November 11, 2016
The Office of the Illinois State Treasurer (“Treasurer”) is issuing this Request for Proposals (“RFP”) for the benefit of the Treasurer and Illinois Department of Revenue (“IDOR”) for Electronic Funds Transfer (“EFT”) services, specifically the collection and processing of various tax payments. Financial institutions that submit Proposals (“Respondents”) shall submit their Proposals by 2:00 p.m. CT on December 22, 2016.
The Treasurer seeks a Contractor with an efficient and cost effective payment process. The winning Respondent (“Contractor”) must be authorized to do business in Illinois as an Illinois bank or a national bank with a presence in Illinois. In addition, the Contractor must be a member of the Federal Reserve System, have access to all services as a member bank, and qualify as a depository for public funds. At the time the Contractor submits its Proposal, or prior to that time, if required by law, the Contractor must have all required licenses, bonding, facilities, equipment and trained personnel necessary to perform the work specified in this RFP. Finally, the Contractor must have a minimum of five (5) years of experience performing the services being sought by this RFP.
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, including the initial four (4) years.
One of the country’s top performing college savings plans, which recently celebrated its 18th anniversary, is now called ScholarShare 529. Business..