Addendum No. 1

Invitation to Bid

DMS-25/26-039

INVESTMENT CONSULTING AND MONITORING SERVICES FOR THE

STATE UNIVERSITY SYSTEM OPTIONAL RETIREMENT PROGRAM

(SUSORP) AND SENIOR MANAGEMENT SERVICE OPTIONAL

ANNUITY PROGRAM (SMSOAP)

FAILURE TO FILE A PROTEST WITHIN THE TIME PRESCRIBED IN SUBSECTION 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.

Any protest concerning this agency decision or intended decision must be timely filed with the Agency Clerk.

Protests may be filed by courier, hand delivery, or U.S. mail at Department of Management Services, Office of the General Counsel, Attention: Agency Clerk, 4050 Esplanade Way, Suite 160, Tallahassee, FL 32399-0950.

Protests may also be filed by fax at 850-922-6312 or by email at agencyclerk@dms.fl.gov. It is the filing party’s responsibility to meet all filing deadlines.

mailto:agencyclerk@dms.fl.gov.

DMS-25/26-039 Page 2 of 3 Investment Consulting and Monitoring Services

ITB No. DMS-25/26-039 is hereby amended as noted below.

In the event of a conflict between previously released information and the information contained herein, the information herein shall control. The information included in this addendum is now made part of this solicitation.

This addendum does not need to be returned with the response unless otherwise indicated in the solicitation.

1. Attachment F - List of Authorized Products, is hereby deleted in its entirety and replaced with Revised Attachment F - List of Authorized Products, attached hereto. Any reference to Attachment F - List of Authorized Products, stated in the solicitation documents, shall be replaced with Revised Attachment F - List of Authorized Products.

2. Attachment H – Investment Policy Statement Senior Management Service Optional Annuity Program State University Optional Retirement Program, is hereby incorporated as part of the ITB Solicitation.

3. Section 1.5, Timeline of Events, the table is hereby deleted in its entirety and replaced as follows:

Timeline of Events

Event

Time (Eastern

Time) Date

Solicitation posted on the VIP April 17, 2026

Deadline for Bidders to submit questions to Procurement Officer

2:00 PM May 1, 2026

Department’s anticipated date of posting Q & A Addendum on the VIP

May 8, 2026

May 11, 2026

Deadline to submit Bid and all required documents in the Business Network

2:00 PM May 20, 2026

Public Opening:

Department of Management Services Conference Room 260K 4050 Esplanade Way, Tallahassee, Florida 32399-0950

Join by telephone:

United States (Toll Free): 1 855 578 6266 United States (Toll Free): 1 888 585 9008

Access Code: 984-544-099

3:00 PM May 20, 2026

DMS-25/26-039 Page 3 of 3 Investment Consulting and Monitoring Services

Timeline of Events

Event

Time (Eastern

Time) Date

Anticipated date to post Notice of Intent to Award on the VIP

June 1, 2026

Anticipated Contract start date August 8, 2026

ITB No.: DMS-25/26-039 Page 1 of 6

Investment Consulting and Monitoring Services for Optional Annuity and Retirement Programs

