2425-02 ITN TR -Complete ITN Package.pdf

Failure to file a protest within the time prescribed in section 120.57(3), Florida Statutes, or failure to post the bond or other security required by law within the time allowed for filing a bond shall constitute a waiver of proceedings under chapter 120, Florida Statutes.

State of Florida

Department of Financial Services

Invitation to Negotiate (ITN)

Number: 2425-02 ITN TR Investment Provider Services for the State of Florida

Deferred Compensation Plan

Procurement Officer:

Chrisy Smith

Deputy Purchasing Director Department of Financial Services

Office of Purchasing and Contractual Services 200 E. Gaines Street, Larson Building

Tallahassee, FL 32399-0347 Email: DFSpurchasing@myfloridacfo.com

ITN # 2425-02 ITN TR

Investment Provider Services for the State of Florida Deferred Compensation Plan

Rev. 09/12/2022

TABLE OF CONTENTS

SECTION 1. Introduction

SECTION 2. ITN Process

SECTION 3. Response Instructions

SECTION 4. Selection Methodology

SECTION 5. Award

Appendix

Letter

Name

Attachment Sub-components, If Any

To Be Completed and Returned

Attached for

Reference Only

A Standard Contract Contract Signature Page

Attachment 1, Special Contract Conditions

Attachment 2, Statement of Work

Attachment 3, Price Response Instructions

Attachment 4, PUR

Attachment 5, Data Security Requirements

Attachment 6, Mandatory Criteria Certification Form

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Attachment 7, Relevant Portions of Contractor’s Response (This document is not yet available.)

B Questions Template

C Evaluator Score Sheet

D Business Reference Form

E Description of Contract Disputes

SECTION 1. INTRODUCTION

1.1 Purpose

The Florida Department of Financial Services (Department), an agency of the state of Florida (State) is issuing this Invitation to Negotiate (ITN) to establish a contract for record keeping and investment provider services for the State of Florida Deferred Compensation Plan (Plan), a supplemental retirement program under Internal Revenue Code 457(b). The Department seeks full-service vendors to provide the services described in Attachment 2, Statement of Work.

The Plan currently operates with three (3) contractors, commonly referred to as investment providers, with Participant data aggregation and contribution processing through a third-party administrator (currently FIS Business Systems LLC). The current program architecture has highly technical requirements with emphasis on file layout specifications necessary for limited census data and centralization of employee payroll contribution maintenance. Through the third-party administrator, the Department provides service to more than twenty (20) Paycenters. These basic processes shall be assumed by the awarded vendor in a commercially reasonable manner, with limited modification of file layouts sent/received to/from these Paycenters for employee contribution processing. Additionally, the vendor shall have a robust reporting suite, with preference for existing formats and reports.

The Department intends to award one (1) Contract resulting from this ITN but reserves the right to make no award as determined to be in the best interest of the State. The solicitation will be administered through the Vendor Information Portal (VIP). It is the responsibility of all potential Respondents to monitor the VIP prior to and after submitting a Response. The submitted Response must comply with the terms and conditions stated in this ITN.

The Department intends to enter into a Contract (Contract) using Appendix A, Standard Contract, which is hereby incorporated by reference. The Department intends to award the Contract as provided in Section 5, Award, of this solicitation document.

1.2 Background

The Bureau of Deferred Compensation (Bureau) resides within the Department’s Division of Treasury and is charged with administering the Plan. As of February 28, 2025, total assets within the Plan were valued at approximately $6 billion with over 92,000 Participant accounts, with a monthly contribution of approximately $19 million. The Plan Administrator, in the position of the Bureau Chief of Deferred Compensation, is appointed by the Chief Financial Officer and approved by the Florida State Board of Administration. The Bureau employs a staff of 13.

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The Department, with the approval of the Florida State Board of Administration, established the Plan in 1982 as a benefit for State employees. Government Employer participation in the Plan is authorized by section 112.215 Florida Statutes (F.S.). In addition to the Government Employers whose payroll is processed by the Bureau of State Payrolls, other governmental entities currently participating in the Plan are: the member schools of the State University System, two (2) of the member schools of the State College System (Pensacola State College and North Florida State College), the Division of Rehabilitation and Liquidation (a unit of the Department), the State Board of Administration, the South Florida Regional Transportation Authority, and the Suwannee River Water Management District.

Section 112.215, F.S. allows water management districts and special districts in Florida to join the Plan, resulting in a larger population of prospective Participants. There are 40 water management districts and special districts that currently utilize the Plan for employees.

As required by Florida statute, oversight of the Plan is performed by the Deferred Compensation Advisory Council (Advisory Council) that consists of eight (8) members, each appointed to the Advisory Council from various constituencies throughout State government. The Advisory Council provides assistance and recommendations to the Chief Financial Officer relating to the provisions of the Plan. Member appointments and duties are specifically described in section 112.215(8), F.S.

Currently, the Department contracts with three (3) investment providers. Per contract, each investment provider may offer a self directed brokerage window through Charles Schwab. Eligible employees may enroll and contribute as a Participant with one (1) or more investment providers.

