Attachment 3- State of NJ Technical Questionnaire~3.xlsx
XLSX spreadsheet 159 KB Posted
- Attached to
- T2327 - Defined Contribution Retirement Program Administrative Services: NJSEDCP & NJDCRP
- Solicitation number
- 24DPP01010
- Issued by
- New Jersey
About this file
This document is a Technical Questionnaire related to a state and local contract opportunity for recordkeeping services for the State of New Jersey's deferred compensation plans. The questionnaire covers the vendor's organization and market focus, recordkeeping services, participant experience, plan sponsor experience, investment products, and fee flexibility and transparency. Key details include the requirement for an open architecture investment platform, sample investment menu, and the need to accommodate a preferred fund lineup. The questionnaire also requests information on the vendor's cybersecurity procedures, conversion capabilities, participant communication and education services, and their client service team. The contract term is not specified.
The pricing structure allows for a gross, dollar-per-participant fee to be paid from plan assets, with the ability to make exceptions for certain participant types. The vendor must be willing to put a portion of their fees at risk based on service level agreements. The questionnaire also covers the vendor's requirements for an expense budget account and the handling of revenue sharing.
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Instructions
| State of New Jersey - Technical Questionnaire Instructions |
| Questions are organized into the following categories (there are separate tabs for each): |
I Organization and Market Focus (Section 1 and Section 1, #8-11)
II Recordkeeping Services
III Participant Experience
IV Plan Sponsor Experience (Section IV and Section IV - Client Service Team)
V Investment Products
VI Fee Flexibility and Transparency
VII Custom Questions
VIII Investment Lineup Capabilities
Within sections I and II, specific attachments are requested. Please check the boxes below to indicate that these are being included with your response.
Within section V, an open architecture investment platform is required. Please check below that you included a sample investment menu
| Within section VIII, please use the below instructions to ensure a complete response. | |
| The client's preferred fund lineup (made up of current and/or proposed funds) has been provided, please indicate if you are able to accommodate each fund. If you can, there is no need to provide an alternative fund. However, if you cannot accommodate the fund, you may propose an alternative. |
Note that any alternatives you propose will be evaluated relative to those offered by your peers and it is imperative that you take the time to choose a competitive fund. In order for your answers to be considered you will need to provide all of the requested information. Spreadsheets that have been altered in any way will not be accepted.
Revenue sharing refers to any investment fees (included as part of the fund’s expense ratio) which are being reimbursed to your recordkeeping firm to support the fund’s shareholders (Plan participants). These could include 12b-1 fees, sub-transfer agency fees, or any other shareholder servicing fees. Please provide the total revenue sharing available for each fund (i.e., current / preferred fund and alternate fund, if applicable) according to the terms of your agreements with the investment managers.
Please include a copy of the following items with your response.
Summary of cybersecurity requirements and procedures, physical security controls, etc.
Conversion timeline Word Document Sample Service Level Agreement Sample internet usage / participant engagement report Sample communication plan Participant and Plan Sponsor website demonstration site links
Section I Vendor: [Enter Bidding Recordkeeper Firm Name]
| I. | Question | Answer Format | Vendor Response | Comments |
| Organization and Market Focus | ||||
| 1 | Has your firm merged with, been acquired by, or acquired another organization within the past five years? | dropdown | ||
| 2 | Indicate what year your firm became active in the defined contribution recordkeeping /administration business. | number | ||
| 3 | Provide the total number of employees within your firm's defined contribution plan recordkeeping /administration business. | number | ||
| 4 | Are the following services done in-house, or on an outsourced basis (e.g., partially or fully)? If outsourced provide the requested information. | |||
| Recordkeeping/Administration | dropdown | |||
| Regulatory/Compliance | dropdown | |||
| Trustee/Custodial | dropdown | |||
| Communication/Education | dropdown | |||