REVISED ATTACHMENT F – LIST OF AUTHORIZED PRODUCTS

ACTIVE PRODUCTS ELIGIBLE TO RECEIVE CONTRIBUTIONS

Fund/Investment Name

Ticker, CUSIP, or

Other Identifier

Investment Type

Vanguard Treasury Money Market VUSXX Mutual Fund

Vanguard Total Bond Market Index Fund VBTIX Mutual Fund

Baird Short-Term Bond BSBIX Mutual Fund

DFA Inflation-Protected Securities DIPSX Mutual Fund

DFA Diversified Fixed Income DFXIX Mutual Fund

Vanguard Total Stock Market Index Fund VITSX Mutual Fund

Vanguard Value Index VVIAX Mutual Fund

Vanguard Total International Stock Index VTSNX Mutual Fund

JP Morgan Large Cap Growth Fund JLGMX Mutual Fund

State Street U.S. Equity SUSIX Mutual Fund

Vanguard U.S. Multifactor Fund VFMFX Mutual Fund

DFA U.S. Small Cap DFSTX Mutual Fund

DFA Emerging Markets Core Equity DFCEX Mutual Fund

DFA Real Estate Securities Portfolio DFREX Mutual Fund

Vanguard Target Retirement Income VTINX Mutual Fund

Vanguard Target Retirement 2030 VTHRX Mutual Fund

Vanguard Target Retirement 2035 VTTHX Mutual Fund

Vanguard Target Retirement 2040 VFORX Mutual Fund

ITB No.: DMS-25/26-039 Page 2 of 6

Fund/Investment Name

Ticker, CUSIP, or

Other Identifier

Investment Type

Vanguard Target Retirement 2045 VTIVX Mutual Fund

Vanguard Target Retirement 2050 VFIFX Mutual Fund

Vanguard Target Retirement 2055 VFFVX Mutual Fund

Vanguard Target Retirement 2060 VTTSX Mutual Fund

Vanguard Target Retirement 2065 VLXVX Mutual Fund

Vanguard Target Retirement 2070 VSVNX Mutual Fund

Corebridge Fixed Account V3090 Fixed Account

Corebridge SMSOAP Annuity UITG-PDP Annuity Mutual Funds

Voya Fixed Plus Account III – SUSORP 664012 Fixed Account

Voya Fixed Plus Account III – SMSOAP 664013 Fixed Account

TIAA Traditional – Retirement Choice

IGRS-02-

ACC-FL

Annuity Fixed Account

TIAA Traditional – Retirement Choice Plus

IGRSP-02-

ACC-FL

Annuity Fixed Account

Equitable Fixed Account

2016FS-

MF403b

Fixed Account

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

ITB No.: DMS-25/26-039 Page 3 of 6

INACTIVE PRODUCTS NOT ELIGIBLE TO RECEIVE CONTRIBUTIONS

Fund/Investment Name

Ticker, CUSIP, or

Other Identifier

Investment Type

Corebridge Legacy Product MTL-504 Individual Mutual Funds and Fixed Account

Corebridge VPlan IFA-582

Annuity Fixed Account and associated sub-funds for

Loan Collateralization and Escrow

Corebridge Portfolio Director UIT-194

Annuity Fixed Account, Mutual Funds, and associated sub-funds for Loan Collateralization and

Escrow

Corebridge Independence Plus UIT-585

Annuity Fixed Account, Mutual Funds, and associated sub-funds for Loan Collateralization and

Escrow

Corebridge Impact UIT-981 Annuity Mutual Funds

Corebridge Portfolio Director Choice UIT-PD2

Annuity Fixed Account, Mutual Funds, and associated sub-funds for Loan Collateralization and