The legislation that authorizes the establishment of the Plan does not authorize any expense to be paid from State funds. Instead, such costs are borne directly by the contractors through a monthly explicit fee. A portion of that explicit fee is remitted to the Department to cover the Bureau’s administrative costs.

All Participant information is currently processed by the contractors and received by the third-party administrator. The third-party administrator is a hub of Participant information and maintains the records for the Plan on proprietary systems. The third-party administrator provides a daily compilation of Participant investment and demographic information to the Bureau. This is primarily accomplished through:

• Electronic Participant Action Form (EPAF) - a daily data feed from the contractor(s) to the third-party administrator that updates demographic information, contribution percentage/amount, and enrollment.

• Account Summary - a daily data feed from the contractor(s) to the third-party administrator that updates balance and investments.

• Pre-Bill/Actual Payroll Files - data feeds sent between Paycenters and the third-party administrator during payroll periods to disclose intended contribution percentage or amount to the Paycenters, and corresponding actual dollar amount for contribution from the Paycenter.

• Final Vendor Payroll File - a data feed sent by the third-party administrator to the contactor(s) on or about payroll dates (at least each weekly pay date, and on month end pay date) that provides dollar contribution amounts for processing and reconciliation.

Going forward, the Department seeks to contract with a single recordkeeper. This would remove the need for a third-party administrator. The single recordkeeper would:

• Provide investment products for equity and bond investment products, fixed income products, target date funds, low cost index funds, a Brokerage Service, and an advisory or managed account service.

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• Provide dedicated Account Representatives, Participant education materials, a dedicated Plan website and a telephone support line to Participants.

• Provide a record keeping and data transmission system that correlates participant data and outputs daily aggregate reports. The System must allow participant data entry directly from the Department as well as accept and integrate payroll data, participant enrollment, and current participant individual account changes.

1.3 Questions Being Explored

Respondents are not to respond directly to these questions. The Department is seeking a solution (Solution) to the questions being explored in this section. The Department will use the information obtained through this ITN process to assist it in developing its Solution by exploring the following questions:

1. How can the State offer a robust supplemental retirement program to employees while receiving exceptional value for its Plan Participants and the State as compared to the cost?

2. How can the State minimize operational disruption to Participating Employers while making this fundamental change in the current methodologies and practices?

3. How can the State ensure that its diverse employee base has individualized opportunities for retirement security?

4. Are there any additional services that Respondents can offer that would increase the value or efficiency of the services for either the Participants, the Department, or the other parties or stakeholders that are involved during the Contract?

1.4 Goals of the ITN

1. To offer quality investment vehicles to support employee retirement planning.

2. To provide comprehensive educational and operational support to potential and actual

Participants.

3. To partner with a reputable and stable firm to engender Participant satisfaction with products and services.

4. To minimize costs while offering products and services that are best in industry.

5. To remove the need for a third-party administrator by creating a single Contract that encompasses its functions and responsibilities.

6. To obtain a Contract that provides the best value to the State.

7. To obtain a Contract that provides an exceptional value for Plan Participants.

1.5 Term

The term of this Contract is upon execution to five (5) years after Go-Live. The Contract may be renewed for up to five (5) years in accordance with section 287.057(14), F.S. Renewal(s) will be made at the renewal pricing specified in the Contract.

1.6 Definitions

The following definitions apply to this ITN document:

Business Days – Monday through Friday, inclusive, except for State government holidays.

Confidential Information – Any documents, data, or records that are confidential and not subject to disclosure pursuant to chapter 119, F.S., the Florida Constitution, or any other legal authority.

Contract – The agreement that results from this competitive solicitation, if any, between the Department and the awarded Respondent.

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Contractor – The Respondent that executes a Contract with the Department pursuant to this ITN.

Go-Live – The date the Contractor becomes operational with participants.

Respondent – An entity that submits a Response to this ITN.

Response – A formal response to this ITN.

State – The state of Florida.

Vendor Information Portal (VIP) – The State’s internet-based vendor information system at:

https://vendor.myfloridamarketplace.com/

1.7 Procurement Officer

Pursuant to section 287.057(25), F.S., the Department’s Procurement Officer (Procurement Officer) is the sole point of contact for this solicitation.

The Procurement Officer is:

Chrisy Smith Deputy Purchasing Director Office of Purchasing and Contractual Services Department of Financial Services Email: DFSpurchasing@myfloridacfo.com

***PLACE THE SOLICITATION NUMBER IN THE SUBJECT LINE OF ALL EMAILS TO THE

PROCUREMENT OFFICER***

Please note that questions will NOT be answered by telephone. All inquiries must be directed to the Procurement Officer in writing. For expediency, the Procurement Officer at her sole discretion may initiate telephone calls to Respondents to resolve procedural or administrative issues. As all questions should be submitted in writing, the Department is under no obligation to acknowledge or respond to oral inquiries, and potential Respondents are not entitled to rely upon any clarification or change to this ITN, or answer to any vendor question, except as may be provided in writing by the Department in response to questions submitted pursuant to Section 2.4, Question and Answer Period, of the ITN or in an addendum to this ITN.

