Attachment D - Performance Standards and Financial Consequences.pdf
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- Solicitation number
- ITB-15674
- Issued by
- Leon County, Florida
About this file
Performance Standards and Financial Consequences
This document is an attachment to Invitation to Bid No. DMS-25/26-039 issued by the State of Florida Department of Management Services, Division of Retirement, for Investment Consulting and Monitoring Services supporting 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 Department's Contract Manager, meeting minutes within three business days, and weekly timesheet submissions by designated due dates. All performance standards must be met 100 percent of the time.
The Department imposes financial consequences for non-compliance with each performance standard, structured as $100 per business day for each day the contractor fails to meet deadlines. These penalties apply to late investment performance review meetings, late quarterly and annual reports, late ad hoc consulting meeting acknowledgments, late evidence of completion documentation, late meeting minutes, and late timesheet submissions. The financial consequences accrue daily until the required deliverable is received or the service is performed, creating a direct financial incentive for the contractor to meet all contractual deadlines without exception.
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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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