# My Florida Marketplace #ITN 26-02

Florida Prepaid College Program actuarial valuation and pricing services

**Posted:** October 14, 2026
**Respond By:** April 30, 2027
**Identifier:** ITN 26-02
**NAICS:** 524298

The State Board of Administration of Florida is seeking actuarial consulting services for the Stanley G. Tate Florida Prepaid College Program.
- **Government buyer:** State Board of Administration (SBA), for the Florida Prepaid College Program, administered by the Florida Prepaid College Board; Tallahassee, Florida.
- **Procurement:** Invitation to Negotiate ITN 26-02 for an independent actuarial firm. No service provider has been selected.
- **OEMs and vendors:** No product OEMs are specified. **Milliman, Inc.** prepared illustrative actuarial reports included with the opportunity; it is not identified as the selected contractor.
- **Requested services and cadence:**
  - Four quarterly valuation letters per year, with monthly discounted and undiscounted cash-flow projections.
  - One annual actuarial valuation and cash-flow report, including experience review, surplus reconciliation, sensitivity analysis, assumption recommendations, and program termination liability.
  - One annual plan-pricing report with prices by payment option, beneficiary age, and product; test pricing adequacy and report break-even investment returns.
  - Quarterly data review, loading, reconciliation, and analysis; investigate anomalies and recommend improvements.
  - Board consultation, annual presentations and work planning, electronic reports and supporting files, and additional actuarial studies or advisory work as requested.
- **Illustrative attachment reports:** Milliman’s quarterly adequacy reserve update and annual plan-pricing analysis describe the program and its actuarial work; they are reference reports, not separate purchases. Pricing examples cover prepaid college and dormitory plans, add-on plans, and Florida and Nationwide Scholarship pricing, with single-payment, monthly, and 84-month payment options.
- **Notable requirements:** Follow actuarial professional standards and documented quality controls; securely handle confidential data; maintain continuity and cross-training; provide reproducible work papers and audit support; and meet specified qualifications and experience requirements for the primary actuary.
- **Term:** Five-year initial term with up to five optional renewal years. No annual subscription is specified.

### Description

The Florida Prepaid College Program seeks independent actuarial services to support the Board’s evaluation of the prepaid fund’s actuarial soundness and the setting of plan prices. Work includes quarterly data review and valuations, an annual actuarial valuation and pricing report, cash flow projections, sensitivity analyses, and supporting files. The contractor will also meet and consult with Board staff, present findings to the Board, maintain continuity and data-security practices, and perform services in accordance with applicable actuarial standards. Additional reports, studies, workshops, and other value-added services may be requested.

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