Social Security Alternative Retirement Income Security Program for Other Personal Service Employees

The Florida Department of Financial Services is issuing a Request for Proposal (RFP) to establish a contract with a vendor to provide investment, administration, and record keeping services for the alternative retirement income security program (FICA Alternative Program) for eligible temporary, part-time, and seasonal employees of the State of Florida who are compensated from appropriations for Other Personal Services. The FICA Alternative Program is established pursuant to section 110.1315, Florida Statutes, in accordance with Section 3121(b)(7)(F) of the Internal Revenue Code. The solicitation will be administered through the Vendor Information Portal (VIP), and the submitted Proposals must comply with the terms and conditions stated in the RFP. The Department intends to award one contract resulting from this RFP but reserves the right to award multiple contracts by region or to make no award. The initial term of the contract will be five years, with the option to renew for up to an additional five years. Proposals must be submitted by the deadline of October 25, 2023, and the Department will evaluate proposals based on technical merit and pricing, with the intent to award the contract to the responsive and responsible proposer whose proposal is deemed most advantageous to the State.

The RFP does not specify any set-aside designations or restrictions on the types of organizations that can respond. The current provider of the FICA Alternative Program receives $55 per account annually, and as of June 30, 2023, there are 9,958 participants with account balances less than $1,000. The total assets of the program as of that date were $100.5 million, with 28,546 participant accounts. Funding for the contract will come from participant payroll contributions, but the RFP does not provide a specific award value or budget range.