The State of Wisconsin (State) Capital Finance Office seeks to review the qualifications of firms who desire to be Senior Managers and Co-Managers in the negotiated sale and issuance of various State of Wisconsin obligations such as General Obligations, Transportation Revenue, Environmental Improvement Fund Revenue, General Fund Annual Appropriation, and Master Lease Credits. The review of these qualifications would also apply for the development and issuance of obligations for any new borrowing programs.
If intending to respond to this Request for Qualifications (RFQ), please immediately send (i) Firm Name, and (ii) Name, Telephone Number, and E-Mail address of person preparing the response to the following E-mail address:
While not required, providing this information allows the State to distribute additional information, if needed, to potential respondents.
The initial deadline for receipt of Electronic Submittals in PDF format is Noon (CT) on Friday, February 16, 2018. Electronic submittals must be received by this time at the above E-Mail address. In addition, four paper copies (three bound and one unbound suitable for photocopying) should be received at the following address by the business day immediately following the electronic submittal:
David R. Erdman, Director
State of Wisconsin Department of Administration
Capital Finance Office
101 E. Wilson St., 10th Floor
Madison, WI 53703
Receipt of the electronic submittal by Noon (CT) on Friday, February 16, 2018, constitutes meeting the initial deadline under this RFQ. The State will accept electronic submittals and paper copies of responses to this RFQ at any time; however, the State of Wisconsin Capital Finance Office cannot represent that a timely review will occur for submittals that are received after the initial deadline.
The Office of the Illinois State Treasurer (“Treasurer”) is issuing this Request for Proposals (“RFP”) to retain a consultant to conduct a review of the Treasurer’s banking receipt and payment processes and systems, and provide recommendations for improvements and increased efficiencies across the treasury management system enterprise. The successful Respondent (“Contractor”) shall assist the Treasurer in providing a comprehensive review of its banking and payment operations, processes, and procedures and any associated treasury management system enterprise. The Treasurer’s goal is to improve its programs via reduced operational risks, optimized cost structures, streamlined operations, and enhanced services. Respondents must submit their Proposals by 12:00 p.m. CT on March 16, 2018. The Contractor shall enter into a contract with the Treasurer (“Agreement”) for an initial term of four (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.
The Contractor shall provide the Treasurer the following services in accordance with applicable State and federal laws, rules, and regulations (collectively, the “Services”):
A. Conduct an initial business process review of the Treasurer’s banking operations, payment processes, and risk management across the treasury management system enterprise, which includes but not is not limited to the collection of payments by coins, cash, checks, drafts, electronic fund transfers, electronic checks, credit card payments, and debit card payments and the processing of such payments for acceptance and collection. The business process review shall focus on potential improvements and increased efficiencies;
B. Develop and provide recommendations on the Treasurer’s banking operations and payment processes, keeping the Treasurer up-to-date on technological advancements, banking regulations, innovations in payment services, and other banking service solutions;
C. Identify opportunities across the treasury management system enterprise for the Treasurer to 1) streamline processes and functions and 2) eliminate redundant and unnecessary banking and payment processes and functions;
D. Recommend an integrated technology solution framework that will provide the Treasurer with useful data and the ability to better track and measure program outputs, performance, and efficiency;
E. Assist the Treasurer in the selection of an integrated technology solution by providing insight, perspective, and analysis of potential service providers;
F. Collaborate with the selected integrated technology solution service provider and the Treasurer to optimize treasury management systems and business process performance and to minimize business interruptions during implementation;
G. Develop and implement a process that addresses the treasury systems, business process matters, and risk management on an on-going basis;
H. Provide guidance and recommended courses of action that support optimal treasury management systems and processes that align with the interests, fiduciary duties, and
responsibilities of the Treasurer;
I. Conduct an annual review of the Treasurer’s banking operations and payment processes and services and provide actionable recommendations, if any, for improvements and increased efficiencies across the treasury management system enterprise;
J. Recommend banking and payment process optimization opportunities and other activities deemed relevant by the Treasurer;
K. Meet with the Treasurer to present and discuss Contractor’s research, reports, analysis, recommendations, and other relevant topics on an as needed basis, but no less than four (4) times per year;
L. Be available to discuss any treasury management, banking operation, and payment process issues with the Treasurer and the Treasurer’s vendors on an as needed basis;
M. Serve as a general resource to the Treasurer for information, advice, and training regarding subjects that include, but are not limited to, the following: treasury management services, banking operations, payment processes, payment services, regulatory updates, technological advances, and other related banking activities;
N. Provide or recommend educational classes/seminars for the Treasurer, as requested;
O. Present on various banking topics, including treasury management system best practices, as requested by the Treasurer.
