DMS-2425-199, (SUSORP and SMSOAP)

The Florida Department of Management Services (DMS), Division of Retirement, is issuing an Invitation to Negotiate (ITN) No. DMS-24/25-199 to procure comprehensive retirement program services for the State University System Optional Retirement Program (SUSORP) and Senior Management Service Optional Annuity Program (SMSOAP). The solicitation seeks a bundled service provider to manage defined contribution retirement services for approximately 18,000 SUSORP members across twelve state universities and 95 SMSOAP members, with responsibilities including recordkeeping, administrative services, member self-service systems, data management, tax processing, education and communication services, and investment management. Respondents must offer specific mutual funds listed in Exhibit 2 and a Fixed Account/Guaranteed Income Product, with an option to propose annuity products. The evaluation will utilize a 500-point technical scoring system and a 300-point cost evaluation, assessing categories such as corporate experience, proposed personnel, approach and methodology, and technical capabilities. The solicitation was posted on April 30, 2025, 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 ITN does not specify explicit set-aside designations or restrictions on respondent types, but requires vendors to demonstrate significant experience managing retirement plans with over 19,000 active members and $3 billion in assets. Current service providers include Corebridge Financial, Equitable, TIAA, and Voya, and the new contract will require seamless integration with existing infrastructure and technology. Vendors are prohibited from adding additional fees or engaging in revenue sharing from mutual funds or annuity products. 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 or irrevocable letter of credit. While specific award values are not explicitly stated, the current plan assets total $8,265,248,200.21, with TIAA holding the largest share at $5,254,020,079.57, suggesting a substantial potential contract value for the selected service provider.