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 attachment establishes performance standards and corresponding financial penalties for the Investment Consulting and Monitoring Services contract issued by the State of Florida Department of Management Services, Division of Retirement (ITB No. DMS-25/26-039). 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 after year-end; an annual comprehensive investment performance review within 25 business days after year-end; ad hoc consulting responses within two business days of the Department's meeting request; evidence of completion documentation by dates specified by the Department's Contract Manager; meeting minutes within three business days; and weekly timesheet submissions by the specified due date. All performance standards must be met 100 percent of the time during the initial three-year contract term commencing August 8, 2026, with potential renewal for up to three additional years.
Financial consequences of $100 per business day apply for each failure to meet the specified performance standards, accruing from the deadline date until the deliverable is received or the service is performed. This penalty structure applies uniformly across all performance metrics, including quarterly and annual reports, scheduled reviews and meetings, ad hoc consulting acknowledgments, evidence of completion documentation, meeting minutes, and timesheet submissions. The penalties incentivize timely performance and ensure accountability in delivering the investment consulting and monitoring services to support the State University System Optional Retirement Program and the Senior Management Service Optional Annuity Program.
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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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