Respondents to this solicitation or persons acting on their behalf may not contact, between the release of the solicitation and the end of the 72-hour period following the agency posting the notice of intended award, excluding Saturdays, Sundays, and State holidays, any employee or officer of the executive or legislative branch concerning any aspect of this solicitation, except in writing to the procurement officer or as provided in the solicitation documents. Violation of this provision may be grounds for rejecting a Response.

Any such contact by any person with a relevant business relationship with a Respondent or an existing or prospective subcontractor to a Respondent is assumed to be contact on behalf of a Respondent unless shown otherwise.

1.8 Special Accommodations

Any person requiring a special accommodation due to a disability should contact the Department’s Procurement Officer. Requests for accommodations for meetings must be made at least five (5) mailto:DFSpurchasing@myfloridacfo.com

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Business Days prior to the meeting. A person who is hearing or speech impaired can contact the Procurement Officer by using the Florida Relay Service at (800) 955-8771 (TDD).

1.9 Cooperation with Inspector General

By providing a Response to this solicitation, the Respondent understands its duty, pursuant to section 20.055(5), F.S., to cooperate with the Inspector General in any investigation, audit, inspection, review, or hearing, in the event Respondent is awarded the Contract. The Respondent will comply with this duty and ensure that subcontracts issued under the Contract, if any, impose this requirement, in writing, on its subcontractors.

-Remainder of Page Intentionally Left Blank-

SECTION 2. ITN PROCESS

2.1 Overview of the ITN

The ITN is a method of competitively soliciting a commodity or contractual service under chapter 287, F.S. Under this ITN, there will not be a pre-Response conference. Vendors may submit questions regarding this ITN to the Procurement Officer as indicated in Section 2.4, Question and Answer Period.

Respondents must submit Responses by the deadline listed in Section 2.2, Timeline. The Department will open Responses at a public opening. After the public opening, the Procurement Officer will review Responses in accordance with Section 4.1, Review of Mandatory Responsiveness Requirements.

Responses that the Procurement Officer determines are responsive to the ITN will be evaluated by the evaluation team. After evaluation, the Procurement Officer will compile the final evaluation scores to determine the competitive range of Responses reasonably susceptible of award (Competitive Range).

The Competitive Range will consist of the three (3) highest scoring Responses, unless there are fewer than three (3) responsive Respondents. If there is a tie in one or more of the top three (3) scores, the Department will invite the top three (3) Respondents plus any tying Respondent. After negotiations are conducted, the Department will award the Contract to the responsible and responsive Respondent that the Department determines will provide the best value to the State, based on the selection criteria.

This section is only intended to be an overview. Read the solicitation in its entirety for further details.

In the event of a conflict between this overview and another section of this ITN document, the other section of the ITN document will control.

2.2 Timeline

The following timeline will be strictly adhered to in all actions relative to this solicitation. The Department reserves the right to adjust this timeline by posting addenda on the VIP. It is the Respondent’s responsibility to check the VIP on a regular basis for such updates.

Event Event Time Eastern Time

(ET)

Event Date

ITN posted on the VIP. 2:00 PM 10/07/2025

Deadline to submit questions to Procurement Officer. 5:00 PM 11/03/2025

Anticipated date to post answers to Respondents’ questions on VIP. N/A 12/02/2025

Deadline to submit Responses and all required documents to the Department. 2:00 PM 01/14/2026

Public Response opening.

Department of Financial Services 200 E. Gaines Street, Larson Building, Suite 101 Tallahassee, FL, 32399

NOTE: The public opening will also be conducted via conference call. To attend the public opening call 888-585-9008 and when prompted use Conference No.: 819-252-704. Attendance at this public opening is not required.

2:15 PM 01/14/2026

2.3 Pre-Response Conference

The Department will not hold a pre-Response conference.

2.4 Question and Answer Period

Vendors may submit written questions to the Procurement Officer by the deadline listed in Section 2.2, Timeline. Questions may include requests for clarification regarding the terms, conditions, and requirements of the ITN and its appendices, and any processes described in those documents. If terms included in Appendix A, Standard Contract, are impractical or, for legal or operational reasons, impossible, vendors must submit a question requesting modification of the Standard Contract terms, and the Department will issue an addendum to this ITN if such modifications are acceptable to the Department.

***PLACE THE SOLICITATION NUMBER IN THE SUBJECT LINE OF ALL EMAILS

CONTAINING QUESTIONS.***

Submit questions using Appendix B, Questions Template, which is posted to the VIP with this ITN.

Questions do not constitute a formal protest of the specifications or of the solicitation.

The Department will provide answers to all questions that are timely submitted through an addendum that is posted on the VIP. If modifications are made to the ITN document or appendices, the Department will post the modifications in an addendum on the VIP.

2.5 Public Opening of Responses

The Department will open the Responses in a public opening at the date, time, and location noted in Section 2.2, Timeline. Please note, the public opening will also be conducted via conference call as stated in Section 2.2, Timeline.

