Attachment D - Performance Standards and Financial Consequences.pdf
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- Solicitation number
- ITB-15674
- Issued by
- Leon County, Florida
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Attachment D - Performance Standards and Financial Consequences Summary
This is a Performance Standards and Financial Consequences document issued by the State of Florida, Department of Management Services, Division of Retirement, for Invitation to Bid No. DMS-25/26-039 covering Investment Consulting and Monitoring Services. The contractor must meet 100% compliance with specified performance standards across quarterly and annual deliverables, including Investment Performance Review meetings due within 25 business days of quarter-end dates (March 31, June 30, September 30, and December 31), Investment Performance Reports due within 20 business days of quarter-end dates, an Annual Comprehensive Investment Performance Report due within 20 business days of year-end, and an Annual Comprehensive Investment Performance Review due within 25 business days of year-end. Additional requirements include Ad Hoc Consulting responses within two business days of Department requests, Evidence of Completion documentation submission by Department-specified dates, meeting minutes delivery within three business days, and weekly timesheet submissions for ad hoc consulting work.
Financial consequences are uniformly established at $100 per business day for each failure to meet performance deadlines. Late Investment Performance Review meetings incur penalties beginning on the 25th business day after quarter-end; late Investment Performance Reports incur penalties beginning on the 20th business day after quarter-end; late Annual Comprehensive Investment Performance Reports incur penalties beginning the 20th business day after year-end; late Annual Comprehensive Investment Performance Reviews incur penalties beginning the 25th business day after year-end; late Ad Hoc Consulting meeting acknowledgments incur penalties after two business days; late Evidence of Completion documentation incurs penalties beyond the Department Contract Manager's specified date; late meeting minutes incur penalties beginning the third business day; and late timesheet submissions incur penalties for each day past the due date. Financial consequences continue to accrue daily until the contractor achieves compliance with each respective requirement.
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Text version
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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