Escrow

Corebridge Annuity UIT-PDP Annuity Fixed Account and

Mutual Funds

Legacy Mutual Funds and Voya Fixed Plus Account II – SUSORP

VFF001

Annuity Fixed Account and

Mutual Funds

Legacy Mutual Funds and Voya Fixed Plus Account II – SMSOAP

VF2367

Annuity Fixed Account and

Mutual Funds

TIAA Traditional Group Supplemental Retirement Annuity

G1250.1 Annuity Fixed Account

TIAA Traditional Supplemental Retirement Annuity

1200.8-FL Annuity Fixed Account

TIAA Traditional Retirement Annuity 100.24-FL Annuity Fixed Account

CREF Core Bond Account R3

QCBMIX

(194408233) Annuity

ITB No.: DMS-25/26-039 Page 4 of 6

Fund/Investment Name

Ticker, CUSIP, or

Other Identifier

Investment Type

CREF S&P 500 Index Account R3

QCEQIX

(194408258) Annuity

CREF Global Equities R3

QCGLIX

(194408167) Annuity

CREF Inflation Linked Bond Account R3

QCILIX

(194408274) Annuity

CREF Total Global Stock Account R3

QCSTIX

(194408126) Annuity

CREF Money Market R3

QCMMIX

(194408217) Annuity

CREF Responsible Balanced Account R3

QCSCIX

(194408142) Annuity

CREF Growth R3

QCGRIX

(194408183) Annuity

TIAA Real Estate

QREARX

(878094200) Annuity

Voya Growth and Income Portfolio IIVGX Annuity

Voya Government Money Market Portfolio IVMXX Annuity

Voya Intermediate Bond Portfolio IPIIX Annuity

Voya Index Plus LargeCap Portfolio IPLIX Annuity

Voya Small Company Portfolio IVCSX Annuity

Voya Index Plus SmallCap Portfolio IPSIX Annuity

Voya Index Plus MidCap Portfolio IPMIX Annuity

Victory Pioneer Mid Cap Value VCT Portfolio

925923880 Annuity

Invesco V.I. Core Equity Fund 008892804 Annuity

ITB No.: DMS-25/26-039 Page 5 of 6

Fund/Investment Name

Ticker, CUSIP, or

Other Identifier

Investment Type

Voya SmallCap Opportunities Portfolio IVSOX Annuity

Voya MidCap Opportunities Portfolio IIMOX Annuity

Fidelity® VIP Equity-Income Portfolio 922174305 Annuity

Neuberger Berman Quality Equity Fund NBSTX Annuity

Voya Balanced Income Portfolio IIFIX Annuity

Voya Large Cap Value Portfolio IPEIX Annuity

Artisan International Fund ARTIX Annuity

Fidelity® VIP Contrafund Portfolio 922175500 Annuity

Victory Pioneer Equity Income VCT Portfolio

925923302 Annuity

Voya Global Bond Portfolio IOSIX Annuity

Voya Global Insights Portfolio IGMIX Annuity

VY® Baron Growth Portfolio IBSSX Annuity

Voya Fixed Plus Account II (4568) N/A Fixed Account

American Funds the Growth Fund of America®

RGAEX Annuity

American Funds EUPAC Fund® REREX Annuity

Voya Large Cap Growth IEOHX Annuity

VY® T. Rowe Price Capital Appreciation Portfolio

ITCSX Annuity

VY® Invesco Growth and Income Portfolio IVGSX Annuity

ITB No.: DMS-25/26-039 Page 6 of 6

Fund/Investment Name

Ticker, CUSIP, or

Other Identifier

Investment Type

Columbia Variable Portfolio WUSAX Annuity

Voya U.S. Stock Index Portfolio INGIX Annuity

PIMCO VIT Real Return Portfolio 693394819 Annuity

Franklin Small Cap Value VIP Fund 355150590 Annuity

Lord Abbett Series Fund Mid Cap Stock Portfolio

543910400 Annuity

INVESTMENT POLICY STATEMENT

SENIOR MANAGEMENT SERVICE OPTIONAL ANNUITY PROGRAM

STATE UNIVERSITY OPTIONAL RETIREMENT PROGRAM

PART I. THE PLAN: SENIOR MANAGEMENT SERVICE OPTIONAL ANNUITY PROGRAM

STATE UNIVERSITY OPTIONAL RETIREMENT PROGRAM

State of Florida (the “Plan Sponsor”) sponsors the Senior Management Service Optional Annuity Program and the State University Optional Retirement Program (the “Plan”) for the benefit of its employees. The Plan is intended to provide eligible employees with the long-term accumulation of retirement savings through contributions to the individual participant accounts within the Plan.

The Plan is not subject to the Internal Revenue Code of 1986, as amended, and/or the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

This IPS does not cover employer stock, illiquid assets held by the Plan, and/or self-directed brokerage accounts or similar arrangements that enable participants to select investments beyond those designated by the Plan.

The officers, individuals and/or investment committee named in or established under the Plan documents as having responsibility for the management of the Plan’s investments are referred to in this IPS as the “Plan Fiduciary.”

ATTACHMENT H

Part II. THE PURPOSE OF THE INVESTMENT POLICY STATEMENT

The Plan Fiduciary has important responsibilities and is subject to fiduciary standards of conduct under ERISA. These responsibilities include:

➢ Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them;

➢ Carrying out their duties prudently;

➢ Following the plan documents;

➢ Diversifying plan investments; and

➢ Paying only reasonable total plan expenses.

This IPS is intended to assist the Plan Fiduciary in making decisions regarding the Plan’s investment options in a prudent manner. To achieve that objective, the IPS outlines the processes for the selection, monitoring and evaluation of the investment options in the Plan. This IPS sets out criteria that may be used by the Plan Fiduciary as guidance in making decisions regarding the investment options available under the Plan.

Specifically, this IPS describes:

➢ The Plan’s investment objectives;

➢ The roles of those responsible for the Plan’s investments;

➢ The investment selection procedures and criteria for the Plan’s investments;

➢ The monitoring process for the Plan’s investments; and

➢ The procedures for handling investment options that fail to satisfy established objectives.

