ITN26-01_ABLE_Records_Administration.pdf

INVITATION TO NEGOTIATE

Title: Customer Service and Records Administration Services for ABLE United

Issuer: Florida Prepaid College Board

ITN Number: ITN 26-01

Issue Date September 21, 2026

Written Request for Clarification Deadline October 9, 2026 - 12:00PM (ET)

Written Request for Clarification Response October 16, 2026

Response Deadline December 7, 2026 - 12:00PM (ET)

Anticipated Contract Execution May 2027

Production Service Delivery November 2027 i

TABLE OF CONTENTS

1. Introduction

2. Schedule and Communications

3. Description of Services

4. Response

5. ITN Process

6. General Information

Appendix A: Contract

Appendix B: Program Description and Participation Agreement

Appendix C: Business Rules

Appendix D: Investment Options and Allocations

Appendix E: Key Statistics

Appendix F: Request For Clarification Form

Appendix G: Written Response Packet

1. INTRODUCTION

1.01 ABOUT FLORIDA ABLE

The Stephen Beck, Jr. Achieving a Better Life Experience (“ABLE”) Act, which became federal law on December 19, 2014, authorizes each state to establish a Qualified ABLE Program to offer savings and investment options to individuals with a disability and their families for disability-related expenditures. Earnings in these accounts are tax-free under Section 529A of the Internal Revenue Code (“IRC”) provided the funds are used to pay for qualified disability expenditures that include education, health, financial management services, housing, and transportation of a Beneficiary, as defined by the IRC. Assets in an ABLE account and distributions for qualified disability expenses are either disregarded or given special treatment when determining eligibility for most federal means-tested benefits.

The Florida legislature passed the Florida Achieving a Better Life Experience Act, which was signed into law by the Governor on May 21, 2015. The state law established Florida ABLE, Inc. and the ABLE United Program launched July 1, 2016. Florida ABLE, Inc. which administers the ABLE United Program, is a direct-support organization of the Florida Prepaid College Board (Board), which administers Florida’s Qualified Tuition Programs under Section 529 of the IRC. Florida ABLE, Inc. is governed by a board of directors comprising the Chair of the Florida Prepaid College Board (or the Chair’s designee), up to three individuals appointed by the Florida Prepaid College Board with expertise in accounting, risk management, or investment management (one of whom may be a current member of the Florida Prepaid College Board), one individual with similar expertise appointed by the Governor, and two advocates for persons with disabilities appointed one each by the President of the Senate and the Speaker of the House of Representatives (with at least one being an advocate for persons with developmental disabilities). Florida ABLE, Inc. operates under a written contract with the Board, which pursuant to statute provides that the Board shall solicit these services for and on behalf of Florida ABLE, Inc.

Florida ABLE, Inc. currently has a contract with Vestwell State Savings, LLC, for customer service and records administration services for the ABLE United Program. This contract is set to expire in November 2027 with no remaining renewal options.

All Respondents should review the laws governing the Florida ABLE, Inc. and the ABLE United Program (Section

1009.985 - 1009.988, Florida Statutes), Florida ABLE, Inc.’s administrative rules (Title 19B, Florida Administrative Code), and Florida ABLE, Inc.’s websites (ableunited.com) to ascertain an understanding of Florida ABLE, Inc.

and the ABLE United Program. A copy of the most recent Annual Report for ABLE United is available at ableunited.com. All Respondents should also review the laws governing the Board, which discuss oversight and regulatory control, as well as applicable federal laws and regulations governing qualified ABLE programs.

1.02 PROCUREMENT OBJECTIVE

This Invitation to Negotiate (ITN) has been issued by the Board, pursuant to Section 287.057, Florida Statutes, to obtain written offers for services (Responses) from qualified firms (Respondents) to provide customer service and records administration services for ABLE United.

1.03 MINIMUM QUALIFICATIONS FOR RESPONDENTS

Respondents must affirmatively state, in writing, that as of September 21, 2026, the Respondent:

1. Has 5 or more consecutive years of experience providing records administration services (As outlined in Section 3.01(1), below).

2. Has 5 or more consecutive years of experience providing contact center services (As outlined in Section 3.01(2), below).

http://www.ableunited.com/ http://www.ableunited.com/

3. Has experience providing records administration services for a qualified program under Section 529 or 529A of the Internal Revenue Code or a similar government-sponsored savings or investment program of comparable size and complexity.

4. Agrees to provide the services as detailed in Section 3 and agrees to all other requirements as stated in the ITN.

5. Is a legal entity authorized to conduct business in the State of Florida and in good standing in its state of incorporation.

6. Has not included Going Concern language in any of the previous three annual audit reports of the Respondent’s financial statements.

Any Respondent that does not satisfy the minimum criteria herein shall be rejected.

2. SCHEDULE AND COMMUNICATIONS

2.01 SCHEDULE

The following schedule is set forth for informational and planning purposes. The Board reserves the right to modify this schedule as necessary to effectively administer this procurement.

