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 detailed cost evaluation criteria for a comprehensive retirement services contract covering approximately 18,000 SUSORP members and 95 SMSOAP members. The solicitation (ITN No. DMS-24/25-199) seeks a bundled service provider to manage defined contribution retirement services, with responses due by June 16, 2025, at 2:00 p.m. Eastern Time, and anticipated negotiations scheduled for July 28, 2025, with a potential Notice of Intent to Award on October 1, 2025.
The cost reply document provides a 300-point evaluation matrix for three key pricing components: Stable Value Fund/Fixed Account Crediting Rate, Stable Value Fund/Fixed Account Floor/Guaranteed Minimum Interest Rate, and Per Member Fee. Vendors must propose a crediting rate that remains firm for the first 24 months, with a guaranteed minimum interest rate for the entire contract term. The per-member fee must be inclusive of all services, cannot be $0, and will only be charged for accounts over $1,000. The contract will be compensation-based through fees charged to program members, with no costs to the Department or employers, and the selected vendor must maintain a $2 million performance bond. Current service providers include Corebridge Financial, Equitable, TIAA, and Voya, with total plan assets of $8,265,248,200.21.
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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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