Investment Provider Services for the State of Florida Deferred Compensation Plan

Background
The Florida Department of Financial Services (Department), an agency of the state of Florida, is issuing this Invitation to Negotiate (ITN) to establish a contract for record keeping and investment provider services for the State of Florida Deferred Compensation Plan (Plan), a supplemental retirement program under Internal Revenue Code 457(b).

The Bureau of Deferred Compensation within the Department’s Division of Treasury administers the Plan, which as of February 28, 2025, had approximately $6 billion in assets and over 92,000 Participant accounts. The Plan was established in 1982 to benefit State employees and is authorized by section 112.215 Florida Statutes (F.S.). Currently, the Department contracts with three investment providers and seeks to streamline operations by contracting with a single recordkeeper.

Work Details
The awarded vendor will provide full-service record keeping and investment provider services for the Deferred Compensation Plan. Specific requirements include:
- Provide investment products including equity and bond investment products, fixed income products, target date funds, low-cost index funds, a Brokerage Service, and advisory or managed account services.
- Implement a record keeping and data transmission system that correlates participant data and outputs daily aggregate reports.
- Offer dedicated Account Representatives and Participant education materials.
- Maintain a dedicated Plan website and telephone support line for Participants.
- Ensure robust reporting capabilities with existing formats and reports.
- Manage participant data entry directly from the Department while integrating payroll data, participant enrollment, and account changes.

Period of Performance
The term of this Contract is from execution until five (5) years after Go-Live. The Contract may be renewed for up to five (5) additional years.

Place of Performance
Services will be performed primarily in Tallahassee, Florida, at the Department of Financial Services Office of Purchasing and Contractual Services.

Bidder Requirements
Respondents must comply with all requirements outlined in the ITN. This includes submitting a price response (Attachment 3) and a Mandatory Criteria Certification Form (Attachment 6). Respondents must not be under suspension or debarment by any governmental authority. They must also disclose any convictions related to public contracts or violations of antitrust laws. Additionally, they should have no delinquent obligations to the state of Florida.