Action Date & Time Location

Issue Date September 21, 2026

Written Request for Clarification Deadline October 9, 2026 12:00PM (ET) ITNinfo.Prepaid@MyFloridaPrepaid.com

Written Request for Clarification Response October 16, 2026

Response Deadline December 7, 2026 12:00PM (ET) ITNinfo.Prepaid@MyFloridaPrepaid.com

Response Opening* December 7, 2026

2:00PM (ET)

1801 Hermitage Blvd., Suite 210 Tallahassee, FL 32308

Evaluator Scoring Validation* January 2027 1801 Hermitage Blvd., Suite 210 Tallahassee, FL 32308

Negotiation Period February – April 2027

Negotiation Vote* May 2027 1801 Hermitage Blvd., Suite 210 Tallahassee, FL 32308

Notice of Intended Award May 2027

Anticipated Contract Execution May 2027

Production Service Delivery November 2027

* Indicates public meeting. Notice of public meetings will be posted in the Florida Administrative Register (FAR).

2.02 OFFICIAL NOTICES

All notices, addenda, revisions, decisions, intended decisions, and other information relating to this procurement will be electronically posted on the State of Florida MyFloridaMarketPlace (MFMP) Vendor Information Portal. The Respondent is responsible for monitoring MFMP. The Board does not guarantee information obtained from other sources.

Please visit: https://vendor.myfloridamarketplace.com/search/bids Organization: State Board of Administration Agency Advertisement Number: 26-01

2.03 COMMUNICATIONS AND RESTRICTIONS THEREOF

In accordance with Section 287.057, Florida Statutes, Respondents to this solicitation or persons acting on their behalf may not contact, between the release of the solicitation and the end of the 72-hour period following the agency posting the Notice of Intended Award, excluding Saturdays, Sundays, and state holidays, any employee or officer of the executive or legislative branch concerning any aspect of this solicitation, except in writing to the procurement officer or as provided in the solicitation documents. Violation of this provision may be grounds for rejecting a Response. The procurement officer for this procurement is:

Shanna Rains, ITN Administrator Email: ITNinfo.Prepaid@MyFloridaPrepaid.com

The Board is the only entity authorized to issue news releases relating to this procurement and any resulting contract.

mailto:ITNinfo.Prepaid@MyFloridaPrepaid.com mailto:ITNinfo.Prepaid@MyFloridaPrepaid.com https://vendor.myfloridamarketplace.com/search/bids

3. DESCRIPTION OF SERVICES

3.01 SERVICES

The ABLE United Program requires comprehensive records administration, customer service, reporting, and operational support services necessary to operate a Qualified ABLE Program. The services summarized below and detailed further in the example Contract included as Appendix A, represent the minimum required services.

The selected Respondent will provide these services in accordance with the Program disclosures (included as Appendix B) and the Business Rules (included as Appendix C). Respondents may propose additional enhancements that provide value to the Program.

3.01(1) Recordkeeping and Account Administration

The selected Respondent will provide full-service recordkeeping and administrative support for ABLE Accounts, including account establishment and maintenance, processing of contributions and withdrawals, transaction recordkeeping, tax reporting, and other operational functions necessary to administer ABLE Accounts.

The selected Respondent will also provide debit or prepaid card functionality for ABLE Account Owners as part of its core service offering.

3.01(2) Customer Service and Participant Support

The selected Respondent will provide participant support services for ABLE Account Owners, contributors, and prospective participants across multiple contact channels, including telephone, online chat, electronic communications, and written correspondence. Respondents should be capable of supporting accessible communications and digital services consistent with ADA requirements.

3.01(3) Technology Platform and Online Access

The selected Respondent will provide a secure, reliable, and scalable technology platform that enables online account opening and management, contribution and withdrawal processing, investment allocation changes, and participant access to account information and transaction history. The platform shall be accessible through web and mobile-compatible interfaces and designed to support a high-quality user experience consistent with accessibility standards, including compliance with applicable ADA requirements.

The platform shall support integration with third-party systems, including financial institutions, payment processors, and Program partners, and shall maintain accuracy and consistency across systems. Security controls for the platform are addressed in Sections 3.01(6), 3.01(10, and 3.01(11).

3.01(4) Governance and Audit Support

The selected Respondent will support Board oversight and Program administration through operational reporting and reconciliation support. The Respondent must maintain appropriate independent audit reports and provide documentation supporting operational controls and disaster recovery testing.

3.01(5) Data Ownership and Access

The selected Respondent will maintain Program Data in a secure environment and acknowledges that all Program Data is owned by the Board. The Respondent shall provide the Board with timely, complete, and unrestricted access to Program Data for purposes including Program oversight, reporting, audit, and transition to a successor vendor.

The selected Respondent shall maintain appropriate data access controls, audit logs, and data governance practices to ensure the integrity, security, and traceability of Program Data. The Respondent shall support data extraction and delivery in industry-standard, machine-readable formats upon request and shall ensure that

Program Data can be transferred to the Board or its designee without delay, degradation, or additional cost beyond agreed-upon contractual terms.

3.01(6) Data Protection and Security Controls

The selected Respondent will maintain data protection and access controls appropriate for the administration of financial accounts and compliance with applicable federal and state requirements.

