Exhibit 2 - Investment Lineup Information and Related Fees.xlsx

Exhibit 2 is an investment lineup information and fee document from the Florida Department of Management Services for the State University System Optional Retirement Program (SUSORP) and Senior Management Service Optional Annuity Program (SMSOAP). The document details specific investment requirements for a comprehensive retirement program serving approximately 18,000 SUSORP members across twelve state universities and 95 SMSOAP members. The solicitation requires vendors to propose a precise lineup of mutual funds and annuity products, with a maximum of 13 mutual funds and 10 annuity funds, including mandatory coverage of specific asset classes like Capital Preservation, Fixed Income, US Equity, and Non-US Equity. Respondents must use the lowest-cost institutionally priced share class and are subject to a rigorous review process by the State Board of Administration (SBA), which will assess proposed investment products using detailed performance and fee criteria.

The procurement process allows for vendor substitutions with strict guidelines, including a $250 review fee for each proposed product and mandatory rebating of any revenue sharing back to participants. Mortality and Expense (M&E) fees must be less than one basis point, and all proposed investment products will be evaluated on historical performance, portfolio manager tenure, total returns, peer group comparisons, and fee structures. The contract will be compensation-based through fees charged to program members, with no direct costs to the Department or employers. Current service providers include Corebridge Financial, Equitable, TIAA, and Voya, and the total current plan assets are $8,265,248,200.21, with TIAA holding the largest share at $5,254,020,079.57. Vendors must maintain a $2 million performance bond and demonstrate significant experience managing retirement plans with over 19,000 active members and $3 billion in assets.