2425-02 ITN TR-Appendix B-Questions.xlsx

This is a Questions and Answers template document for an Invitation to Negotiate (ITN) issued by the Florida Department of Financial Services for Investment Provider Services for the State of Florida Deferred Compensation Plan. The ITN seeks a single contractor to provide comprehensive record keeping and investment provider services for the 457(b) supplemental retirement program serving approximately 92,000 participants with $6 billion in assets. The solicitation requires the contractor to offer a robust investment menu including equity and bond products, fixed income options, target date funds, low-cost index funds, brokerage services, and advisory/managed account services, along with dedicated account representatives, participant education materials, a plan website, and telephone support. Responses are due on January 14, 2026, with a public opening scheduled for the same day. All submissions must be filed through the Vendor Information Portal (VIP). The contract term is five years with potential five-year renewals.

The pricing model requires a revenue-neutral approach, with an explicit fee collected monthly from participants not exceeding $6,000 annually per participant, and the contractor must remit 0.037% of participant plan assets monthly to the Department. Respondents must demonstrate prior experience administering an employer retirement program with over $3 billion in assets and 45,000 accounts, and must maintain at least 15 full-time equivalent account representatives dedicated specifically to this plan. Vendors must comply with various state regulations, including E-Verify participation and non-engagement in boycotts of Israel, and cannot have had public employer contracts terminated in the past year. The current plan infrastructure involves three existing contractors and a third-party administrator, which the new contractor will need to seamlessly integrate and replace. Addendum 1 to the ITN was posted on December 2, 2025, providing questions and answers and modifications to the original solicitation.