| Conversion/Implementation | dropdown | |||
| Investment Advice | dropdown | |||
| 5 | Are all of your defined contribution plan operations performed in the U.S.? | |||
| All defined contribution plan operations | dropdown | |||
| Back office recordkeeping / administrative services | dropdown | |||
| Call center | dropdown | |||
| Communication services | dropdown | |||
| Information technology | dropdown | |||
| Other not in U.S. (specify in Comments column) | dropdown | |||
| 6 | What is the total number of participants (with an account balance) across all of the defined contribution plans of your firm that you recordkeep? | number | ||
| 7 | What is the average size of the defined contribution plans (across all market segments) your firm provides recordkeeping services for? | |||
| By Participant Count | number | |||
| By Asset Size | number | |||
| 8 | Indicate how many governmental plans you currently recordkeep (across all market segments) for the following plan types in each of the following participant count ranges (provide response in the tab labeled "Section I, #8-11") | |||
| 9 | Indicate how many governmental plans you currently recordkeep (across all market segments) by plan type in each of the following asset ranges (provide response in the tab labeled "Section I, #8-11") | |||
| 10 | Indicate the number of new governmental plans you have added in the past 2 years (across all market segments) in each of the following participant count ranges (provide response in the tab labeled "Section I, #8-11") | |||
| 11 | Indicate the number of new governmental plans you have added in the past 2 years (across all market segments) in each of the following asset ranges (provide response in the tab labeled "Section I, #8-11") | |||
| 12 | How many defined contribution plans that you provided recordkeeping services for have you lost in the past two years? | number | ||
| 13 | What was your firm's client retention rate over the last 5 years for defined contribution recordkept plans? | number | ||
| 14 | What was your firm's total investment in defined contribution plan services technology for the last three years? | number | ||
| 15 | What percentage of your client base is in the government market segment? | number | ||
| 16 | Please provide the current credit rating of your organization from the following major rating services: | |||
| Fitch | text | |||
| Moody's | text | |||
| Standard & Poor's | text | |||
| Weiss | text | |||
| 17 | Does your service agreement contain a limit on liability? | dropdown | ||
| 18 | Does your service agreement require gross negligence in order to accept liability? | dropdown | ||
| 19 | Does your service agreement specify that your firm will maintain confidentiality of client data? | dropdown | ||
| 20 | Does your service agreement have any penalties (other than investment fund penalties) if the client moves services from your firm within a specific amount of time? | dropdown | ||
| If yes, what is the minimum timeframe for a client to terminate the agreement without incurring any termination fees? | dropdown | |||
| 21 | Will you incorporate specific service standards into your service agreement? | dropdown | ||
| 22 | If an error, by employees or contractors of your firm, results in a participant being in a less favorable position than they would have been in had the error not occurred, will your firm make the financial contribution necessary to put the participant in the position they would have been in had the error not | dropdown | ||
| 23 | Does your firm have a written code of conduct or a set of standards for professional behavior? | dropdown | ||
| 24 | Within the last 5 years, has your firm been subject to any litigation related to employee plan services denoted? | |||
| Business Conduct | dropdown | |||
| Fiduciary Issues | dropdown | |||
| Fee Litigation | dropdown | |||
| Investments (other than ER stock) | dropdown | |||
| Data Security | dropdown | |||
| Trust Services | dropdown | |||
| Compliance | dropdown | |||
| Recordkeeping | dropdown | |||
| Employee Education | dropdown | |||
| Other | text | |||
| 25 | Attach a document that a) explains your firm's cybersecurity requirements and procedures, b) describes your physical security controls that protect your facilities, data center and personnel, c) describes your physical security for visitors and third-party support personnel, and d) describes the controls used to prevent unauthorized access to the data center | attachment | ||
| 26 | What was your firm’s total investment in cybersecurity for the last three years? | number | ||
| 27 | What was your firm’s total investment in participant fraud prevention for the last three years? | number | ||
