Attachment D - Performance Standards and Financial Consequences.pdf
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- Solicitation number
- ITB-15674
- Issued by
- Leon County, Florida
About this file
This is a Performance Standards and Financial Consequences attachment from the Florida Department of Management Services, Division of Retirement, for ITB No. DMS-25/26-039 regarding Investment Consulting and Monitoring Services for the State University System Optional Retirement Program (SUSORP) and the Senior Management Service Optional Annuity Program (SMSOAP). The contractor must deliver quarterly investment performance review meetings within 25 business days of quarter-end dates (March 31, June 30, September 30, and December 31), quarterly investment performance reports within 20 business days of quarter-end dates, an annual comprehensive investment performance report within 20 business days of year-end, an annual comprehensive investment performance review within 25 business days of year-end, ad hoc consulting services within two business days of the Department's request, evidence of completion documentation by dates specified by the Contract Manager, meeting minutes within three business days, and weekly timesheet submissions for ad hoc consulting work. The initial contract term commences August 8, 2026, for three years with potential renewal for up to three additional years, with a public bid opening scheduled for May 20, 2026, at 3:00 PM Eastern Time in Tallahassee, Florida.
The Department will impose financial penalties of $100 per business day for failure to meet each performance standard requirement, with penalties accruing daily until the contractor achieves compliance. All performance standards must be met 100 percent of the time, though the Department may temporarily modify a performance standard upon prior written approval. The historic annual spend for these services is approximately $12,000, with all payments made quarterly in arrears from the Optional Retirement Program Trust Fund. The contractor must maintain commercial general liability insurance of $1,000,000 per occurrence and $2,000,000 aggregate, workers' compensation insurance as required by law, and professional indemnity insurance of $250,000 per claim and in aggregate. All prices submitted must remain firm for the life of the contract with no price adjustments permitted.
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ITB No.: DMS-25/26-039 Page 1 of 1
Investment Consulting and Monitoring Services for Optional Annuity and Retirement Programs
ATTACHMENT D – PERFORMANCE STANDARDS AND FINANCIAL
CONSEQUENCES
The Contractor shall meet or exceed the Performance Standards identified below. The Department shall impose financial consequences upon the Contractor for failure to comply as set forth below. A Performance Standard may be temporarily modified, when required, upon prior written approval of the Department.
All performance standards must be met one hundred percent (100%) of the time.
PERFORMANCE STANDARDS FINANCIAL CONSEQUENCES
Investment Performance Review meetings in accordance with Section 4.1.1.1, Attachment A, Scope of Work.
Quarter end dates: March 31st, June 30th, September 30th, and December 31st.
$100, per Business Day, after the 25th Business Day of the quarter end date, until held.
Investment Performance Reports in accordance with Section 4.1.2.2, Attachment A, Scope of Work.
Quarter end dates: March 31st, June 30th, September 30th, December 31st.
$100, per Business Day, after the 20th Business Day of the quarter end date, until received by the Department.
Annual Comprehensive Investment Performance Report in accordance with Section 4.2.1, Attachment A, Scope of Work.
$100, per Business Day, after the 20th business day after year end.
Annual Comprehensive Investment Performance Review in accordance with Section 4.2.2, Attachment A, Scope of Work.
$100, per Business Day, after the 25th business day after year end until held.
Ad Hoc Consulting in accordance with Section 4.3.1, Attachment A, Scope of Work.
$100, per Business Day, after two (2) Business Days of the Department’s request for a meeting.
Evidence of Completion documentation in accordance with Section 4.3.1.1, Attachment A, Scope of Work.
$100, per Business Day, beyond the date indicated by the Department’s Contract Manager, until received.
Meeting minutes in accordance with Section 4.3.4.3, Attachment A, Scope of Work.
$100, per Business Day, beyond the third Business Day until received by the Department.
Timesheet Submission in accordance with Section 4.4, Attachment A, Scope of Work.
$100, per Day, for each day past the due date until submitted.
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