The selected Respondent shall implement controls that include encryption of data at rest and in transit, user authentication, role-based access controls, and protection of sensitive information.

Requirements for monitoring, fraud and threat detection, and incident response are addressed in Sections 3.01(8) and 3.01(10).

Requirements for security governance, audits, reporting, and compliance documentation are addressed in Section 3.01(11).

3.01(7) Investment Option Administration

The selected Respondent will support the administration of Board-approved Investment Options, including the allocation of contributions and withdrawals and coordination with underlying investment managers and custodians.

The selected Respondent may also support the administration of an FDIC-insured option if approved by the Board.

The selected Respondent must perform these services in compliance with applicable federal and state laws, regulations, and Program requirements governing Qualified ABLE Programs.

3.01(8) Incident Response and Cybersecurity Operations

The selected Respondent will maintain a formal Incident Response Program to support the timely detection, response, and remediation of system and cybersecurity incidents.

The selected Respondent shall develop and maintain a documented Incident Response Plan that defines roles, escalation procedures and communication protocols. The Plan shall be reviewed at least annually and updated as necessary.

The selected Respondent shall notify the Board of any security breach as soon as practicable, participate in cybersecurity and disaster recovery tabletop exercises led by the Board, and shall coordinate with Board staff and other service providers during incident response activities.

The selected Respondent shall document and report incidents, including preparing and delivering Root Cause Analysis (RCA) reports for critical and high-severity events, and shall demonstrate the ability to respond to and resolve incidents in a manner that minimizes impact to program operations and participants.

3.01(9) Business Continuity and Disaster Recovery

The selected Respondent will maintain Business Continuity and Disaster Recovery (BC/DR) capabilities to ensure continuity of operations in the event of system disruptions or disasters. The Respondent shall develop and maintain a Business Continuity Plan that addresses operations within the first forty-eight (48) hours of a disruption and shall conduct annual testing of business continuity and disaster recovery plans. The Respondent shall identify and remediate any deficiencies.

The selected Respondent shall maintain secure, up-to-date backups of all critical systems and data and shall demonstrate the ability to sustain and restore operations in a timely manner following system outages, cybersecurity incidents, or other disruptions.

3.01(10) System Monitoring and Threat Detection

The selected Respondent will continuously monitor systems, integrations, and user activity to ensure system performance, data integrity, and security. The Respondent shall monitor for fraud, suspicious activity, unauthorized access, and data anomalies. The Respondent shall implement automated alerting and escalation procedures and shall proactively identify, investigate, and resolve issues to maintain system stability and security.

3.01(11) Security Governance and Compliance

The selected Respondent will maintain a comprehensive security and compliance program and a security governance framework aligned with applicable regulatory requirements and industry best practices. The Respondent shall conduct quarterly security audits and user access reviews and shall maintain audit logs for system access, data changes, and administrative activity.

The selected Respondent shall participate in security training and awareness programs, including phishing simulations as required by the Board, and shall demonstrate compliance with applicable federal and state requirements governing financial accounts and data protection. The Respondent shall provide documentation and reporting to support compliance and audit requirements.

3.01(12) Reporting, Documentation, and Transparency

The selected Respondent will provide operational reporting and maintain documentation necessary to support Program oversight, audit readiness, and continuity of operations. The Respondent shall provide monthly reporting on system performance, incidents, and support activity and shall maintain current documentation related to implementation plans, security plans, business continuity, system configurations, integrations, and security controls.

The selected Respondent shall provide quarterly reporting on documentation updates, audit findings, and corrective actions. All documentation shall be maintained in a format that supports audit, compliance, and transition to a future service provider, if required.

3.01(13) Value-Added Services

The Respondent may offer services other than those specifically outlined in the solicitation that it believes offer additional operational benefits, efficiencies, or risk reduction (Value-Added Services). Although the Board has identified its current business needs, those needs are not intended to limit the Respondent’s innovations or creativity in preparing a Response. The Board will consider innovative ideas, new concepts, and partnership arrangements not otherwise presented in this ITN, including unique business features, special services, cost savings or shared-savings arrangements, discounts, or terms and conditions specific to the selected Respondent. If the Respondent is awarded the Contract and a Value-Added Service is included in the Contract without an established start date, the Board will provide the agreed-upon notice before the service is implemented.

3.02 CONTRACT

The Board intends to enter into a written contract with the Respondent(s) that offers the best value to the Board for the services included in this solicitation, as determined by the Board. The contract will incorporate this solicitation and amendments thereof, the written requests for clarifications and the answers thereof, and the Response provided by the contracting Respondent, including any and all supplemental Responses as requested by the Board.

A copy of an example contract, which details the responsibilities of the contracting Respondent(s), is provided as Appendix A. The Board reserves the right to modify this contract pursuant to the negotiations addressed herein.

If the language between this solicitation and the contract conflicts with the terms of State of Florida General Contract Conditions (PUR 1000) or State of Florida General Instructions to Respondents (PUR 1001), incorporated herein by reference, this solicitation and the contract shall control.

