Florida State Board of Administration, Tallahassee, with $105 billion in assets, issued the first part of an RFI for a financial education and advice services provider for employees eligible for the states new 401(a) defined contribution plan. The RFI is being issued in at least two parts, the first is due Nov. 10; and the final part should be issued in December, with responses due 30 days later. Employees will be able to transfer to the new plan June 1, 2002.
The provider must be able to offer web- and CD-ROM-based information, print materials, telephone counseling, workshops, seminars and educational video or audio recordings, according to the RFI. The provider also must offer services to help participants in their initial decision of whether to stay in the states defined benefit pension plan or transfer to the defined contribution plan.
The board plans to interview finalists in February; select staff and negotiate contracts in March; and give final approval in April. The approximate term of the contract will be May 1 to Nov. 30, 2007.