DMS-2526-039 Investment Consulting and Monitoring Services

The State of Florida Department of Management Services, Division of Retirement, is issuing Invitation to Bid (ITB) No. DMS-2526-039 to establish a contract for investment consulting and monitoring services supporting the State University System Optional Retirement Program (SUSORP) and the Senior Management Service Optional Annuity Program (SMSOAP). SUSORP manages approximately $7.5 billion in assets for approximately 18,000 active members and over 30,000 inactive members across twelve state universities, while SMSOAP manages approximately $14.6 million in assets for about five active and 128 inactive members. The selected contractor must deliver a minimum of four quarterly investment reviews and reports due within 20 business days of each quarter-end date (March 31, June 30, September 30, and December 31), one comprehensive annual investment review and report due within 20 business days of December 31, verbal performance reviews scheduled within 25 business days of quarter-end dates, and ad hoc consulting services on an as-needed basis pertaining to 403(b) retirement plan investing. Quarterly deliverables must include fiduciary process monitoring and twelve-point qualitative and quantitative scoring based on Modern Portfolio Theory, with investment option watchlists and performance recommendations. The contractor must acknowledge written requests for ad hoc services within two business days, designate a primary point of contact for rapid response, submit weekly timesheets for ad hoc consulting work billed in 6-minute increments, and perform all work remotely without Department-provided equipment or space. The question deadline is May 1, 2026, with bid submissions due by May 20, 2026, at 2:00 PM Eastern Time, followed by a public opening on May 20, 2026, at 3:00 PM Eastern Time at the Department of Management Services, Conference Room 260K, in Tallahassee, Florida. Award will be made to the responsive and responsible bidder submitting the lowest total weighted price using the formula: Initial Term Reviews and Reports (50%) + Renewal Term Reviews and Reports (40%) + Initial and Renewal Terms Ad Hoc Consulting Services (10%), with an anticipated Notice of Intent to Award on June 1, 2026, and a contract start date of August 8, 2026.

The solicitation does not identify specific set-aside designations or restrictions limiting participation to particular business types or disadvantaged enterprises; however, all vendors must satisfy mandatory responsiveness requirements including completion of the PUR 2024 Use of Coercion/Forced Labor Combined Form and the PUR 7801 Vendor Certification Form, certifying compliance with Florida Statutes regarding Israel boycott prohibitions, sanctions compliance, E-Verify requirements, and exclusion from various state vendor lists. Current service providers for SUSORP include Equitable, TIAA, VALIC, and Voya Financial, plus three companies maintaining legacy products, while SMSOAP is served by Empower, TIAA, VALIC, and Voya Financial; however, the solicitation does not identify these as incumbent contractors or restrict bidders from these organizations. The contractor must integrate with the authorized product list comprising 25 mutual funds, six fixed accounts, and three annuity options from providers including Vanguard, DFA, JP Morgan, State Street, Corebridge, Voya, and Equitable. The contractor must obtain commercial general liability insurance of $1,000,000 per occurrence and $2,000,000 aggregate, workers' compensation insurance as required by law, and professional indemnity insurance of $250,000 per claim and in aggregate, with all prices remaining firm for the life of the contract and no price adjustments permitted. The historic annual spend for these services is approximately $12,000, provided for informational purposes only and not representing guaranteed or minimum spend; the initial contract term is three years commencing August 8, 2026, with potential renewal for up to three additional years, with all payments made quarterly in arrears and funding sourced from the Optional Retirement Program Trust Fund.