Part III. INVESTMENT OBJECTIVES

The Plan seeks to make available investment options that:

➢ Provide reasonable returns compared to appropriate peer groups and indices;

➢ Provide a broad range of investments so that employees can diversify investments within an investment category;

➢ Provide a minimum of three different investment options with differing risk and return characteristics

Part IV. ROLES AND RESPONSIBILITIES WITH RESPECT TO PLAN INVESTMENTS

The Plan Fiduciary is responsible for:

➢ Establishing and maintaining this IPS;

➢ Reviewing this IPS periodically, and making such changes to this IPS as deemed appropriate from time to time;

➢ Selecting the investment options;

➢ Voting proxies on investment options selected;

➢ Monitoring the performance of the investment options offered by the Plan and making investment changes;

➢ Hiring and monitoring an investment advisor;

➢ Hiring and monitoring an investment consultant, if applicable; and

➢ Overseeing participant investment education and communication.

The Investment Advisor is responsible for providing investment advice on non-discretionary basis to the Plan Fiduciary regarding the selection and monitoring of the Plan’s investment options. The specific responsibilities of the Investment Advisor are set out in the investment advisory agreement.

Part V. SELECTION OF INVESTMENTS

The Plan Fiduciary is responsible for the selection of the investment options to be made available to participants. This Part discusses the considerations and guidelines for fulfilling that fiduciary duty.

Selection of Investment Categories

The Plan intends to provide an appropriate range of investment categories that will reasonably span the risk-and-return spectrum that satisfies the “broad range” criteria that is consistent with the investment needs of the participants. These investment categories, and the options chosen to fill those categories, are intended to allow participants to construct portfolios consistent with their individual circumstances; for example, their goals, time horizons and tolerances for risk. To accomplish that goal, the Plan Fiduciary will select from among the investment categories listed on Appendix A (entitled “Investment Categories”) to this IPS, but is not required to and does not intend to have all options available at any given time. Where appropriate, the Plan Fiduciary may include additional investment categories.

Selection of Investment Options

After determining the investment categories to be used, the Plan Fiduciary is responsible for selecting specific investment options for each of those categories.

As the Plan Fiduciary engages in the process of selecting the investment options, they may consider information from many sources, including information that may be provided by investment advisor, the Plan’s recordkeeper or other retirement plan investment provider.

Attached as Appendix B (entitled “Investment Review Scorecard Process”) is a current description of the methodology and scoring of investment options that may be used in the process for the selection of investment options for the Plan. The Plan Fiduciary has reviewed the methodology of the process and has determined that it is appropriate for the Plan and the participants.

A list of the current investment options and their benchmark indices will be maintained separately and updated from time to time.

The Plan Fiduciary shall maintain written records of decisions relating to the choice and ongoing monitoring of investment options under the Plan. Such records may be in the form of minutes taken of meetings, that note such things, for example, as time and place, attendees, matters discussed, and decisions reached. The written records may include documents or materials used by the Plan Fiduciary in its decision-making process.

Part VI. INVESTMENT MONITORING

The Plan Fiduciary will regularly monitor the Plan’s investment options and investment categories for compliance with the Plan’s investment objective and to assess whether a particular investment option continues to be appropriate for participants.

While frequent change is neither expected nor desirable, the process of monitoring investment performance relative to specified guidelines is an ongoing process. Recognizing that short-term fluctuations may cause variations in performance, when monitoring investments under the Plan, the Plan Fiduciary evaluates investment performance from a long-term perspective.

Monitoring occurs on a regular basis and utilizes the same criteria that were the basis of the investment selection decision. It is contemplated, but not mandated, that the Plan Fiduciary will conduct a formal review at least quarterly. Further, the Plan Fiduciary seeks to consider any unusual, notable or extraordinary events on a current basis.

If, upon evaluation, an investment option continues to be acceptable, no further action is required. If after evaluation of an option, the Plan Fiduciary determines that it should be subject to heightened review, the Plan Fiduciary will take steps to further review, study and/or remedy the deficiency. If over a reasonable period the provider is unable to resolve the issue, termination may result (see Part VII).