2.6 Addenda to the ITN

The Department reserves the right to make changes to this ITN by posting addenda on the VIP. It is the Respondent’s responsibility to check for any posted addenda on the VIP.

2.7 Contract Formation

The Department will enter into a Contract with the awarded Respondent pursuant to Section 5, Award.

The Contract will consist of the documents listed under Appendix A, Standard Contract, unless modified by the Department in an addendum posted to the VIP.

Event Event Time Eastern Time

(ET)

Event Date

Public meeting for negotiation team to recommend award.

Location TBD

TBD TBD

Anticipated date to post Notice of Intent to Award on VIP. N/A TBD

Anticipated Contract start date. N/A TBD

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The Respondent shall bring any perceived inconsistencies among any of the provisions of the ITN and its appendices to the attention of the Department prior to the submission of its Response. At any time during the solicitation, the Department may specifically identify and incorporate by reference any additional documents which are to be incorporated into the Contract.

Rev. 09/12/2022

SECTION 3. RESPONSE INSTRUCTIONS

3.1 Instructions to Respondents

This section contains the General Instructions (PUR 1001) and Special Instructions to Respondents.

The PUR 1001 can be accessed at https://www.dms.myflorida.com/business_operations/state_purchasing/state_agency_resourc es/state_purchasing_pur_forms.

The Special Instructions are in the remainder of Section 3 of this ITN document. In accordance with Rule 60A-1.002, Florida Administrative Code (F.A.C.), in the event any conflict exists between the Special Instructions and General Instructions, the Special Instructions will prevail.

Section 13 of the PUR 1001 is replaced by Section 5.5 of the ITN. Sections 3, 5, and 9 of the PUR 1001 are replaced with the following:

Section 3. Electronic Submission of Responses.

Responses shall be submitted in accordance with Section 3.4, How to Submit a Response, of the ITN document.

Section 5. Questions.

Questions shall be submitted in accordance with Section 2.4, Question and Answer Period, of the ITN document.

Section 9. Respondent’s Representation and Authorization.

(a) In submitting its Response, the Respondent understands, represents, and acknowledges the following:

• The Respondent is not currently under suspension or debarment by the state of Florida or any other governmental authority.

• The Response is made in good faith and not pursuant to any agreement or discussion with, or inducement from, any firm or person to submit a complementary or other noncompetitive response.

• The prices and amounts have been arrived at independently and without consultation, communication, or agreement with any other Respondent or potential Respondent; neither the prices nor amounts, actual or approximate, have been disclosed (and will not be disclosed prior to the solicitation opening) to any Respondent or potential Respondent.

• The Respondent will conform to the terms and conditions of the Standard Contract without exception, or, where an exception is made by Respondent, will provide an alternative that is equivalent to or exceeds the Department’s terms and conditions.

• If an award is made to the Respondent, the Respondent agrees that it intends to be legally bound to the Contract that is formed with the Department.

• The Respondent has made a diligent inquiry of its employees and agents responsible for preparing, approving, or submitting the Response, and has been advised by each of them that he or she has not participated in any communication, consultation, discussion, agreement, collusion, act, or other conduct inconsistent with any of the statements and representations made in the Response.

• The Respondent shall indemnify, defend, and hold harmless the Department and its employees against any cost, damage, or expense which may be incurred or be caused by any error in the Respondent’s preparation of its Response.

• All information provided by, and representations made by, the Respondent may be considered material and may be relied upon by the Department in awarding the Contract.

https://www.dms.myflorida.com/business_operations/state_purchasing/state_agency_resources/state_purchasing_pur_forms https://www.dms.myflorida.com/business_operations/state_purchasing/state_agency_resources/state_purchasing_pur_forms

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Any misstatement may be treated as fraudulent concealment from the Department of the true facts relating to submission of the Response. A misrepresentation shall be punishable under law, including, but not limited to, chapter 817, F.S.

(b) In submitting a Response, the Respondent understands, represents, and acknowledges the following (NOTE: If the Respondent cannot certify to any of following, the Respondent shall submit with its Response a written explanation of why it cannot do so. The Respondent’s explanations may result in the Respondent being found to not be a responsible or responsive vendor as defined in sections 287.012(25) and (27), F.S.):

• To the best of the knowledge of the person signing the Response, the Respondent, its affiliates, subsidiaries, directors, officers, and employees are not currently under investigation by any governmental authority and have not in the last ten (10) years been convicted or found liable for any act prohibited by law in any jurisdiction, involving conspiracy or collusion with respect to bidding on any public contract.

• Respondent currently has no delinquent obligations to the state of Florida, including a claim by the state of Florida for liquidated damages under any other contract.

• The Respondent has fully informed the Department in writing of all convictions of the firm, its affiliates (as defined in section 287.133(1)(a), F.S.), and all directors, officers, and employees of the firm and its affiliates for violation of state or federal antitrust laws with respect to a public contract and for violation of any state or federal law involving fraud, bribery, collusion, conspiracy or material misrepresentation with respect to a public contract. This includes disclosure of the names of current employees who were convicted of contract crimes while in the employ of another company.