The purpose of this request is to assist the Maryland 529 Board in reviewing the current 529 landscape and to provide for perspective to strategically plan for the future. Specifically, Maryland 529 is looking to review:
The consultant should expect to participate in a two-hour in-person presentation to the Maryland 529 Board. If the Board has additional questions, there may be a small amount of additional consultation. In case such additional consultation is required, please provide an hourly rate for those additional services.
NOW, THEREFORE, BE IT RESOLVED that the National Association of Unclaimed Property Administrators, an affiliated network of the National Association of State Treasurers, urges the ABA to approve RUUPA and strongly opposes the anti-consumer proposal of the ABA Subcommittee.
BUREAU: DIRECTOR- SENIOR MANAGEMENT
The Department is seeking an individual to manage Florida’s treasury operation that includes Funds Management, Collateral Management, and Deferred Compensation. A bachelor’s degree in finance, accounting, management, business or economics is mandatory. A master’s degree in finance and or a CFA certification is desirable.
Candidates should have a strong management background and extensive experience in fixed income investments. The position manages 62 employees and has a $7.5 million budget. There are currently $23 billion in fixed income investments under management.
All applications must be processed through the People First Service Center. Apply at
ABLE accounts are taking hold though not at a blistering pace. ABLE, which stands for Achieving a Better Life Experience, is a tax-favored way to save for the needs of a person with a disability. They are built on the same legal framework as 529 college savings plans.
Deborah Goodkin, managing director of the Enable Savings Plan, likens the slow uptake of ABLE accounts to employees’ initial reluctance to sink their money into 401(k) plans in the early days of defined-contribution plans. According to data from the Investment Company Institute, 401(k)s were also slow out of the gate, and really started to gain critical mass in the mid-1990s, some 20 years after their initial introduction.
But that’s not to say that there hasn’t been growth in ABLE accounts. According to data from Strategic Insight, more than 13,000 accounts had been launched as of the end of September, with about $3,700 per account on average–more than $48 million invested in ABLE accounts nationally.
In January 2017, six states had rolled out plans. As of this writing, and three years since Congress passed the ABLE Act into law, more than 20 states have ABLE account plans that are open for enrollment. Some plans offer enrollment to out-of-state residents, too.
Goodkin is disheartened by the relatively slow growth in ABLE accounts because she believes they can solve a big problem that many people with disabilities and their families face: necessarily limited financial independence.
In order to be eligible for Supplemental Security Income (which pays monthly cash benefits to children and adults with disabilities) and Medicaid, a person with a disability cannot have resources exceeding a very low threshold: assets over a certain threshold, commonly $2,000 (for a single person) to $3,000 (for a couple) would be disqualifying. That excludes the home in which the individual lives, but it includes income he earns from working, money in a checking or savings account, or any investments in his name (including the cash value of a life insurance policy). While living with limited means could be feasible for a dependent child, it presents a larger problem for an adult who lives independently either by choice or by necessity–he is forced to have limited assets in his own name or else he risks being disqualified from receiving federal aid.
An ABLE account, however, allows an individual with a disability to have up to $100,000 in his own name and still qualify for means-tested federal programs (with limited exceptions). This means a person with a disability can get a job, save money, and live more independently. Many ABLE plans even have a debit card option.
Addressing the Reluctance
Goodkin believes more could be done to promote ABLE account awareness at a national level. She believes that families are reluctant to set up ABLE accounts because they fear it will jeopardize their SSI and Medicaid benefits.
“There is a fear among people living with disabilities that the federal government or state government is going to take away your benefits if you have money in an ABLE account,” Goodkin said. “There is also the fear that if they invest money, someone will take it away from them.”
Joanna Swanson, head of direct sales for the Enable Savings Plan of Nebraska, says she tries to encourage people to open the account with only a small amount of money, just to try it out.
“Dip your toe in the water. Start it and try it and see how it works. Test the SSI; see that you still get your benefits. After that, you can start moving forward and saving larger amounts,” she said.
