GICPND2603 Procuring an FSA Administrator

The Commonwealth of Massachusetts Group Insurance Commission is seeking a vendor to administer its Flexible Spending Account (FSA) program, which includes Health Care and Dependent Care accounts. The selected vendor will be responsible for underwriting and administering the program, including providing customer service, processing claims, and managing the program's finances. The contract is expected to be for an initial term of three years, with two optional one-year renewals. The vendor will be required to submit a technical proposal and a cost proposal, and will be evaluated based on factors such as experience, qualifications, and pricing. The Commonwealth is also encouraging vendors to participate in its Supplier Diversity Program, which promotes business-to-business relationships between awarded contractors and diverse businesses and non-profit organizations. Key aspects of the job include: • Administering the FSA program, including providing customer service and processing claims • Managing the program's finances, including handling payroll deductions and forfeitures • Providing marketing materials and educational resources to participants • Complying with relevant laws and regulations, including IRS rules and state procurement laws • Participating in the Supplier Diversity Program, including submitting a Supplier Diversity Plan and meeting annual commitment requirements