Attached as Appendix C (entitled “Investment Selection and Monitoring Process”) is a current description of the process that may be used by the Investment Advisor for reviewing whether an investment option has underperformed and an explanation of the process, which the Investment Advisor may follow if engaged to provide investment monitoring services. The Plan Fiduciary has reviewed that process and have determined that it is suitable and appropriate for the Plan. Therefore, the Plan Fiduciary has adopted this process, methodology and scoring system described in Appendices B and C for purposes of monitoring the investment options.

VII. INVESTMENT OPTION TERMINATION

There are no hard and fast rules for investment option termination. The ultimate decision to retain or terminate an investment option cannot be made by a formula. However, the Plan Fiduciary may consider the investment option’s anticipated ability to perform in the future when determining whether to retain an investment option.

In addition to those above, other factors may include manager turnover, legal or regulatory proceedings, or material change to investment processes. Of course, the Plan Fiduciary also may remove any investment option at any time and for whatever reason they deem appropriate, including a determination that the investment is no longer suitable for the Participants.

For an investment option to be terminated, one of the following approaches may be taken:

➢ Remove and replace (map assets) to an alternative investment option.

➢ Freeze the investment option, but add a competing investment option for new contributions.

➢ Remove the investment option and do not provide a replacement investment option.

Replacement of a terminated option would follow the criteria outlined in Part V, Selection of Investments.

The guidelines in this IPS, and in this Part VII, are to assist, but not bind, the Plan Fiduciary. In that regard, the Plan Fiduciary should exercise discretion and considered judgment in the termination and replacement process. It is the intention of the Plan Fiduciary to maintain written records of decisions relating to the decision of retaining or terminating an investment option.

Part VIII. COORDINATION WITH THE PLAN DOCUMENT

If any term or condition of this IPS conflicts with the Plan, the terms and conditions of the Plan shall control.

The Plan Fiduciary has reviewed the IPS and agrees that the IPS accurately reflects the intent of the Plan Fiduciary with regard to the range of investments, objectives and criteria for selection, and evaluation of investment options within the Plan.

Date adopted: January 16, 2020

Adopted by Plan Fiduciary:

Print Name: Joyce W. Morgan Sign Name:

APPENDIX A

INVESTMENT CATEGORIES

Equity Investment Categories

Large Cap Growth

Large Cap Value

Mid Cap Growth

Mid Cap Value

Small Cap Growth

Small Cap Value

International Equity

Emerging Markets

ESG/Social Responsibility

Real Estate

Energy

Blended Equity/Fixed

Target Date Funds

Fixed Income

Short Term Bond

Intermediate Term Bond

Long Term Bond

High Yield Floating Rate Bond International Bond

APPENDIX B

INVESTMENT REVIEW SCORECARD PROCESS

The following generally describes the process the Plan Fiduciary follows in evaluating investment options for the Plan.

The Investment Scorecard utilizes a pass/fail system to evaluate 7 criteria as identified below.

Performance versus the Benchmark – a fund passes these criteria if its return is superior to the assigned benchmark on a quarter and year-to-date basis. This metric evaluates the fund’s overall performance in its asset class.

Sharpe Ratio – a measure of risk-adjusted return. A fund passes this criterion if its Sharpe Ratio is greater than the assigned benchmark for the quarter. Sharpe Ratio uses Standard Deviation as the risk statistic. Measured using monthly data over a five-year span. This metric describes the excess return a fund provides for the risk it takes.

Rank in Category – a fund passes this criterion if it ranks in the top 50th percentile of its peer group, on a five-year basis. This metric identifies the fund’s percentile rank in the category.

Operating Expense Ratio - A favorable score is earned if the investment's expenses are in line with the asset class top quartile ratio. Operating expenses reduce the net asset value of a mutual fund and work against its performance. A low expense ratio is imperative.

Manager Tenure - A fund passes this criterion if the longest tenured manager is greater than five years, OR the fund's longest tenured manager is greater than the category average as calculated by

Morningstar, whichever is shorter. Manager tenure can indicate a manager who is aging and nearing retirement, or an inexperienced manager.

Standard Deviation is a measure of risk; the higher the standard deviation, the more risk a fund has taken on to achieve performance. A fund earns a passing score on this metric if it has taken less risk than the benchmark.