• Neither the Respondent nor any person associated with it in the capacity of owner, partner, director, officer, principal, investigator, project director, manager, auditor, or position involving the administration of federal funds:

o Has within the preceding three years been convicted of or had a civil judgment rendered against them or is presently indicted for or otherwise criminally or civilly charged for: commission of fraud or a criminal offense in connection with obtaining, attempting to obtain, or performing a federal, state, or local government transaction or public contract; violation of federal or state antitrust statutes; or commission of embezzlement, theft, forgery, bribery, falsification or destruction of records, making false statements, or receiving stolen property; or o Has within a three-year period preceding this certification had one or more federal, state, or local government contracts terminated for cause or default.

3.2 Mandatory Responsiveness Requirements

A Respondent whose Response does not meet the mandatory responsiveness requirements listed below will be deemed non-responsive and will not be considered for Contract award.

The mandatory responsiveness requirements are as follows:

1. The Response must include an Attachment 3, Price Response.

2. The Response must include an Attachment 6, Mandatory Criteria Certification Form, that meets the requirements provided in Section 3.3.3.A, Mandatory Criteria Certification.

The Department will not evaluate a Response from a Respondent that does not meet the mandatory responsiveness requirements. A Response that meets the mandatory responsiveness requirements listed above is presumed to conform in all material respects to the solicitation. The Department reserves the right to re-evaluate its responsiveness determination at any time during the solicitation.

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3.3 Contents of the Response

Submit the Response in the following format. See Sections 4.2 – 4.3 of this ITN for how Responses will be evaluated during the evaluation phase.

3.3.1 Volume 1: General Information

A. Cover Letter Submit a cover letter on the Respondent’s letterhead that contains the following information:

1. The name and principal place of business of the Respondent;

2. The Respondent’s Federal Employer Identification Number (FEIN); and

3. The name, title, mailing address, telephone number, and e-mail address of the

Respondent’s contact person for purposes of the ITN and, if available, an alternate contact person.

B. Responses or Disclosures Required by the PUR 1001.

1. Submit any disclosures required by Section 6 of the PUR 1001.

2. Submit any disclosures required by Section 9 of the PUR 1001, as modified by Section 3.1 of this ITN. If unable to certify to any of the provisions of part (b) of Section 9 of the PUR 1001, as modified by Section 3.1 of this ITN, submit a written explanation of why the Respondent cannot do so. The Respondent’s explanations may result in the Department finding the Respondent not to be a responsible or responsive vendor as defined in sections 287.012(25) and (27), F.S. No exceptions to part (a) of Section 9 of the PUR 1001, as modified by Section 3.1 of this ITN document, will be accepted.

3.3.2 Volume 2: Technical Response

A. Narrative on Experience and Ability

1. Provide a narrative on the Respondent’s corporate business purpose, administration, experience with public sector retirement plans, and organizational history.

2. Provide a narrative on the Respondent’s prior relevant experience with providing these services. Experience should be reflective of the Respondent’s ability to perform the services sought in this ITN. Respondents should include experience for services provided that are of similar size, scope, and breadth as the State of Florida’s Deferred Compensation Plan.

3. Submit detailed program statistics for the Respondent’s current five (5) largest 457(b) programs. In the absence of five (5) 457(b) programs, acceptable alternatives are 403(b) programs or public sector 401(k) programs. In the absence of five (5) 457(b), 403(b), or public sector 401(k) programs, Respondent may provide detail on private sector 401(k) programs. Submit the most recent program statistics, which should include, at a minimum:

a. Length of the relationship;

b. Assets under management by investment product and fund;

c. Number of Participant accounts, and counts within investment products and funds;

d. 12-month rolling average of monthly contributions;

e. Number of full time Participant facing representatives on the program (or number of representatives and approximate percent of full time employment hours);

f. Number and type of educational seminars held (preceding 12 months); and

g. Number of one-on-one Participant engagements through face-to-face, virtual, or telephone appointments (i.e., not general customer service calls) to discuss the retirement planning, education, or enrollment (preceding 12 months).

4. Submit detailed information for the Respondent’s five (5) largest retirement plan transition/conversions occurring since January 1, 2011. For purposes of this inquiry Respondent should consider transition/conversion to indicate assumption of an existing retirement plan (in whole or part) through procurement or otherwise, and related functions to transfer account relationships, payroll processes, program assets, account data/history, contribution amounts, beneficiaries, and other program activities. This information should include:

a. Length of transition/conversion process,

b. Implementation and service plan,

c. Dollar amount of assets and number of accounts,

d. Technical considerations for data exchange (data mapping, file formatting, third parties),

e. Participant communications and outreach,

f. Summation of Plan Administrator feedback, and

g. Summation of any post transition/conversion Participant survey.

B. Respondent’s Proposed Approach

1. Provide a comprehensive plan that sets out the methodology the Respondent intends to employ in providing the requested services.

2. Include a description of the methodology that will be used to control costs, provide service reliability, and maintain schedules.

