Pension Administration Benchmarking Services

The Florida Department of Management Services (DMS) is seeking to enter into a single source contract with CEM Benchmarking, Inc. for pension administration benchmarking services. These services will be utilized to assist DMS in administering the Florida Retirement System, which has over 2.6 million members and $180 billion in assets. CEM Benchmarking has a proprietary service score model and extensive experience collecting and analyzing data from public pension plans nationwide. The contract term is for three years, from September 12, 2023 to September 11, 2026, with an estimated annual cost of $59,000, totaling $177,000 over the full term. DMS conducted a market analysis and could not identify any competitors to CEM Benchmarking that provide the same level of granular data and standardization. CEM Benchmarking has previously been awarded a single source contract by the New York State Office of State Comptroller.

There are no set-aside designations or restrictions on the types of organizations that can respond to this opportunity. The incumbent vendor is CEM Benchmarking, Inc., and the contract value is estimated at $177,000 over the three-year term. The procurement is posted in accordance with Sections 120.57(3) and 287.057(3) of the Florida Statutes, and will remain posted for a minimum of 15 business days.