Investment Provider Services for the State of Florida Deferred Compensation Plan

The Florida Department of Financial Services (DFS) has issued Invitation to Negotiate (ITN-14076) to secure a comprehensive record keeping and investment provider services contract for the State of Florida Deferred Compensation Plan, a supplemental retirement program governed under Internal Revenue Code 457(b). This retirement plan currently manages approximately $6 billion in assets across over 92,000 participant accounts and involves integration with multiple payroll centers and a third-party administrator responsible for participant data and contributions. The Department seeks a single full-service vendor capable of meeting rigorous technical requirements, including data aggregation, file layout specifications, automated payroll contribution processing, and robust reporting capabilities. Responses must adhere strictly to the terms and conditions outlined in the ITN documents, which include a Statement of Work, Special Contract Conditions, Price Response Instructions, and data security requirements. The solicitation is managed through the Vendor Information Portal (VIP), with a submission deadline of January 14, 2026, and while the Department intends to award one contract, it reserves the right not to award if deemed appropriate. The contract emphasizes high service levels, including 24/7 system availability, 99% accuracy in reports, timely transactional confirmations, and compliance with industry best practices and state security mandates. The evaluation of proposals will be based on best value with a trade-off assessment incorporating factors such as the respondent’s ability to meet contract requirements, innovation, contract terms, experience, staff qualifications, and overall cost and value. The contract includes mandatory certifications relating to compliance with federal and state laws—including prohibitions on forced labor and foreign country restrictions—and maintains strict data residency requirements mandating that confidential or sensitive data remain within U.S. data centers. Special contract requirements cover personnel qualifications and security clearances, parent company guarantees, employment eligibility compliance, and robust exit transition services to ensure operational continuity. Financially, the contract reflects an estimated value between approximately $2.9 million and $3.5 million combined for the base and option periods. Inspection and acceptance are governed by standards established in the Statement of Work, with all deliveries subject to Department approval before acceptance. The contract administration ensures electronic invoicing and payment, though specific invoicing platforms or contract oversight contacts remain to be designated post-award. Overall, this solicitation seeks a vendor with the technical capacity, regulatory compliance, and operational rigor to efficiently manage the state's deferred compensation investment and recordkeeping services over the contract term.