| 28 | Does your firm's most recent SOC-2 audit report include any disclaimers regarding cybersecurity? If so, briefly outline such disclaimers and the steps taken by your firm to correct such disclaimers. | dropdown | ||
| 29 | Within the last three years, has your firm experienced any systems breaches and had data compromised? If Yes: | dropdown | ||
| How many incidents have taken place in the last three years? | number | |||
| Briefly describe the incidences. | text | |||
| What client remedies were offered? | text | |||
| 30 | What are your procedures for notifying the plan sponsor of a breach of your firm's system? | text | ||
| 31 | Do you routinely conduct periodic risk assessments to identify cybersecurity threats, vulnerabilities, and potential business consequences? | dropdown | ||
| If Yes, how frequently are the routine assessments performed? | text | |||
| 32 | Does your firm conduct an annual assessment of your firm's cybersecurity policies? | dropdown | ||
| If Yes, is the assessment performed internally or externally by an independent third-party? | dropdown | |||
| Provide the name of the independent third party, if applicable. | text | |||
| 33 | Does your firm have a Chief Information Security Officer on staff? | dropdown | ||
| 34 | Does your firm carry cybersecurity insurance? | dropdown | ||
| 35 | What is the full coverage amount? | number | ||
| 36 | If your firm has screen-scraping capabilities to capture outside participant data, does your insurance coverage provide for reimbursement of employee loss if your system is breached and third party information is stolen? | dropdown | ||
| 37 | Does your firm adhere to the SPARK Institute standards for cybersecurity? | dropdown | ||
| 38 | Do you have a formal policy on storing personal identifiable information (PII)? | dropdown | ||
| 39 | Where is the PII stored? | text | ||
| 40 | How long is the PII stored? | text | ||
| 41 | How is the PII eliminated? | text | ||
| 42 | Are personnel trained on the protection of personal identifiable data? | dropdown | ||
| 43 | Is this training required of all personnel or just those with access to personal identifiable information? | dropdown | ||
| 44 | Is this training conducted on at least an annual basis? | dropdown | ||
| 45 | Is data encrypted at rest? | dropdown | ||
| If so, what level of encryption is used? | text | |||
| 46 | Does your firm use “real time” malware detection software? | dropdown | ||
| 47 | Does your firm utilize two-factor or multifactor authentication to verify a participant's identity? | dropdown | ||
| If Yes, is it optional or required? | dropdown | |||
| 48 | When a participant attempts to log onto your system, does your system check to see if the device being used is a “known” device? | dropdown | ||
| 49 | How do you authenticate the login? | dropdown | ||
| 50 | If the login is not authenticated, what steps do you take? | text | ||
| 51 | When a participant attempts to log onto your system, does your system check to see if the location (eg: Africa, US, etc.) is a “known” address? | dropdown | ||
| 52 | How do you authenticate the login? | text | ||
| 53 | If the login is not authenticated, what steps do you take? | text | ||
| 54 | If a participant changes personal information through your website, how do you send confirmation regarding the change? (For example, emailed to email address on file, mailed to home address, text message to number on file) | dropdown | ||
| 55 | Please list any industry certifications/attestations you have around information security (e.g., SSAE-18, SOC-2, ISO). | text | ||
| 56 | Will your firm provide notice of any scheduled system outages at least 3 business days prior to the outage occurring? | dropdown |
Section I, #8-11
| 1 | Indicate how many governmental plans you currently recordkeep (across all market segments) for the following plan types in each of the following participant count ranges: | ||||
| 401(a) Government Plans | 457 (b) Government Plans | Total | |||
| < 100 participants | 0 | ||||
| 100 - 499 participants | 0 | ||||
| 500 - 999 participants | 0 | ||||
| 1,000 - 4,999 participants | 0 | ||||
| 5,000 - 9,999 participants | 0 | ||||
| 10,000 - 14,999 participants | 0 | ||||
| 15,000 - 19,999 participants | 0 | ||||
| 20,000 - 49,999 participants | 0 | ||||
| 50,000 or more participants | 0 | ||||
| Total | 0 | 0 | 0 |
| 2 | Indicate how many governmental plans you currently recordkeep (across all market segments) by plan type in each of the following asset ranges: | ||||
| 401(a) Government Plans | 457 (b) Government Plans | Total | |||
| Under 1 million | 0 | ||||
| 1 - 5 million | 0 | ||||
| > 5 - 25 million | 0 | ||||
| > 25 - 100 million | 0 | ||||
| > 100 - 500 million | 0 | ||||