Failure to meet any contractual obligations may result in cancellation of any award.

https://www.dms.myflorida.com/content/download/2933/11777/PUR_1000_General_Contract_Conditions.pdf https://www.dms.myflorida.com/content/download/2934/11780/1001.pdf

4. RESPONSE

4.01 MANDATORY REQUIREMENTS

The Board has established certain mandatory requirements that must be included in a Response. The use of “shall”, “must”, or “will” (except to indicate simple futurity) indicates a mandatory requirement or condition. The words "should" or "may" indicate desirable attributes or conditions but are permissive in nature. Deviation from, or omission of, such a desirable attribute will not by itself cause rejection of a Response.

Respondents who meet the minimum qualifications and that have satisfied the mandatory requirements will be considered; any Respondent who does not will be rejected.

4.02 RESPONSE FORMAT AND CONTENT

Respondents must provide the following information in the form/format specified. Failure to comply with the instructions herein is sufficient cause to reject a Response.

The Written Response Packet is included herein as Appendix G and includes the following forms:

Tab 1 – Invitation to Negotiate Acknowledgement The Invitation to Negotiate Acknowledgment must be completed and signed by an officer or agent of the

Respondent who is empowered to bind the Respondent in a contract. An executed acknowledgement, with the requested materials that follow, constitute an offer from the Respondent to provide the services detailed in this solicitation under the contractual terms provided herein.

Tab 2 – Minimum Qualifications The Minimum Qualifications form represents a written attestation that the Respondent meets the minimum qualifications set forth in this solicitation.

Tab 3 – Organizational Experience The Organizational Experience form collects information about the Respondent, the assigned team, and the relevant experience thereof.

Tab 4 – Scope of Services Tab 4 requires Respondents to describe in detail the Respondent’s capabilities in providing the services outlined in section 3.01.

TAB 5 – Value-Added Services The Value-Added Services section collects information about the Respondent’s recommended capabilities, not included in Tab 4.

TAB 6 – Pricing Schedule The Pricing Schedule represents the price offered for the services set forth in this solicitation. The Respondent, if awarded the contract, will receive compensation under the contract resulting from this procurement based upon the agreed upon price contained in the Pricing Schedule.

The forms provided herein are made available in Microsoft Word on the Board’s website for ease of completion.

Please visit: https://www.myfloridaprepaid.com/board-reports/.

4.03 DELIVERY

A Respondent, including any Related Entities, may submit only one Response. Submission of more than one Response by a Respondent, or by the Respondent and a Related Entity, shall cause the rejection of all Responses https://www.myfloridaprepaid.com/board-reports/ submitted by the Respondent and the Related Entity. For this purpose, “Related Entity” means any corporation, partnership, limited partnership, limited liability company, or other entity, including, but not limited to, any parent company, subsidiary company, predecessor company, successor company or any member of an affiliated group of corporations, as defined in Section 1504 of the Internal Revenue Code.

Responses must be complete on the date delivered. Additional information submitted after the Response, or separate from the Response, will not be considered unless specifically requested by the Board and only to the extent requested.

The Respondent is responsible for the timely and proper delivery. Responses that, for any reason, are not delivered timely will be retained by the Board but will not be considered.

Delivery to the Board Each Response shall be prepared simply and economically providing a straightforward and concise delineation of the Respondent’s capabilities to satisfy the requirements of this procurement.

Each Respondent shall deliver one complete electronic submission in Word or PDF format to ITNinfo.Prepaid@MyFloridaPrepaid.com. Links or references to content outside of the Response will not be considered.

4.04 CONFLICTS OF INTEREST

Any award hereunder will be subject to the provisions of Chapter 112, Florida Statutes. Respondents must disclose with their Response the name of any officer, director, or agent who is also an employee of the State of Florida, the Board, or any agency of the State of Florida. Respondents must disclose the name of any state employee who owns, directly or indirectly, interest of five percent or more in the Respondent. Respondents must disclose all investment products, annuities, mutual funds or other similar type savings plans that are marketed or sold by the Respondent, its proposed subcontractors or any Related Entity of the Respondent or any subcontractor, for other states as a part of a prepaid college fund, college savings fund, ABLE program, or for any Qualified Tuition Program.

4.05 RESPONSE TENURE

All Responses are valid for one hundred eighty (180) days from the due date. The period of time during which Responses are valid will be tolled during the pendency of any proceeding related to any contract awarded pursuant to this procurement.

mailto:ITNinfo.Prepaid@MyFloridaPrepaid.com

5. ITN PROCESS

5.01 OVERVIEW

This is a multi-phase competitive procurement process, pursuant to Section 287.057, Florida Statutes, whereby all Respondents shall receive fair and equal treatment. Respondents will not be eliminated from consideration until the posting of the Notice of Intended Award.

5.02 REQUESTS FOR CLARIFICATION

Prior to the Written Request for Clarification deadline, the Board will accept requests for clarification from prospective Respondents. Questions concerning the conditions and/or specifications of this procurement must be addressed in writing, using the Request for Clarification Form provided in Appendix F. Written Requests for Clarification delivered to the ITN Administrator in a proper and timely manner will receive a written answer communicated publicly via MFMP.