Scoring:

6 or 7 is considered a passing score 5 fund to be watch-listed 4 or below may be a fund to replace

APPENDIX C

INVESTMENT SELECTION AND MONITORING PROCESS

INVESTMENT SELECTION PROCESS

The particular investment under consideration should meet the following standards for selection:

➢ Investment performance should be competitive with the median return for an appropriate, style-specific benchmark and peer group.

➢ Specific risk and risk-adjusted return measures should be reviewed by the Plan Fiduciary and be within a reasonable range relative to appropriate, style-specific benchmark and peer group.

➢ It should demonstrate adherence to the stated investment objective, without excess style drift over trailing performance periods, for funds in a similar investment category.

➢ Fees should be competitive compared with similar investments.

➢ The investment manager should be able to provide portfolio holdings, performance, and other relevant information in a timely fashion, with specified frequency.

➢ The investment should not score four or fewer points on the seven-point Investment Review Scorecard.

INVESTMENT MONITORING PROCESS

Based upon objective criteria as described in Appendix B, each fund will be attributed an overall investment score with a maximum of seven points. A score of five or fewer points will typically result in the fund being placed on a “Watch List.”

The fund can emerge from the “Watch List” by achieving a subsequent score of six points or higher. If the fund remains on the “Watch List” for four consecutive quarters it will be subject to possible elimination from the Plan.

The Plan Fiduciary may adjust the score upward to accommodate for a more stringent watch list threshold.

Of course, the Plan Fiduciary can take other relevant, material facts and circumstances into consideration when monitoring investments, whether or not they are on the “Watch List.”

The seven-point due diligence process does not apply to funds with less than 5 years of history (3 years of history for Target Date funds).

DMS-25/26-039

Investment Consulting and Monitoring

INVITATION TO BID NO. DMS-25/26-039

INVESTMENT CONSULTING AND MONITORING SERVICES FOR THE STATE UNIVERSITY

SYSTEM OPTIONAL RETIREMENT PROGRAM (SUSORP) AND SENIOR MANAGEMENT SERVICE

OPTIONAL ANNUITY PROGRAM (SMSOAP)

QUESTIONS AND ANSWERS

Note: All written questions are reproduced in the same format as submitted by the Respondent.

NO

QUESTION ANSWER

1. ITB Section 1.1 - What firm currently provides the services outlined in the ITB?

Walsh Consulting Group, Inc. dba Ashford Investment Advisors.

2. ITB Section 1.1 - What are the current fees paid annually for the services outlined in the ITB?

The current contract, contract no.: DMS-17/18-050, for Investment Consulting and Monitoring Services (“current contract”) can be viewed using the link below. The fees for the services are included in the current contract on Attachment B-Price Sheet.

https://facts.fldfs.com/Search/ContractDetail.aspx?Agenc yId=720000&ContractId=RT027

3.

ITB Section Attachment F - For the funds listed in this attachment, are these all of the funds offered via Corebridge, Equitable, TIAA and Voya (4 SUSORP vendors)? Does each vendor offer significantly overlapping investment lineups (only fixed accounts differ)?

See Answer #10.

4.

ITB Section Attachment F - Can you provide the assets by fund for each investment option?

Some of the investments listed on Attachment F - List of Authorized Products, have no balance. The Plans are undertaking an investment realignment with the inception of new contracts.

5.

ITB Section 3.5 - Contents of Bid – is there a questionnaire that you wish for bidders to respond to? Can you identify where that is located?

See ITB, Form 1 - Contact Information, Form 2 – Notice of No Conflict of Interest, Form 3 – Non- Collusion Affidavit, Form 4 – Statement of No Involvement, Form 5 – Mandatory Responsiveness Requirements, Form 6 – PUR 2024 – Use of Coercion/Force Labor Combined Form, Form 7 – Certification of Drug Free Workplace, Attachment C - Price Sheet, and Attachment G – PUR 7801.

6.

ITB Section 4.1 - Basis of Award – is there any selection weighting for the experience of the proposer, the quality of work, background of staff proposed, etc.?

Is the award based strictly on lowest price?

See ITB, section 4.1, Basis of Award. A Contract will be awarded to the responsive and responsible bidder with the lowest Total Weighted Price.

https://facts.fldfs.com/Search/ContractDetail.aspx?AgencyId=720000&ContractId=RT027

Investment Consulting and Monitoring

NO

QUESTION ANSWER

7.