3. The Respondent should also include the means of coordination and communication between the organization and the Department.

4. Provide a concise summary of the products and services offered to meet the State's needs as identified in Attachment 2, Statement of Work, specifically including at least:

a. The Respondent's approach to providing the services;

b. The benefits that the State will derive from these services; and

c. Why the Respondent is best qualified to perform these services.

5. Submit a proposed investment menu, including a description of the brokerage service

(Section 3 of Attachment 2, Statement of Work).

Please note: The Department will consider a variety of products. The inclusion of additional types of innovative investment products which serve the best interest of the State in providing reasonable costs, performance, diversification, and controlled risk to the Participant is encouraged. The Department is looking for solutions to providing lifetime retirement income, improving in-plan retention of participant assets after separation and alternative principal protection products. The Department is not looking for solutions that involve in plan individual annuity contracts.

6. Describe Respondent’s advisory service, with emphasis on diverse Participant composition (Section 10., Advisory and Managed Account Service of Attachment 2, Statement of Work).

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7. Describe the Respondent’s operational plan for the Participant experience for enrollment and transactional processing with an emphasis on the need for the Department to review substantially all monetary transactions (i.e., rollover, distribution, Qualified Domestic Relations Orders, supplemental payments, loans, and unforeseeable emergency withdrawals). The proposed operational plan should include online, telephone, in-person, and other reasonable methods for a Participant to initiate an enrollment or transaction and should include considerations of the need to utilize forms that are adopted in the Florida Administrative Code and the requirement to timely confirm each transaction. The proposed operational plan should also address the technology for remote secure signatures and electronic routing.

8. Provide Respondent’s corporate chart to include any parent companies, subsidiaries, and any related companies with partial ownership or overlapping executives. Include a description of how any of these companies or subsidiaries will interact with the provision of the services sought under this ITN.

9. Identify the Respondent’s management personnel who will oversee the provision of the services sought under this ITN and what makes each suitable for his/her designated role in performing the services to include the following:

a. Credentials,

b. Specific experience,

c. Special expertise,

d. Education,

e. Position in the company, and

f. Years with the company.

10. Provide Respondent’s proposed organizational chart.

11. Provide a summary of the Respondent's Florida staffing plan including locations. Provide a summary how the Respondent will respond to the need for local contacts from the Department and the local communities served by the Department. Detail the expected roles for Field and Telephone Representatives and any supervisors, and what makes each suitable for his/her designated role in performing the services to include the following:

a. Credentials,

b. Specific experience,

c. Special expertise,

d. Education,

e. Position in the company, and

f. Years with the company.

In the absence of actual staff selections, please disclose minimum expectations for the above criteria for vacant positions, including detailed explanations of roles on the team and general expectations for compensation and bonuses to meet performance goals and related expectations.

12. Submit a general annual communications plan describing person to person education, use of remote or virtual education platforms, and the Respondent’s proposed marketing materials (monthly, quarterly, and annual) and methods. Such plan is intended to increase overall employee participation, enrollment, awareness, and engagement.

13. Provide an implementation plan that addresses, at a minimum:

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a. Pulling current participant data into proposed Record Keeper System (Section 4., Record Keeper System of Attachment 2, Statement of Work), and

b. Assuming the current assets and Participants of all current contractors.

The implementation plan shall include, but not be limited to, tentative milestones for the transition, timeframe for completion of each milestone, and milestone dependencies related to accomplishing these tasks. The implementation plan must outline the expected timeframe for completing all milestones commencing after the contract start date.

14. Provide an exit and transition plan for the end of the Contract period.

3.3.3 Volume 3: Mandatory Responsiveness Requirements

A. Mandatory Criteria Certification Submit an Attachment 6, Mandatory Criteria Certification Form, that provides a “Yes” Certification Answer for each Certification Question. A Respondent’s failure to provide a “Yes” Certification Answer for each Certification Question will result in the Respondent being deemed non-responsive.

Additionally, Respondents must complete the Vendor Certification Form (beginning on page 3 of the Mandatory Criteria Certification Form) by choosing the appropriate “Vendor Indicator” from the dropdown menu. Respondents must also complete and submit the attestations associated with the requirements of the Vendor Certification Form which includes the Foreign Country of Concern Attestation PUR1355, the Common Carrier Attestation Form PUR 1808 (if applicable), and the Use of Coercion for Labor and Services PUR 2024.

B. Price Response Submit a price response. The Department’s Attachment 3, Price Response Instructions, provides instructions and pricing considerations for Respondents to develop their proposed price responses. Respondents are encouraged to offer creative pricing methods for the Department’s consideration. Please note, the awarded Respondent’s price response will become Attachment 3, Price Response, to the Contract.

The Respondent must submit a detailed price response that clearly outlines all costs associated with providing the services identified in this solicitation. The price response must indicate any caveats and/or information that the Department would need to consider for review in preparation for discussions during the negotiation phase of the procurement process. The Respondent should use its best judgement in developing the price response format to clearly establish the pricing model and include all required services and any optional services that the Respondent proposes as a value added option.