As it is now, people with disabilities and their families have to spend down the assets so as not to exceed the public benefits threshold. That could mean spending money on items that aren’t really necessary purchases, whereas that money could be saved and invested for the future in an ABLE account.
The second common concern–that the money invested could be taken away–is not entirely unfounded. The ABLE account legislation does contain what is referred to as the Medicaid payback provision, wherein the state can file a claim after the ABLE account beneficiary passes on to recoup all or a portion of the funds left in the account equal to the amount the beneficiary received in Medicaid payments.
How ABLE Accounts Work
Contributions to ABLE accounts are made with aftertax dollars to a plan with a preset menu of investment choices. Earnings compound on a tax-free basis, and withdrawals to pay for qualified expenses are tax-free, too. The same federal law that established 529 plans provides the framework for ABLE accounts, and the two account types are alike in many ways.
There are some important differences between ABLE and 529 accounts, however.
For more information, read “ABLE Accounts: 10 Things You Should Know” from the ABLE Account National Resource Center.
Some plans allow enrollment by out-of-state residents; if your state doesn’t offer its own ABLE account, you can still set up an account. (It could pay to check into whether your home state has a program or has one in development, particularly if there is a state tax benefit for contributing.) This tool on the ABLE account NRC’s website allows you to compare the features and costs of different states’ ABLE programs.
How Could the ABLE Act Improve?
The National Association of State Treasurers recently outlined some legislative priorities that would broaden ABLE accounts’ reach and use. And a few of these priorities have recently been addressed. For one, rollovers from 529 college savings accounts into ABLE accounts (up to $15,000 per year) was included in the recently signed tax bill.
Another important recent change affecting ABLE accounts resulting from the new tax bill is a provision previously referred to as the ABLE to Work Act, which allows a person with a disability who has a job to save her own income in the ABLE account. An employed account beneficiary can now make contributions exceeding the $15,000 annual contribution limit, but only up to a certain threshold.
Other priorities still on the NAST’s wish list include increasing the age of onset from 26 to 46, which would expand eligibility to many more people with disabilities.
Another is allowing beneficiaries to open more than one ABLE account (as is allowable with 529s), and allowing married couples with disabilities to hold joint ABLE accounts with up to $30,000 in annual contributions and allowing an ABLE account to be rolled over to a disabled spouse.
Kentucky State Treasurer Allison Ball has announced a record year of unclaimed property returns at over $24,945,000 returned.
Treasurer Ball’s two-year total for unclaimed property returns is over $50 million, more than any two-year period in Treasury history.
“I am proud the Kentucky State Treasury has continued to operate in a fiscally responsible and efficient manner throughout 2017 while also improving current services and implementing new programs,” Treasurer Ball said. “We’ve been focused on delivering good government for Kentuckians.”
Treasurer Ball’s 2017 achievements also include voluntarily cutting the organization’s budget to help with the budget shortfall, as well as turning STABLE Kentucky into a national leader in wealth development for people with disabilities. Treasurer Ball launched STABLE Kentucky in December of last year.
Treasurer Ball earned the role of National Vice Chair for the State Financial Officers Foundation, a national organization for elected financial officials. She also promoted federal policies favorable to middle class families and Kentucky small businesses, including a reformed federal tax code and expanded 529 savings accounts, both which Congress passed and the President signed into law.
Treasurer Ball was also selected by Governing Magazine as one of 25 notable Women in Government for 2017.
Despite this year’s successes, Treasurer Ball said 2018 offers a chance to do even more for the people of Kentucky.
“I’ve certainly got some New Year’s Resolutions,” Treasurer Ball said. “We’ll continue to strengthen STABLE Kentucky as a financial tool for Kentuckians with disabilities, reform Unclaimed Property laws to ease burdens for Kentucky businesses, and pass a legislative package that is good for Kentucky families. I’m excited about 2018 and what we can accomplish.”
To learn more about the Treasurer’s initiatives and priorities, please visit www.treasury.ky.gov.
HARTFORD, CT — Denise L. Nappier, having served as State Treasurer for nearly two decades – the longest tenure in modern Connecticut history – announced today that she will not seek re-election this year.
Treasurer Nappier, who was the architect of a comprehensive series of reforms in Treasury operations shortly after she took office as a kickback and corruption scandal enveloped her predecessor, said her administration has “restored integrity and public confidence in the Office of State Treasurer” as she announced her decision.