ITB Section: 1.1

ITB Page #: 4

Question: Is there a current or previous contractor providing investment consulting and monitoring services for the SUSORP and SMSOAP? If so, can the Department identify the incumbent and/or disclose their fee?

The current contract for Investment Consulting and Monitoring Services is with Walsh Consulting Group, Inc. dba Ashford Investment Advisors. The current contract can be viewed using the link below. The fees for the services are included in the current contract on Attachment B - Price Sheet.

Current Contract Information

8.

ITB Section: 2.0 (Attachment A)

ITB Page #: 1 (Attachment A)

Question: What prompted this solicitation (e.g., contract expiration, expanded service needs, or other factors)? Are there any services or capabilities not currently being provided that the Department is seeking through this new procurement?

Contract expiration prompted this solicitation.

See ITB and Attachment A – Scope of Work. The ITB and attachments address the Services being solicited to complete the investment performance review for the Plans.

9.

ITB Section: 4.1 / 4.2 (Attachment A)

ITB Page #: 3-5 (Attachment A)

Question: Has the Department identified any areas for improvement or enhancement in the quarterly and annual investment performance reviews and reports currently being delivered?

See ITB and Attachment A – Scope of Work. The ITB and attachments address the Services being solicited to complete the investment performance review for the Plans.

10.

ITB Section: 2.1.1 / 2.1.2 / Attachment F

ITB Page #: 1-2 (Attachment A) / Attachment F

Question: Attachment F lists 31 Authorized Products. The Scope of Work requires monitoring of both Current Investment Products and Legacy Investment Products held by former Service Providers (Brighthouse Financial, Nationwide/Jefferson National, Empower). Does the Attachment F list represent the complete scope of products to be monitored, or are there additional legacy products not reflected on this list?

Refer to Revised Attachment F - List of Authorized Products, which is attached to Addendum 1.

11. ITB Section: 4.0

ITB Page #: 3 (Attachment A)

See Addendum No. 1. Investment Policy Statement, Senior Management Service Optional Annuity

Investment Consulting and Monitoring

NO

QUESTION ANSWER

Question: The IPS is referenced throughout the Scope of Work as guiding the monitoring framework. Is the current IPS available for review by prospective bidders prior to bid submission?

Program State University Optional Retirement Program, added to the ITB as Attachment H.

12.

ITB Section: 2.1.3 / 4.3 (Attachment A)

ITB Page #: 2 / 5 (Attachment A)

Question: Section 2.1.3 notes that the Department has issued an Invitation to Negotiate for Service Providers and that the current provider lineup is subject to change. Will this engagement be wrapped up before the new Investment Consultant term begins? If a Service Provider transition occurs during the contract term, would the Contractor's role in evaluating, onboarding, or transitioning new Service Providers and their investment products fall within the core quarterly and annual review services, or would that work be scoped as ad hoc consulting under Section 4.3?

Yes, the Department anticipates that the contracts resulting from the Invitation to Negotiate (“ITN”) will be executed prior to the Contract term beginning.

See Attachment A – Scope of Work, section 4.0, Scope of Work. The services solicited by the ITB are described within Attachment A – Scope of Work.

See Attachment A – Scope of Work, section 2.1.3.

Revised Attachment F – List of Authorized Products reflects the current list of Investment Options.

Authorized Products may change during the Contract term subject to individual Service Provider contracts.

13. ITB Section: 4.1.1.2 (Attachment A)

ITB Page #: 3 (Attachment A)

Question: Is the Department expecting the Contractor to serve in a fiduciary capacity with respect to investment monitoring and recommendations, or is the role limited to non-fiduciary consulting and reporting?

This role is limited to non-fiduciary consulting and reporting.

14. ITB Section: 4.1.1.2(c)

ITB Page #: 3 (Attachment A)

Question: The Scope of Work references a 12-point qualitative and quantitative scoring methodology based on Modern Portfolio Theory. Is the Contractor expected to use the Department's existing scoring methodology, or develop and maintain its own?

Refer to Attachment H – Investment Policy Statement Senior Management Service Optional Annuity Program State University Optional Retirement Program, Appendix B, Investment Review Scorecard Process. See Answer #11.