Requests for clarification and answers thereto shall be considered an addendum to, and an integral part of, this solicitation document.

5.03 MANDATORY REQUIREMENTS ASSESSMENT

Upon timely and proper receipt, each Response will be reviewed to determine whether the Respondent meets the minimum qualifications and satisfies mandatory requirements set forth in this solicitation. The Board reserves the right to determine which Responses meet the minimum criteria and the right to accept Responses that deviate in a minor or technical fashion, as determined by the Board.

This assessment is binary (pass/fail); there are no points awarded for meeting the minimum qualifications or satisfying the mandatory requirements. Respondents that do not meet the minimum qualifications or satisfy the mandatory requirements will be removed from consideration.

5.04 EVALUATION PHASE

Each Response for which the Respondent meets the minimum qualifications and satisfies the mandatory requirements will be evaluated, independently, by members of an Evaluation Team appointed by the Board.

Response Evaluation The Evaluation Team will award points individually for each Response in the following areas:

Total Points Awarded per Evaluator

Written Response: Organizational Experience (Tab 3) 15

Written Response: Scope of Services (Tab 4) 40

Written Response: Value-Added Services (Tab 5) 25

Written Response: Pricing Schedule (Tab 6) 20

Total 100

Ranking of Respondents and Selection of the Shortlist for Negotiation After the Evaluation Team has evaluated each Response independently, the individual scores will be aggregated to determine the total score for each Response. The Respondents will be ranked based on the total score for their Response, and the Board will select the highest-ranked Respondents, within a competitive range, for negotiation (Shortlist).

The Board intends to select up to five (5) Respondents for the Shortlist. However, the Board reserves the right, after posting notice thereof, to expand the shortlist to include additional responsive Respondents for negotiation. The Board will provide individual notice to each Shortlist Respondent.

5.05 NEGOTIATION PHASE

The Board will appoint a Negotiation Team to conduct negotiations with the Shortlist Respondents. The Board intends to negotiate concurrently with the Shortlist Respondents, however, the Board may change the method of negotiation (e.g., concurrent versus by order of ranking), if it determines that doing such would be in the best interest of the Board.

When negotiations have been completed, the Board will award a contract to the responsive and responsible Respondent(s) that the Board determines will provide the best value to the Board. The Board will provide public notice of selection via Notice of Intended Award posted on MFMP.

6. GENERAL INFORMATION

6.01 LEGAL REQUIREMENTS

Applicable provisions of all federal, state, county, and local laws will govern development, submittal and evaluation of all Responses received hereto and will govern any and all claims and disputes that may arise between persons submitting a Response and the Board. Lack of knowledge by any Respondent will not constitute a cognizable defense against the legal effect thereof.

6.02 BOARD RIGHTS

The Board, in its sole discretion, may take any of the following actions and may determine the scope and manner of such actions, the Respondent(s) affected, and whether to provide concurrent public notice of such decision:

1. Modify this solicitation, after posting notice thereof.

2. Review and rely on relevant information contained in a Response.

3. Change the members of the Evaluation Team and/or Negotiation Team.

4. Request supplemental Responses from a Respondent.

5. Contact previous clients of a Respondent, as identified by the Respondent, to inquire about the Respondent’s ability to deliver on the services offered.

6. Expand the Shortlist, after posting notice thereof, to include additional responsive Respondents.

7. Require any or all Respondent(s) to address services, prices, or conditions offered by any other Respondent.

8. Schedule additional negotiating sessions with any or all Respondent(s).

9. Decline to conduct further negotiations with any Respondent.

10. Reopen negotiations with any Respondent.

11. Require any or all Respondent(s) to provide a best and final offer.

12. Take any administrative steps deemed necessary to determine final award, including additional fact-finding, evaluation, or negotiation where necessary and consistent with the terms of this procurement.

13. Arrive at an agreement with any Respondent, finalize principal contract terms and terminate negotiations with any or all other Respondents, regardless of the status of, or scheduled negotiations with, such other Respondents.

14. Accept or reject any and all Responses and to award the contract in the best interests of the State of Florida.

6.03 PUBLIC ACCESS TO RECORDS

Responses to this solicitation shall result in the Respondent waiving any and all rights relating to confidentiality, or claims thereof, upon delivery to the Board. All electronic and written communications pertaining to this procurement, whether sent from or received by the Board, and all Responses including, without limitation, administrative information, proposed services/commodities, and price will be subject to disclosure after contract award as required under Chapter 119, Florida Statutes.

Negotiations between the Board and Respondent are exempted from being held as public meetings by Section 286.0113(2)(b)1, Florida Statutes. In addition, strategy meetings held by Negotiation Team are also exempted by Section 286.0113(2)(b)2, Florida Statutes.

6.04 PROPERTY OF BOARD

All Responses become the property of the Board upon receipt and will not be returned to the Respondent. The Board has the right to use any and all ideas or adaptations of ideas contained in any Response received in this solicitation. Selection or rejection of the Response will not affect this right. All Responses become public documents upon submission. All materials and data produced for the Board under the contract resulting from this solicitation will be owned by the Board unless otherwise agreed to in writing by the Board.