The Respondent’s submitted price response will not be scored in the evaluation phase of the ITN but will be considered in the negotiation phase, as applicable.

3.3.4 Volume 4: Contract Exceptions

The Respondent should submit a full description of any exceptions it has to the terms in the attachments that comprise Appendix A, Standard Contract.

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3.3.5 Volume 5: Proposal for Optional and/or Value-Added Services The Respondent may propose to provide optional services that will make the services more efficient, more valuable, or more manageable. Optional services should be available to the Department during the Contract with notice to the Contractor that the Department intends to opt into those services. The Department shall be under no obligation to adopt the Respondent’s proposed optional services into the Contract or to opt into the services during the life of the Contract. If the Respondent will charge for its proposed optional services, pricing for those optional services will be negotiated during the negotiation phase of the ITN.

A Respondent’s proposal for optional services should include the scope of services that would be addressed, the payment structure for those services and how those services would integrate into the Respondent’s Technical Response (if at all).

This volume should also include any value-added services the Respondent would like to propose to the Department that would not otherwise fall under the description for optional services provided above.

3.4 How to Submit a Response

The Respondent should submit:

• One (1) printed UNREDACTED version of each volume of the Response.

• Five (5) printed UNREDACTED copies of Volume 2 of the Response.

• One (1) digital copy of the complete UNREDACTED Response on a flash drive.

DO NOT PASSWORD PROTECT AND/OR ENCRYPT THE ELECTRONIC FILES.

If the Respondent intends to assert trade secret or confidentiality protections on any portion of the response (see Section 3.5 Disclosure of Response Contents and Section 3.6, Confidential Response Materials and Redacted Submissions), the Respondent must also provide the following:

• One (1) printed REDACTED version of the Response if redactions are required.

• One (1) digital copy of the complete REDACTED Response on a flash drive, if applicable (see

Section 3.6, Confidential Response Materials and Redacted Submissions). The Respondent must ensure that all metadata has been removed from the files in the redacted copy. DO NOT

PASSWORD PROTECT AND/OR ENCRYPT THE ELECTRONIC FILES.

Note: The printed copies of the Response must be bound. The Respondent may use an alternate method of binding other than a binder and include separate tabs or other methods of separation for the volumes of the Response in lieu of separate binders.

Responses must be delivered in sealed packages to the Department of Financial Services at 200 East Gaines Street, Larson Bldg., Suite 101 – Office of Purchasing and Contractual Services, Tallahassee, Florida 32399-0347, by the deadline listed in the Timeline in Section 2.2, Timeline. The Respondent must clearly label the outside of the sealed packages with the ITN number and Respondent’s name.

SECTION 2.2, TIMELINE, SPECIFIES THE DEADLINE AND LOCATION FOR

RESPONSE SUBMISSION. RESPONSES SUBMITTED BEYOND THE DEADLINE OR TO

A DIFFERENT LOCATION WILL NOT BE CONSIDERED.

3.5 Disclosure of Response Contents

All documentation submitted as a Response to the ITN will become the exclusive property of the Department and will not be returned to the Respondent. Responses received by the Department may be

Rev. 09/12/2022 disclosed pursuant to a public records request, subject to any confidentiality claims and the timeframes identified in section 119.071(1)(b), F.S. The Department has the right to use any or all ideas or adaptations of the ideas presented in any Response. Selection or rejection of a Response will not affect this right.

3.6 Confidential Response Materials and Redacted Submissions

In addition to the public records requirements of the PUR 1001, section 19, if the Respondent considers any portion of its Response to be Confidential Information or exempt from disclosure under Chapter 119, F.S., or other legal authority (Public Records Law), then the Respondent must simultaneously provide the Department with an unredacted version of the materials and a separate redacted electronic copy of the materials. If providing both a redacted and unredacted copy, the Respondent should mark the unredacted version of the document as “Unredacted Version – Contains Confidential Information” and place such information in an encrypted electronic form or a sealed separate envelope. If the Respondent fails to submit a Redacted Copy of its Response, the Department is authorized to produce the entire unredacted Response submitted to the Department in response to a public records request.

3.6.1 Redacted Submissions

If submitting a redacted version of its Response, the Respondent should mark the redacted electronic copy with the Respondent’s name, Department’s ITN name and number, and the words “Redacted Copy.” The Redacted Copy should only redact those portions of material for which a Respondent can legally support a claim that the information is Confidential Information or exempt from disclosure pursuant to Public Records Law. In the Redacted Copy, the Respondent shall redact and maintain in confidence any materials the Department provides or seeks regarding security of a proposed technology system or information subject to sections 119.011(14), 119.071(1)(f), and 119.071(3), F.S.

In addition, the Respondent must submit a separate index listing the Confidential Information or exempt portions of its Response. The index should briefly describe in writing the grounds for claiming exemption from the Public Records Law, including the specific statutory citation for such exemption.

