RFPs

Request for Proposal
Minor Trust Services

Electronic submissions due June 30, 2025

I. Introduction
Mille Lacs Band of Ojibwe (MLBO) is seeking an institution to assist with the Minor Trust, which is for the benefit of tribal members who are minors or are legally incompetent.
Information disclosed to potential providers is confidential. Information must not be released to external parties without the express written consent of MLBO or Verus. All responses and other materials in response to this RFP will become the property of MLBO. MLBO assumes no obligation and shall incur no liability regarding confidentiality of all or any portion of a response or any other material submitted in response to this RFP unless expressly agreed in writing to protect specifically identified information. MLBO and Verus reserve the right to contact references other than, and/or in addition to, those furnished by your organization. MLBO and Verus will not be responsible or liable in any manner for the risks, costs, or expenses incurred by any responder in the preparation of its response to this RFP nor travel expenses incurred by the finalists.

MLBO Background Information
MLBO is governed by our Constitution and Band Statutes. Title 17 Chapter 3, establishes our Investment Principles and Investment Committee. The Minor Trust asset allocation, glidepath, and manager selection are overseen and approved by the Investment Committee. The Band and Investment Committee have hired Verus as the investment advisor.

For the purposes of this RFP, we are seeking a provider for administrative, accounting, legal, education, and potentially trust services for approximately 1,650 minor tribal members. The selected provider would not provide investment services and would partner with MLBO and Verus for the benefit of the Minor Trust.
RFP Questions/Required Responses
Please provide responses to the questions outlined herein this RFP document along with responses to the detailed questions in the accompanying Excel document. For any questions regarding services, please indicate if the service is provided by a third party/partner firm.

Firm Information and Experience

1. Company background, including relevant experience in administering Minors Trust accounts and being a directed trustee.
2. Please comment on the stability and the growth of the firm including comments on client gain/loss, professional turnover, and revenue sources.
3. Description of key personnel and their qualifications. Please describe the framework of the team that would work with MLBO and their respective roles.
4. Overview of administrative, accounting, education, and trust services provided by your firm and if you allow for à la carte or require fully bundled services.
5. Proposed approach to account administration and glide path implementation utilizing pooled funds.
6. Please provide background on any past or current legal proceedings or litigation involving the firm, its officers, or employees.
7. Description of Trustee capabilities and experience as a Trustee and Directed Trustee.
8. Three (3) references from current or former clients with similar trust account requirements.
9. Description of experience with tax efficiency reviews and recommendations for Minor Trusts.
10. Description of any legal services provided for Minor Trusts.
    Systems and Security
11. Please indicate what platform, software, personnel, or systems you currently have in place that can accommodate the requirements of a Minor Trust or similar structures.
12. Proposed approach to account administration and glide path implementation utilizing pooled funds.
13. What cybersecurity framework does the firm adhere to?
    Client Communication and Education
14. Please discuss the methods by which you will/can communicate to members of our tribe and the availability of a “live” person to respond to tribal member questions.
    Fees and Considerations
15. Fee structure, including any upfront costs and variability due to number of glidepath blends across the minor age spectrum.
16. Please provide information on what services are included in your base fee, and any services that would incur additional costs.
17. Does your firm partner with other providers to meet the requirements of this RFP (e.g., use of a third-party custodian) and how would this be priced/impact fees?
18. Please discuss any concerns you have, or considerations we should be aware of, regarding this RFP and process that were not addressed, but you feel we should consider.

Scope of Services
The selected firm will be responsible for providing comprehensive trust account management services, including but not limited to:
A. Account administration and maintenance.
B. Compliance with relevant laws and regulations, including those approved by our Band Assembly governing Minor Trust accounts.
C. Reporting and communication with trustees, guardians, and legal representatives.
D. Communicate with our Enrollments office to ensure accurate monthly updates to tribal member enrollment data and indicative data.
E. Maintain an ongoing accounting of total trust balances, as well as individual account balances of tribal members.
F. Administer, including rebalancing and moving individual accounts along the MLBO-provided glidepath utilizing the aggregate pooled investment structure.
G. Develop a communication plan to inform and update tribal members of account status, using statements, internet access, or call center.
H. Generate and disburse payment checks to tribal members in accordance with established disbursement policy.
I. Provide tax notice and compliance with Internal Revenue Service and Social Security Administration as appropriate to comply with federal laws.
J. Develop processes and procedures for situations which may result in non-delivery of a disbursement check to, or non-receipt of a disbursement check by, a tribal member.
K. Provide education on financial/investment literacy for minors and guardians.

Procedures for Response
Please observe the following submission requirements:
– Provide all questions and responses electronically in the Word document and spreadsheet format to the following recipients:
Direct to:
Mel Towle (mel.towle@millelacsband.com)
Commissioner of Finance
Chris Waite (chris.waite@millelacsband.com)
Assistant to the Commissioner of Finance

Copy:
Anne Westreich (awestreich@verusinvestments.com)
Managing Director | Senior Consultant
Zeca Cardoso (ppederson@verusinvestments.com)
Senior Consultant
Palmer Pederson (ppederson@verusinvestments.com)
Consulting Associate
– You are welcome to attach a separate PDF with additional information.
– Provide the contact information for the person(s) we should contact in the future.
– Please include the name(s) and contact information who we should reach out to for further information or if we have additional questions.

Please return RFP responses by 5:00 PM PST on or before Monday, June 30, 2025
Following our review of your submission, we will reach out to you about next steps.