bill was scaled back from the House version to gain broad support for it in the Senate, though it is unclear if there is sufficient time in the remaining year to advance the bill.
The College Savings Plans Network released it’s mid-year review of 529 plan activity this month, celebrating the success and solidifying the importance of the 529 college savings plans.
Read the full report here.
This RFP seeks to retain the services of one Special Counsel firm to provide legal representation, assistance and advice with respect to the OST’s investment, banking and cash management obligations and services as more specifically detailed below.
The Vendor should be prepared to offer the following services:
A. General. The Vendor will be expected to familiarize itself with the OST’s investment, banking and cash management operations, systems, and policies, as well as the legal obligations, duties and responsibilities of the OST and the Board without cost.
B. Specialized Legal Memoranda: Upon request, the Vendor shall research and prepare specialized legal memoranda regarding various banking and investment matters, including but not limited to analyzing the existing status of the State’s collateral arrangements, range of means to effect collateral arrangements and perfection of security interests in different arrangements.
C. Transactional Documents. Upon request, the Vendor shall prepare, draft and negotiate on behalf of the OST the terms and conditions for current and upcoming banking services and investment manager contracts, requiring both expertise and current familiarity with the market, and provide advice to the OST regarding same (“Transactional Documents”).
D. Governance and Policy Documents. Upon request, the Vendor shall review and draft governance documents and Investment Policy Statements regarding the Board.
E. Other Matters.
1. The Vendor may be requested to render advice concerning those laws, including, but not limited to, securities laws, and other laws, that may apply to or otherwise affect the OST’s or the Board’s investment, banking or cash management obligations, services, and legal risks. State of Delaware Office of the State Treasurer RFP: Request for Proposals for Special Legal Counsel Page 5 of 16
2. The Vendor may be asked to provide legal advice concerning the structuring of investment, banking and cash management operations of the State.
3. The Vendor may be asked to provide legal advice with respect to the Board’s or the OST’s monitoring, oversight and ongoing administration of its investments, including, but not limited to:
(i) Bankruptcy matters (advisory and/or litigation services with a focus on protection of the State’s rights in proceedings brought under federal bankruptcy or state receivership laws); and
(ii) Securities law issues that may arise in conjunction with the receipt of distributions.
WASHINGTON, D.C. – The National Association of State Treasurers (NAST) recognized two state treasurers and three corporate affiliate partners during its 2016 Annual Conference in Seattle, which took place from September 11-13th at the Fairmont Olympic Hotel.
Oklahoma State Treasurer Ken Miller, NAST’s 2017 President-Elect, presented the awards and said, “2016 marks NAST’s 40-year anniversary, so I am proud to celebrate this milestone by honoring some of the men and women who helped pave the way for this dynamic organization. NAST has addressed some of the country’s greatest fiscal challenges over the past four-decades, and will continue to do so with the help of these outstanding individuals.”
Washington State Treasurer James L. McIntire received the 2016 Jesse M. Unruh Award, which recognizes an active treasurer’s outstanding service to the association, the profession and his or her state.
Treasurer McIntire is the acting President of NAST, and was elected as Washington’s 22nd State Treasurer in 2008. He holds a PhD in Economics from the University of Washington, where he founded and directed the Fiscal Policy Center and taught economics for 25-years. He began his public service career working in the U.S. Senate for Hubert Humphrey, and was a five-term State Representative prior to becoming State Treasurer.
Virginia State Treasurer Manju Ganeriwala received the 2016 Harlan Boyles-Edward T. Alter Distinguished Service Award, which recognizes a dedicated public servant whose outstanding career in government has provided a respected voice for NAST at all levels of state government.
Treasurer Ganeriwala is a past-president of NAST and was appointed State Treasurer of Virginia in 2009. Prior to serving as Treasurer, she served as deputy secretary of finance. Her public service career also includes leadership roles with the Virginia Department of Medical Assistance Services and the Virginia Department of Planning and Budget. Her experience also includes working in strategic planning and long-range forecasting for the East Ohio Gas Company in Cleveland.
Former Maine State Treasurer David Lemoine received the 2016 Lucille Maurer Award, which recognizes a former treasurer for their outstanding service to association. Treasurer Lemoine served in the Maine State Legislature from 1998 to 2004 before becoming the State’s Treasurer from 2005 to 211. He currently serves as the Managing Director of Xerox finance and Revenue Solutions and is a member of the NAST Corporate Affiliate Advisory Board. He is the NAST Corporate Affiliate representative and serves on the National Association of Unclaimed Property Administrators Executive Board.
Francie Heller, Managing Partner at Heller Advisory, received the 2016 Corporate Affiliate Award, which recognizes a NAST corporate affiliate’s outstanding service to the organization. Over the past year, Heller has served as NAST’s Corporate Affiliate Board Chair and has advocated for the interests of the association’s Corporate Affiliate Partners. She is a graduate of Boston University and the University of Georgia.