The Redacted Copy will be used to fulfill public records and other disclosure requests and will be posted on the FACTS website. The Department will follow the procedures identified in the Standard Contract’s PUR1000, Section 10, Public Records, if the Department receives a further request for Confidential Information or exempt material that has been clearly identified as such in writing by the Respondent.

3.6.2 Respondent’s Obligations to Defend its Claims

The Department is not obligated to agree with a Respondent’s claim of exemption or Confidential Information. By submitting a Response, the Respondent agrees to defend its claim that each and every portion of its redactions is exempt from inspection and copying under Florida’s Public Records Law. By submitting a Response, the Respondent agrees to protect, defend, and indemnify the Department for any and all claims arising from or relating to the Respondent’s determination that the redacted portions of its Response are Confidential Information or otherwise not subject to disclosure. The Department may use the counsel of its choosing to defend any such claims, and the Respondent shall promptly pay the Department’s invoices for legal services on a monthly basis for all costs and expenses, including legal fees, incurred in defending such claims.

3.7 Withdrawal and Modification of Responses

The Respondent may modify its Response at any time prior to the submittal deadline by submitting a request to the Procurement Officer. A submitted Response may be withdrawn from consideration by

Rev. 09/12/2022 the Department if the Respondent submits a signed, written request for withdrawal to the Procurement Officer within seventy-two (72) hours after the deadline for Response submittal.

3.8 Reservations

In addition to any other rights reserved or afforded to the Department under this ITN and under applicable law, the Department reserves the right to:

1. Cancel this ITN at any time prior to the Department’s execution of the Contract, without incurring any cost obligations or liabilities.

2. Accept or reject any Response at any time.

3. Terminate evaluation and/or negotiation of any Response at any time.

4. Modify any dates set or projected in this ITN.

5. Waive, or allow the Respondent to cure, minor irregularities in the Response.

3.9 Additional Information

At any time during the solicitation process, the Department may request and the Respondent must provide supporting information or documentation. Failure to supply supporting information or documentation as requested may result in the rejection of the Response.

The Department reserves the right to seek information from outside sources regarding the Respondent and the Respondent’s offerings, capabilities, references, or performance, if the Department determines that such information is pertinent to the ITN. The Department may consider such information throughout the solicitation process including, but not limited to, when determining whether the award is ultimately in the best interest of the State. This may include, but is not limited to, the Department engaging consultants, subject matter experts, and others to ensure that the Department has a complete understanding of the information provided by Respondents in response to the ITN.

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SECTION 4. SELECTION METHODOLOGY

4.1 Review of Mandatory Responsiveness Requirements

The Procurement Officer will review each Response to determine whether the Response satisfies the requirements of Section 3.2, Mandatory Responsiveness Requirements. Only those Responses that meet the mandatory responsiveness requirements will be evaluated. A Respondent who submits Response that does not satisfy the requirements of Section 3.2, Mandatory Responsiveness Requirements, will be deemed non-responsive and will not be evaluated.

4.2 Evaluation Team

The Department’s evaluation team will consist of at least three (3) persons who collectively have experience and knowledge in the program area and service requirements for the contractual services sought under the ITN.

4.3 Evaluation Criteria

Each Response will be evaluated as set forth in the remainder of this Section 4.3, Evaluation Criteria.

The total number of points available to a Respondent for this ITN is 300 points. The Respondent’s Price Response will not be scored.

4.3.1 Evaluation of Technical Response

Each evaluation team member will independently evaluate each Respondent’s Volume 2: Technical Response against the evaluation criteria set forth in Appendix C, Evaluator Score Sheet. Volume 2 is the only volume the Evaluators will evaluate during the evaluation process referenced in Section 4.2-4.3 of the ITN. Evaluators WILL NOT review Information provided in volumes 1, 3, 4, and 5. See Section 3.3.2 of this ITN. Evaluators WILL NOT score items that do not appear in Volume 2.

The maximum score for each criterion is set forth in Appendix C, Evaluator Score Sheet. The maximum available points for the evaluation of the Technical Response is 300 points. The Procurement Officer will add the score awarded by each evaluator for a Respondent and divide the total by the number of evaluators to determine a Respondent’s Technical Response Score.

4.3.2 Price Response

The Respondent’s Price Response will not be scored in the evaluation phase of the ITN and will not be considered by the Department in determining a Competitive Range and selecting Respondents to invite to negotiations.

4.4 Negotiation Team

The Department’s negotiation team will consist of at least three (3) persons who collectively have experience and knowledge in negotiating contracts, contract procurement, the program areas, and services requirements for which contractual services are sought.

4.5 Negotiations

Selected Respondent(s) will be invited to enter into negotiations with the Department. Any information that the Respondent provides during negotiations constitutes an Interim Revised Response (IRR) and becomes part of the Respondent’s Response. Failure to provide requested information may result in rejection of the Response.

The Department reserves the right to negotiate different or additional terms, or the removal of terms, and related price adjustments, if any, if the Department determines that doing so would be in the best interest of the State or necessary for the effective administration of the Contract; this applies to all of

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Appendix A, Standard Contact, the Respondent’s Response (including all revisions), and any other document that may become part of the Contract.