6.05 COST OF DEVELOPING AND SUBMITTING RESPONSES

Neither the Board nor the State of Florida is liable for any of the costs incurred by the Respondent in preparing and/or submitting a Response.

APPENDIX A: CONTRACT

Program Management Agreement

This Program Management Agreement (“Agreement”), made effective on [DATE], (the “Effective Date”), between Florida ABLE, Inc. (d/b/a ABLE United) (the “ABLE Entity”) on behalf of itself and as trustees of the Florida ABLE Program Trust Fund (the “Trust”) and the ABLE United Program (the “Program”), [PROGRAM MANAGER] (“Program Manager”). The term Program Manager shall also include a Subcontractor whenever a provision in this Agreement relates to a Service and that Service is being performed by such Subcontractor. The ABLE Entity and Program Manager are referred to herein individually each as a “Party,” and collectively as the “Parties.”

Recitals

WHEREAS, the Florida Achieving a Better Life Experience (ABLE) Act, Sections 1009.986 – 1009.988, Florida Statutes, as amended from time to time (the “Enabling Law”), authorizes the ABLE Entity to establish and maintain a “qualified ABLE program” in a manner consistent with the federal ABLE Act and Code Section 529A, under which individuals with disabilities may establish accounts in such program to be used for disability-related expenses;

WHEREAS, the ABLE United Program is a direct-sold plan established under the Enabling Law;

WHEREAS, pursuant to the Enabling Law, the ABLE Entity is authorized to make and enter into any and all contracts, agreements or arrangements, and to retain, employ and contract for the services of private and public financial institutions, depositories, consultants, investment advisors or Program Managers and for other services necessary or desirable for carrying out the purposes of the Enabling Law;

WHEREAS, pursuant to its authority, the ABLE Entity has selected Program Manager to provide services as described in this Agreement related to the operation of the Program;

WHEREAS, Program Manager desires to perform, or cause to be performed, the services related to the Program as more fully referred to and described below;

NOW THEREFORE, in consideration of the foregoing and of the mutual promises set forth in this Agreement, and intending to be legally bound by its terms, the ABLE Entity and the Program Manager agree as follows:

1. DEFINITIONS; RULES OF CONSTRUCTION.

(a) Definitions.

The following terms used in this Agreement will have the respective meanings set forth below.

“ABLE Act” means the Achieving a Better Life Experience Act of 2014, as amended from time to time, as well as any corresponding federal regulations published by the United States Department of the Treasury.

“Account” means an ABLE account in the Program.

“Account Access System” means Program Manager’s proprietary account access software and related intellectual property, together with all Program-specific configurations, workflows, data structures, interfaces, and reports used to administer the Program or perform Services as described in this Agreement.

“Account Owner” means the Designated Beneficiary of an ABLE account, acting directly or through a representative eligible to act on behalf of the Designated Beneficiary under Code Section 529A. As used throughout this Agreement, unless explicitly stated otherwise, an Account Owner includes an individual or entity that has been designated as the Authorized Legal Representative or similar agent, authorized user, or designee.

“Affiliate” means, with respect to an entity, any entity Controlling, Controlled by, or under common Control with such entity.

“Annual Contribution Limit” means the maximum aggregate amount that may be contributed to an ABLE account in a tax year under Code Section 529A.

“Applicable Law” means, at the time of determination, the ABLE Act and the Code, and as may be applicable to the Program Manager, subject to any exceptions expressly set forth in this Agreement, all applicable laws, regulations, judgments, decrees, injunctions, writs and orders of any court, tribunal, arbitrator or Governmental Authority and rules, regulations, orders, licenses and permits of any Governmental Authority or Regulatory Body. This includes, without limitation, laws and regulations relating to privacy, data security, accessibility (including the Americans with Disabilities Act), banking and payments (including NACHA rules), and information security.

“Authorized Legal Representative” means an individual or entity (including any authorized personnel of the entity) authorized by Code Section 529A to open and/or manage an Account on behalf of an Account Owner.

“Brokerage Services” means solicitation of investors or potential investors in the Program, marketing of the Program, distribution or underwriting services with respect to Units or other securities issued in connection with the Program, or any other services which, in the Program Manager’s reasonable discretion, would require the Program Manager or any Subcontractor thereof to register as a broker under Applicable Law.

“Business Day” means any weekday on which the New York Stock Exchange (“NYSE”) is open for trading.

“Capital Preservation Portfolio” means the Investment Option that includes allocations to cash products.

“Code” means the Internal Revenue Code of 1986, as amended, and any regulations, rulings, announcements or other guidance issued thereunder.

“Control” and its derivatives mean, with regard to any entity, the legal, beneficial or equitable ownership, directly or indirectly, of fifty percent (50%) or more of the equity interest of such entity ordinarily having voting rights.

“Custodian” means [CUSTODIAN] as provider of Custody Services and Fund Accounting Services on behalf of the Program.