The five-term State Treasurer reflected on two decades of widely acclaimed financial management that has saved taxpayers hundreds of millions of dollars while initiating ground-breaking leadership on corporate governance issues and consistently “using the financial clout of the Treasury to expand economic opportunity not just for a few, but for all people.”
First elected in 1998, Treasurer Nappier will have served for 20 years when her fifth term ends in January 2019. She was the first African-American woman elected to serve as a State Treasurer in the United States, the first African-American woman elected to a statewide office in Connecticut, and the first woman elected Treasurer in state history.
“For nearly 19 years, this office has promoted the protection of shareholder value and the rights of consumers and workers by strengthening accountability and pursuing prudent and responsible business practices,” Treasurer Nappier said. “The results are striking.”
Connecticut’s pension plans and trust funds, invested by the Treasurer’s Office, have grown from less than $19 billion to more than $34 billion during the Nappier administration, an all-time high. In fiscal year 2017, Connecticut had one of the ten best investment performances among its peers in the nation and during the length of the Nappier administration, the Treasury has achieved investment returns that meet or exceed the average performance of its peers while taking on less risk.
Treasurer Nappier also established a policy – the first of its kind – that recognized the value to the Treasury’s investments and other functions in tapping from a diverse pool of prospective vendors to compete for and earn Treasury business. The Office has an unsurpassed record of doing business with Connecticut-based firms and minority-, women-owned, and emerging firms as well as longstanding majority-owned firms with a demonstrated commitment to improving diversity and inclusiveness.
In Pension Funds Management, the Connecticut Horizon Fund is one such example. It was launched to enhance portfolio returns while providing opportunities for these firms and is now a $1.3 billion public and private markets program.
On the debt management side, Siebert Cisneros Shank was the first woman-owned and African American owned firm and Ramirez & Co. the first Hispanic-owned firm in the history of Connecticut to serve as senior managers for State bond offerings.
In addition to stand-out pension fund investment performance and the comprehensive Treasury reform program that Treasurer Nappier developed early in her tenure, she is perhaps best known for the State’s Connecticut Higher Education Trust (CHET) college savings program and The Big List, which lists about 1.4 million names of individuals and entities that currently may be entitled to as much as $767 million in unclaimed property.
During the Nappier administration, CHET has grown from $18.5 million in assets and 4,000 accounts to more than $3.3 billion in assets and more than 140,000 accounts today. Just last month, CHET Direct was named as one of the nation’s five best college savings programs. More than $1.6 billion in qualified withdrawals – beyond the $3.3 billion in assets – have been taken to cover college costs for approximately 47,000 students attending nearly every public and private college in Connecticut as well as out-of-state schools.
Reforms to the unclaimed property program since Treasurer Nappier took office in 1999 have resulted in $653 million being returned to 298,141 individuals, businesses, organizations and non-profits through June 30, 2017.
Treasurer Nappier has also been a leading voice nationally for responsible corporate governance since she took office, engaging companies in which the state held investments, proposing shareholder resolutions on numerous issues and meeting with corporate leaders and regulators to advance protections for the state’s investments.
Issues that have been the focus of Treasurer Nappier’s efforts as principal fiduciary of the state’s pension funds include establishing independent audit committees on corporate boards, separating the roles of CEO and Board Chair, eliminating excessive compensation for failure by linking pay to company performance, achieving greater diversity among board members, recognizing and mitigating the impact of climate change on companies’ sustainable health, and urging companies to refrain from engaging in international business practices that condone human rights violations.
“There was no doubt in my mind that we had a fiduciary obligation to speak up and stand firm, to urge companies to act in the best interests of their investors – including Connecticut, and to encourage policies on a range of issues that would contribute to their bottom lines and ultimately ours as well,” Treasurer Nappier said.
In her announcement, she expressed appreciation to Connecticut voters, members of the State’s Investment Advisory Council, employees of the Treasurer’s Office, and vendors working with the office through the years. She also cited a range of other accomplishments:
• The Treasury’s Second Injury Fund — a form of workers’ compensation — has not increased the assessment rate for Connecticut businesses for 19 consecutive years, the longest period without an
assessment rate increase in the more than 70-year history of the Fund. As a result, Connecticut businesses and agencies in the private and public sectors have realized an estimated $1.3 billion in
• Through June 2017, $13.4 billion in bonds have been refinanced or defeased, resulting in savings to taxpayers of more than $1.2 billion over the life of the bonds.
