Exhibit 3 - Cost Reply.docx
DOCX document 43 KB Posted
- Attached to
- DMS-2425-199, (SUSORP and SMSOAP)
- Solicitation number
- ITN-12499
- Issued by
- Alachua County, Graceville City, Florida
About this file
Exhibit 3 - Cost Reply is a pricing document for the Florida Department of Management Services (DMS), Division of Retirement, related to the State University System Optional Retirement Program (SUSORP) and Senior Management Service Optional Annuity Program (SMSOAP). The document outlines a cost evaluation criteria for a comprehensive retirement program service contract covering approximately 18,000 SUSORP members and 95 SMSOAP members, with responses due by June 16, 2025, at 2:00 p.m. Eastern Time. The contract will be evaluated using a 300-point cost scoring system that assesses three key areas: Stable Value Fund/Fixed Account Crediting Rate (100 points), Stable Value Fund/Fixed Account Floor/Guaranteed Minimum Interest Rate (100 points), and Per Member Fee (100 points).
The pricing structure requires respondents to propose a crediting rate that remains firm for the first 24 months, with a guaranteed minimum interest rate for the entire contract term. Per-member fees must be inclusive of all services and cannot be $0, with fees charged monthly and collected quarterly, and only applied to accounts with values over $1,000. The contract will be compensation-based through fees charged to program members, with no direct costs to the Department or employers. Vendors must maintain a $2 million performance bond and are prohibited from adding additional fees or engaging in revenue sharing. The current plan assets total $8,265,248,200.21, with TIAA currently holding the largest share at $5,254,020,079.57, indicating a significant potential contract value for the selected service provider.
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Text version
EXHIBIT 3 – COST REPLY
ORIGINAL CONTRACT TERM AND RENEWAL YEARS
CRITERIA
Cost Reply
MAXIMUM
RAW
POINTS
AWARDED POINTS*
Investment Products
The Cost Reply will be evaluated as identified below for each item.
A. Initial Stable Value Fund/Fixed Account Crediting Rate (Member daily earnings).
1. Insert a crediting rate percentage where indicated below.
2. The crediting rate percentage shall remain firm for the first 24 months of the Contract.
3. After the 24 months, the fixed percentage crediting rate will be allowed to fluctuate but not go below the floor.
| More than 3.75% |
| = |
| 100 points |
| 3.51% - 3.75% |
| = |
| 90 points |
| 3.26% - 3.50% |
| = |
| 80 points |
| 3.01% - 3.25% |
| = |
| 70 points |
| 2.76% - 3.00% |
| = |
| 60 points |
| 2.51% - 2.75% |
| = |
| 50 points |
| 2.26% - 2.50% |
| = |
| 40 points |
| 2.01% - 2.255% |
| = |
| 30 points |
| 1.76% - 2.00% |
| = |
| 20 points |
| 1.51% - 1.75% |
| = |
| 10 points |
| Less than 1.51% |
| = |
| 00 points |
| _____% |
| 100 |
| ______ |
B. Stable Value Fund/Fixed Account - Floor/Guaranteed Minimum Interest Rate (Member daily earnings).
1. Insert an interest rate percentage where indicated below.
2. Interest rate percentage shall remain firm for the entire term of the Contract.
| More than 3.75% |
| = |
| 100 points |
| 3.51% - 3.75% |
| = |
| 90 points |
| 3.26% - 3.50% |
| = |
| 80 points |
| 3.01% - 3.25% |
| = |
| 70 points |
| 2.76% - 3.00% |
| = |
| 60 points |
| 2.51% - 2.75% |
| = |
| 50 points |
| 2.26% - 2.50% |
| = |
| 40 points |
| 2.01% - 2.255% |
| = |
| 30 points |
| 1.76% - 2.00% |
| = |
| 20 points |
| 1.51% - 1.75% |
| = |
| 10 points |
| Less than 1.51% |
| = |
| 00 points |
| _____% |
| 100 |
| ______ |
CRITERIA
Cost Reply
MAXIMUM
RAW
POINTS
AWARDED POINTS*
Investment Products.
C. Per Member Fee
1. Insert a Per-Member fee where indicated below.
2. A Per-Member fee of $0 will not be accepted. Should a Per Member fee of $0 be entered, the Respondent shall be deemed non-responsive.
3. The Per-Member fee provided must be inclusive of all charges for services identified in Attachment B – Statement of Work, and must inclusive of all conversion and recurring charges, if any.
4. The fee shall remain firm for the entire term of the Contract.
5. Fee shall be charged to the Member monthly and collected quarterly.
6. Service Provider shall not charge a per Member fee to a Member account unless the account value is greater than $1,000.00.
| $00.00-$05.00 |
| = |
| 100 points |
| $05.01-$10.00 |
| = |
| 90 points |
| $10.01-$15.00 |
| = |
| 80 points |
| $15.01-$20.00 |
| = |
| 70 points |
| $20.01-$25.00 |
| = |
| 60 points |
| $25.01-$30.00 |
| = |
| 50 points |
| $30.00-$35.00 |
| = |
| 40 points |
| $35.01-$40.00 |
| = |
| 30 points |
| $40.01-$50.00 |
| = |
| 20 points |
| $50.01-$60.00 |
| = |
| 10 points |
| $60.01+ |
| = |
| 00 points |
| $ _____ |
| 100 |
| ______ |
A.-C.TOTAL RAW POINTS AWARDED
(for evaluation and scoring purposes only)
Name of Respondent’s Organization
Signature of Authorized Representative
Printed Name of Respondent’s Authorized Representative
Date
DMS-24/25-199
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