“Custody Services” shall include safekeeping of securities, arrangement and settlement of any purchases and sales and deliveries of such securities, collection of information on and income from such assets, administering voluntary and involuntary corporate actions on securities held, providing information on the securities and their issuers such as annual general meetings and related proxies, maintaining currency/cash bank accounts, effecting deposits and withdrawals and managing other cash transactions.

“Designated Beneficiary” has the meaning set forth in the Code.

“Final Termination Date” means the date on which the Program Manager no longer provides Program Management Services to the Program.

“Fund Accounting Services” shall include obtaining market values of all securities, accrual of fees and calculation of a daily Net Asset Value.

“Good Order” means receipt by the Program Manager of contribution or withdrawal requests, as applicable, and all documentation with respect to an Account Owner’s enrollment in the Program, and instructions with respect to the applicable contribution or withdrawal have been received by the Program Manager.

“Governmental Authority” means any federal, state, local, municipal or other governmental department, commission, district, board, bureau, agency, regulatory body, court, tribunal or other instrumentality (or any officer or representative thereof) of competent jurisdiction.

“Investment Options” means, as of any point in time, the investment options established by the ABLE Entity and made available under the Program to Account Owners investing in the Program, and that are described in the then-current Program Disclosure Booklet.

“Investment Policy Statement” means the investment policy to be established for the Program.

“IRS” means the United States Internal Revenue Service.

“Loss” or “Losses” means direct damages, excluding, for the avoidance of doubt, indirect, incidental, consequential, exemplary, punitive or special damages, or damages for lost profits or loss of business opportunity, whether or not such damages are foreseeable and even if the Party responsible for such damages has been advised of the possibility of such damages.

“Maximum Balance Limit for Contributions” means the Account balance amount which is set by Code Section 529A, above which contributions will be rejected.

“Media Materials” means the Program logo; any slogan developed specifically for the Program;

any trade names, trademarks or service marks created specifically for the Program; any copyrighted materials relating solely or primarily to the Program; any website content related specifically to the Program; the URL for the Program website; the Program’s toll-free number; and advertising, marketing, and public relations materials that are specific to the Program.

“Net Asset Value” shall have the same meaning as that term is described in the Program Disclosure Booklet.

“Participation Agreement” means an agreement executed or adopted by an Account Owner, setting forth the terms and conditions governing an Account in a form mutually agreed upon by the Program Manager and ABLE Entity, as amended from time to time.

“Person” means a “person” as defined in Code Section 7701(a)(1), which includes an individual, trust, estate, partnership, association, company or corporation.

“Program” has the meaning set forth in the recitals to this Agreement.

“Program Disclosure Booklet” means, as of any point in time, the disclosure document or documents, as then in effect, containing the terms of the Program, including any supplements thereto, as such document(s) shall be approved by the ABLE Entity from time to time.

“Program Management Services” means the services described in Section 2 of this Agreement, to be provided by the Program Manager or its Subcontractor.

“Program Manager” means [PROGRAM MANAGER] which shall perform the Program Management Services under this Agreement.

“Program Materials” means, collectively, the Program Records and the Media Materials.

“Program Records” means all records, books, correspondence, papers and files relating solely or primarily to Accounts in the Program, including, without limitation, the Program Disclosure Booklet, Participation Agreement, and all information collected by the Program concerning Account Owners. For the avoidance of doubt, with the exception of internal or confidential Program Manager materials, all maintained Account data, records, information, and materials, in whatever form or medium, that are created, received, processed, or stored, by or on behalf of the

Program Manager in connection with the Program or the Services, including without limitation: (i) ABLE Account information; (ii) personal and financial information of Account Owners and Authorized Legal Representatives, and contributors (to the extent contributor information is collected and stored); (iii) transaction, contribution, withdrawal, and investment records; (iv) customer service records, including contact recordings, contact transcripts, contact logs, and correspondence; (v) CRM, lead, and prospect data relating to the Program (to the extent collected and stored by Program Manager); (vi) reports, reconciliations, and audit materials; (vii) training materials, scripts, procedures, and documentation specific solely to the Program; and (viii) data required to transition the Program to a successor Program Manager.

“Qualified ABLE Program” means a program established under the ABLE Act in compliance with the ABLE Act and Code Section 529A.

“Subcontractors” means the subcontractors and delegates of the Program Manager performing Services as permitted under this Agreement, including Affiliates and non-Affiliates.

“Services” means any of the services provided under this Agreement.

“Term” has the meaning set forth in Section 19(a).

“Underlying Investment” means, as of any point in time, those mutual funds and other investment vehicles, as approved by the ABLE Entity, in which the Investment Options are invested and which are described in the then-current Program Disclosure Booklet.

“Underlying Investment Managers” means the investment manager(s) or investment adviser(s) of any Underlying Investment.

“Unit” means an interest in an Investment Option under the Program.

“Unit Value” means the value of a Unit of an Investment Option.

(b) Rules of Construction.

For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

(i) Singular words connote the plural as well as the singular, and vice versa, as may be appropriate. Masculine words such as “he,” “his,” and “him” connote the feminine as well as the masculine, and vice versa, as may be appropriate.

(ii) Unless otherwise indicated, references within this Agreement to articles, sections, paragraphs or clauses are references to articles, sections, paragraphs or clauses in this Agreement.

