3-Attachment D - Technical Criteria.pdf

Attachment D

Technical/Evaluation Criteria - H.B. 250 Retirement Plan Exchange Platform Administrator

1. Minimum Qualifications

● Vendor certifies it can meet the requirements and deliverables as stated in the Scope of Work.

● Vendor certifies it does not intend to act as a plan provider or fiduciary

● Vendor certifies it will deploy the Exchange platform and initiate provider onboarding prior to or on statutory deadlines

● Vendor certifies it will maintain neutrality among participating providers

● Vendor certifies it will comply with all applicable federal and state laws and regulations

2. Selection Criteria Weighting Table

Selection Criteria Weight

A. Executive Summary 5% B. Organizational Experience and Expertise 15% C. Technical Approach & Platform Design 20% D. Provider Marketplace Management & Oversight 15% E. Data Security, Reporting & Compliance 15% F. Implementation Timeline & Project Management 10% G. Fees 10% H. Adoption Strategy & Marketplace Viability 10% Total: 100%

3. Selection Criteria A. Executive Summary (25 Points Possible)

● Why your organization is best suited

● Relevant experience summary

● Key differentiators

● Overview of approach

● Description of how the proposed platform prioritizes ease of use and rapid employer decision-making

B. Organizational Experience and Expertise (75 Points Possible)

● Organization history and structure

● Key personnel qualifications

● Experience with marketplaces and retirement platforms

● Demonstrated ability to reduce complexity for non-expert users

● Examples of similar engagements

1/3

C. Technical Approach & Platform Design (100 Points Possible) Proposals will be evaluated in part on how effectively the platform enables employers to make quick, confident decisions with minimal complexity.

● Platform architecture and scalability

● Employer onboarding experience

● Plan comparison tools

● CRM and data management

● Neutrality approach

● Employer decision-making experience, including simplicity and speed

● Clarity and effectiveness of decision-support tools

● Estimated time and steps required for employer plan selection

● Demonstrated ability to reduce complexity for non-expert users

● Integration capabilities

D. Provider Marketplace Management & Oversight (75 Points Possible)

● Strategy for attracting and onboarding providers to the Exchange

● Clarity and effectiveness of the provider value proposition

● Defined expectations for provider participation in marketplace growth and outreach

● Approach to ensuring adequate provider competition and coverage

● Transparency and completeness of disclosed platform compensation, revenue sources, and fee structures

● Ability to present platform fees, provider fees, and investment management fees in a standardized, comparable, and understandable format

● Methodology for determining whether fees offered through the platform are reasonable and competitive

● Provider onboarding process

● Due diligence framework

● Ongoing monitoring and oversight framework, include for fee reasonableness, provider compliance, and conduct detrimental to participating employers or employees

● Participation criteria

● Neutrality safeguards

E. Data Security, Reporting & Compliance (75 Points Possible)

● Security framework

● Regulatory compliance

● Reporting capabilities

● Confidential data handling

● Audit readiness

F. Implementation Timeline & Project Management (50 Points Possible)

● Ability to meet deadlines

● Implementation timeline

● Project management approach

● Risk mitigation

● Quality assurance

G. Fees ( 50 Points Possible) - Minimum Required Score 3

● Transparency and reasonableness of fees charged by the platform to participating providers

● Clarity and reasonableness of the platform’s compensation and revenue model

2/3

● Competitiveness and accessibility of the provider marketplace supported by the platform’s fee structure

● Sustainability and appropriateness of the platform’s funding model

● Reasonableness of the analysis comparing direct-to-provider costs versus costs incurred through the platform

H. Adoption Strategy & Marketplace Viability (50 Points Possible)

● Marketing and outreach strategy;

● Funding model for adoption efforts;

● Evidence of successful marketplace growth in similar programs; and

● Sustainability without state funding.

Offerors that achieved a minimum score threshold of 350 points or 70% of the total 500 possible points will be considered eligible for a contract award.

It is anticipated that this RFP will result in a single contract award to the responsive and responsible vendor with the highest score justified by the procurement unit.

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