• The Short-Term Investment Fund has earned state and local governments $208 million in additional interest income by consistently exceeding its benchmark.
• The Treasury’s asset recovery and loss prevention program, which Treasurer Nappier launched, has recovered approximately $1.4 billion.
Treasurer Nappier also noted the establishment of a Housing Trust Fund for Growth and Opportunity and an Individual Development Account program, enactment of the state’s landmark Gift Card Law to protect consumers from having the value of their gift cards eroded, and initiatives in financial literacy and education as among key accomplishments.
At the conclusion of her term in January 2019, Treasurer Nappier will be the longest serving Connecticut Treasurer since 1818.
She is one of only two individuals to serve as State Treasurer for more than a decade since 1835. The other was Henry Parker of New Haven (1975-86) who served for 11 years. The only other State Treasurers to serve at least six years in the Office since 1835, according to the State Register & Manual, are Joseph Adorno of Middletown (1947-55), Gerald Lamb of Waterbury (1963-70), and Francisco Borges of Hartford (1987-93).
The longest serving State Treasurer in Connecticut history was Joseph Whiting, who served colonial Connecticut for 39 years, between 1679 and 1718. John Whiting then served for 32 years, from 1718 to 1750. Long-serving Treasurers in state history also include Andrew Kingsbury, in office for 24 years (1794-1818), and John Lawrence, who served for 20 years (1769-1789).
Prior to her first election as State Treasurer, Treasurer Nappier served for nearly a decade as Treasurer of the City of Hartford. She was endorsed by delegates to the 1998 Democratic State Convention and won a primary challenge from Frank Lecce with nearly 60 percent of the vote. She defeated then-incumbent Republican Paul Silvester, who was appointed to the office by Governor John Rowland, by 2,684 votes in the November election that year.
Treasurer Nappier was twice named as one of the nation’s 100 Most Influential People in Finance by Treasury & Risk Management magazine and one of the 50 Most Powerful Black Women in Business by Black Enterprise. She was inducted into the National Association of Securities Professionals’ Wall Street Hall of Fame in 1999 and received the Citizens for Economic Opportunity’s Corporate Responsibility Leadership Award in 2002. Treasurer Nappier was inducted into the Connecticut Women’s Hall of Fame in 2011, and received the Public Service Award from the Municipal Forum of New York in 2013 and the Lifetime Achievement Award from Women in Public Finance in 2015. In December 2015, she was named one of the 40 most important people in pensions by Institutional Investor.
WASHINGTON, D.C.— Vermont State Treasurer Beth Pearce, President of the National Association of State Treasurers (NAST), announced today new leadership appointments to the association’s affiliated networks, which include The College Savings Plan Network (CSPN), The National Association of Unclaimed Property Administrators (NAUPA), The State Debt Management Network (SDMN) and NAST’s Corporate Affiliate Advisory Board.
The following individuals will serve a one-year term and join NAST’s 2018 National Executive Committee:
“NAST’s affiliated networks help state treasurers address some of the most pressing financial challenges facing our constituents, and I am proud to welcome such qualified individuals to these important leadership posts,” said Treasurer Pearce. “I look forward to working with each of them this year to advance NAST’s policy priorities on Capitol Hill.”
NAST also elected 2018 Executive Committee Members during the association’s annual conference in Boston in September. The full 2018 Executive Committee roster includes:
Beth Pearce, Vermont Treasurer
Senior Vice President
David Damschen, Utah Treasurer
Deb Goldberg, Massachusetts Treasurer
Immediate Past President
Ken Miller, Oklahoma Treasurer
Eastern Vice President
Seth Magaziner, Rhode Island Treasurer
Midwestern Vice President
Don Stenberg, Nebraska Treasurer
Southern Vice President
Curtis Loftis, South Carolina Treasurer
Western Vice President
Duane Davidson, Washington Treasurer
Legislative Committee Chair
Manju Ganeriwala, Virginia Treasurer
Corporate Affiliate Advisory Board Chair
Kathleen McClure-Wight, Executive Vice President, Wells Fargo
Jim DiUlio, Director, Wisconsin 529 Program
Dennis Johnston, Unclaimed Property Administrator, Utah
James McDonald, Massachusetts First Deputy Treasurer
To learn more about NAST’s networks and federal policy positions, click here.