Arthur Marcus received the 2016 NAST Founders Award, which recognizes a NAST founding member for their outstanding contributions to the organization. Marcus has been with NAST throughout the organization’s 40-year history. As an original member—Marcus was influential in securing the financial resources necessary to create the organization, and remains an ardent supporter of NAST.
All debt issuance, analysis, capital lease purchasing and the payment of debt service is managed by the Division of Debt Management in the Maryland State Treasurer’s Office (STO). Maryland has approximately $9.5 billion in General Obligation Bonds outstanding which are rated AAA (the highest rating possible) by all three rating agencies. This position is the Deputy Director, which reports directly to the Director of Debt Management. The Deputy supervises all activities of Division staff and performs all tasks related to the management of the State Debt program in the absence of the Director. Additionally, this position is responsible for management of the Annuity Bond Fund which has annual expenditures in excess of $1 billion, assists in the coordination of the Division’s post issuance compliance activities, and provides support and assistance to the Director in the analysis and production of various financial, cash and debt-related data. This position must continuously calculate different interest rate scenarios in order to make recommendation to the Director of the most cost effective type of bond issuances while assessing the impact of various scenarios on ABF balances.
Educational Requirements: Possession of a Bachelor’s Degree from an accredited four-year college or university.
The Ideal Candidate Should Have:
Oklahoma State Treasurer Ken Miller Elected 2017 President
SEATTLE, WA – The National Association of State Treasurers (NAST) today elected Oklahoma State Treasurer Ken Miller as its 2017 President during the association’s annual conference in Seattle. Treasurer Miller will succeed outgoing President James L. McIntire, the Washington State Treasurer, on January 1, 2017.
“It is an honor to be chosen by my colleagues to serve as president of this bipartisan national network,” said Treasurer Miller during NAST’s annual conference. “For more than four decades, NAST has addressed some of the country’s toughest fiscal challenges by promoting policies and programs that have proven successful at the state level. I look forward to helping guide this association in its next phase of growth.”
“I would further like to thank Treasurer McIntire for his leadership over the past year. Under his presidency, NAST has pushed to improve America’s aging infrastructure, help families save for the rising cost of higher education, return unclaimed property to its rightful owners and enhance financial literacy across the nation. I am excited to continue working with him and the entire executive committee to build on this momentum.”
Treasurer Miller is the first Oklahoman in NAST’s 40-year history to serve as president of the association. He was elected state treasurer of Oklahoma in 2010 and was reelected in 2014.
Alongside Treasurer Miller, the association also elected Beth Pearce, Vermont State Treasurer, as Senior Vice President of NAST and Mark Gordon, Wyoming State Treasurer, as Secretary-Treasurer of NAST.
Other 2017 NAST Executive Committee members elected include:
· Past President, James McIntire, Washington Treasurer
· President, Ken Miller, Oklahoma Treasurer
· Senior Vice President, Beth Pearce, Vermont Treasurer
· Secretary-Treasurer, Mark Gordon, Wyoming Treasurer
· Western Region Vice President, Pamela Leary, Alaska Treasurer
· Midwestern Region Vice President, Don Stenberg, Nebraska Treasurer
· Southern Region Vice President, Curtis Loftis, South Carolina Treasurer
· Eastern Region Vice President, Deborah Goldberg, Massachusetts Treasurer
The Office of the Illinois State Treasurer (“Treasurer’s Office” or “STO”) is issuing this Request for Proposals (“RFP”) for record keepers, investment management firms, financial services firms with specific experience, or similar businesses to serve as the Program Manager for the Bright Start Direct qualified tuition plan (“Bright Start Direct” or the “Direct Plan”). Bright Start Direct is administered by the Treasurer pursuant to Section 529 of the Internal Revenue Code of 1986, as amended (“Section 529” and the “Code”, respectively), and the Illinois State Treasurer’s Act (15 ILCS 505/16.5) (the “Act”). The Direct Plan is one component of the Illinois College Savings Pool (the “Pool”) for which the Treasurer serves as Administrator and Trustee.
The Treasurer seeks a Program Manager that will service Bright Start Direct, with the overall goal to provide a direct-sold plan that will be recognized as one of the best in the country based on the quality of the underlying funds, the breadth of investment options offered, and low fees. The Treasurer envisions selecting a Program Manager with the expertise and ability to offer a wide variety of investment options to new and existing plan participants capable of matching returns consistent with each participant’s risk tolerance and objectives.
The Treasurer intends to execute a program management agreement (the “Agreement”) for an initial term that is expected to commence on July 20, 2017, and run for a period of 5 to 10 years.
On June 20, 2016, the Treasurer released a Request for Information (RFI) regarding the structure and management of the Advisor Plans: Bright Start Advisor and Bright Directions. Responses to the RFI will assist the Treasurer’s Office in the structuring and/or re-structuring of the two Advisor Plans; and the branding and/or rebranding of the Advisor Plans. The Treasurer’s staff is currently assessing various options regarding the Advisor Plans. This RFP should not be construed as a request for bids on the Treasurer’s Advisor Plans.
Service providers (“Respondents”) must submit their responses to this RFP (“Responses”) by 2:00 p.m. CT on October 21, 2016.