My Florida Marketplace #DMS-25/26-039

Florida DMS Seeks Investment Consulting & Monitoring for Retirement Plans

The Florida Department of Management Services, Division of Retirement, is seeking a contractor to provide investment consulting and monitoring services for two major defined contribution retirement plans: - State University System Optional Retirement Program (SUSORP) - Senior Management Service Optional Annuity Program (SMSOAP)

Key requirements and details: - Services include: - Quarterly and annual investment performance reviews and reports for both SUSORP and SMSOAP - Ad hoc consulting services related to investment options, compliance, and 403(b) plan research - Monitoring and analysis of investment options, with recommendations for changes as needed - Preparation of detailed performance reports and economic analysis - Notable requirements: - Strict performance standards with financial penalties for late deliverables - Remote work for contractor staff - Adherence to confidentiality, background screening, and compliance with Florida statutes - All deliverables require Department approval and must be accompanied by timesheets and meeting documentation - Current service providers and investment product OEMs include: - Equitable, TIAA, VALIC, Voya Financial, Brighthouse Financial, Nationwide (Jefferson National), Empower (Great West) - Investment products from Vanguard, DFA (Dimensional Fund Advisors), JP Morgan, State Street, Corebridge, and others - Products and investment options monitored include a wide range of mutual funds, annuity products, and fixed accounts (see product line items for details) - Estimated annual spend for consulting services is approximately $12,000, with ad hoc consulting capped at $5,000 per year - Place of performance and contracting office is primarily at Florida Department of Management Services offices in Tallahassee, FL

Description

The State of Florida's Department of Management Services (DMS), Division of Real Estate Development Management, is soliciting bids to establish contracts for Investment Consulting and Monitoring Services for two optional retirement programs: the State University System Optional Retirement Program (SUSORP) and the Senior Management Service Optional Annuity Program (SMSOAP). The services include quarterly and annual investment performance reviews and reports, as well as ad hoc consulting related to these retirement plans. Vendors must submit responses via the MyFloridaMarketPlace Sourcing Event through the SAP Business Network by May 20, 2026.

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