(iii) The words “herein,” “hereof” and “hereunder,” and other words of similar import used in this Agreement, refer to this Agreement as a whole and not to any particular article, section, paragraph or clause.

(iv) The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties, their respective successors, and permitted assigns.

2. PROGRAM MANAGEMENT.

(a) Program Management Services.

(i) Subject to the terms and conditions of this Agreement, the ABLE Entity hereby engages the Program Manager to provide, or cause to be provided, certain Program Management Services, which shall include:

(A) Providing a Secure Website / Account Access System for Account Owners and Authorized Legal Representatives to open, access, and manage Accounts;

(B) Providing ABLE Entity with access to a demo portal of the Secure Website (provided, however, that ABLE Entity understands and accepts that demo portal availability and functionality may be limited);

(C) Providing an Account enrollment flow that allows individuals to select different account types (e.g., self-administered Account or Account with an Authorized Legal Representative);

(D) Processing of new Account enrollments via self-certification by the Account Owner or Authorized Legal Representative;

(E) Providing a customized enrollment flow and account maintenance experience for entities;

(F) Providing Account Owners and Authorized Legal Representatives the ability to upload documentation through the Secure Website;

(G) Collecting and maintaining all Account Owner and Designated Beneficiary information required for the administration of the Program;

(H) Facilitating the sharing of Account information and transferring of Account funds to a pre-paid card provided by [CARD PROVIDER];

(I) Providing an online gifting platform that allows third parties to make contributions directly to Accounts;

(J) Maintenance of all Account records;

(K) Creation of Account forms;

(L) Processing of Account forms and other Account-related documentation;

(M) Processing of investment changes, contributions, and withdrawals;

(N) Providing necessary information and communications to Account Owners (including but not limited to Account statements, communications to unfunded/never funded/low balance accounts, and various Account confirmations);

(O) Drafting of the Program Disclosure Booklet and Participation Agreement (including supplements) at least once every two calendar years;

(P) Processing of Account closures;

(Q) Implementation of reasonable security measures, including complex password requirements, multi-factor authentication, and customer identity verification procedures;

(R) Preparing, filing, and delivering tax forms to Designated Beneficiaries;

(S) Account customer service, as further described in Section 4 of this Agreement;

(T) Providing Program reports, as further described in Section 7 of this Agreement, via a secure, web-based platform;

(U) Regular review of the Secure Website and Account Access System to identify areas for improvement of user experience;

(V) Custody Services;

(W) Fund Accounting Services;

(X) Meeting regularly with Program staff;

(Y) Other general recordkeeping and administration that may be required to administer Accounts.

(ii) The Program Manager hereby accepts ABLE Entity’s engagement of the Program Manager under this Agreement, and agrees to provide the Program Management

Services in good faith and in accordance with generally accepted standards applicable to financial services records administration for public sector programs, the terms of this Agreement and Applicable Law. Except as specifically provided otherwise in this Agreement, the Program Manager agrees to bear and pay all expenses related to the provision of Program Management Services. The Program Management Services to be provided or caused to be provided by the Program Manager under this Agreement are limited to the requirements set forth in this Agreement, unless otherwise mutually agreed in advance in writing provided, however, that nothing herein shall limit Program Manager’s obligation to comply with Applicable Law, Program business rules, or ABLE Entity-approved policies, procedures, and governance directives. The Program Management Services shall not include, and the Program Manager shall have no responsibility for, investment advisory services, services rendered by Underlying Investment Managers; or any services rendered by other third parties who are not Subcontractors or Affiliates of the Program Manager. The Parties understand and agree that the Program Manager is not and shall not be referred to in any Program materials as a fiduciary to the Program, Account Owners, or Authorized Legal Representatives for any purpose. Nothing in this contract, any prior or contemporaneous representations, or that arises by course of dealing shall change the Program Manager’s status to be a fiduciary or create any fiduciary duty, express or implied, on the Program Manager’s part with respect to the Program or any participant in, or user of, the Program.

(b) [Sole Program Manager. The Program Manager shall be the only Program Manager to the Program during the Term. Except as the Parties may mutually agree from time to time, the ABLE Entity will not contract with any other provider to provide Program Management Services during the Term for the Program and will not during the Term create another Qualified ABLE Program with any other Program Manager. Notwithstanding the foregoing, the ABLE Entity may contract for a successor program manager in accordance with the laws and policies of the State, and on such a timeframe as is reasonably required to allow the orderly transfer of the Program to said successor program manager. Nothing herein shall restrict the ABLE Entity from contracting with one or more providers of investment advisory services, Brokerage Services, or from engaging one or more third parties to provide services that are not part of the Services, including without limitation marketing support, compliance support, or other ancillary or supplemental services, provided that such engagements do not interfere with, or increase the cost of, Program Manager’s performance of the Services.]

(c) Subcontracting of Program Management Services.

(i) The ABLE Entity hereby authorizes the Program Manager to subcontract to one or more entities to provide the required Program Management Services.

(ii) Program Manager may also, in the ordinary course of business, purchase goods and services from third party…