| > 500 million - 1 billion | 0 | ||||
| > 1 billion | 0 | ||||
| Total | 0 | 0 | 0 |
| 3 | Indicate the number of new governmental plans you have added in the past 2 years (across all market segments) in each of the following participant count ranges: | ||||
| 401(a) Government Plans | 457 (b) Government Plans | Total | |||
| < 100 participants | 0 | ||||
| 100 - 499 participants | 0 | ||||
| 500 - 999 participants | 0 | ||||
| 1,000 - 4,999 participants | 0 | ||||
| 5,000 - 9,999 participants | 0 | ||||
| 10,000 - 14,999 participants | 0 | ||||
| 15,000 - 19,999 participants | 0 | ||||
| 20,000 - 49,999 participants | 0 | ||||
| 50,000 or more participants | 0 | ||||
| Total | 0 | 0 | 0 |
4 Indicate the number of new governmental plans you have added in the past 2 years (across all market segments) in each of the following asset ranges:
| 401(a) Government Plans | 457 (b) Government Plans | Total | |||
| Under 1 million | 0 | ||||
| 1 - 5 million | 0 | ||||
| > 5 - 25 million | 0 | ||||
| > 25 - 100 million | 0 | ||||
| > 100 - 500 million | 0 | ||||
| > 500 million - 1 billion | 0 | ||||
| > 1 billion | 0 | ||||
| Total | 0 | 0 | 0 | ||
| 5 | Indicate your total assets under management | ||||
| 6 | Indicate your total defined contribution assets under management | ||||
| 7 | Indicate your total 401(a) plan assets under management | ||||
| 8 | Indicate your total 457(b) plan assets under management (not top hat) |
Section II Vendor: [Enter Bidding Recordkeeper Firm Name]
| II. | Question | Answer Format | Vendor Response | Comments |
| II. | Recordkeeping Services | |||
| 1 | Based on the plan documentation provided, can your firm recordkeep the plan without manual intervention or workarounds? If no: | dropdown | ||
| Which provisions require manual intervention or workarounds? | text | |||
| What are your firm’s future plans for automating the administration of the above provision(s) on your system? | text | |||
| What is the expected timing for implementing the automation of the above provision(s)? | text | |||
| 2 | Do you provide an administration manual and/or individual administrative procedures? | dropdown | ||
| 3 | Is the administration manual and/or individual administrative procedures generic for all clients or customized for each client based on their plan provisions and contracted services? | dropdown | ||
| 4 | How frequently is the administration manual and/or individual administrative procedures reviewed and updated by the client servicing team? | dropdown | ||
| 5 | Do you train the client on the administration manual and/or individual administrative procedures when there is a change in personnel? | dropdown | ||
| 6 | What is your cut-off time for processing transactions? | dropdown | ||
| 7 | How often are the Web, Voice and recordkeeping systems adjusted so that they are in sync? | dropdown | ||
| 8 | Does the Web and Voice system alert the participant that they are about to make a transaction in a fund that may be subject to redemption fees? | dropdown | ||
| If so, does it show the approximate amount? | dropdown | |||
| 9 | Will your firm communicate directly with participants who have violated excessive trading restrictions imposed by the funds in the plan? | dropdown | ||
| If no, can you support the client with appropriate information, such as participant level reports of excessive trading, so that the client can communicate with participants who have violated excessive trading restrictions? | dropdown | |||
| 10 | Are confirmation notices provided to participants for account transactions such as transfers/exchanges, investment election changes, deferral rate changes and enrollment? | dropdown | ||
| 11 | How many payroll feeds will you accept per year without any additional charge? Note, there are over 1,800 payroll feeds annually for the State of NJ. | dropdown | ||
| 12 | Will you accept “full” payroll files (including the indicative data) for all employees (even those not eligible) each pay period? | dropdown | ||
| 13 | Do you require that contribution and indicative data be provided in your preferred format? | dropdown | ||
| 14 | When an error is discovered in data transmitted to you, how does your firm handle it? | dropdown | ||
| 15 | How much time is needed from the receipt of clean payroll data to process the file and post contributions? | dropdown | ||
| 16 | Can you accept ACH debit for funding of contributions? | dropdown | ||
| 17 | Will you automatically send enrollment materials to newly eligible employees? | dropdown | ||
| 18 | Do the enrollment materials include a summary of plan features (similar to a Summary Plan Description)? | dropdown | ||
| 19 | Through which channels can employees enroll in the plan (i.e., web, voice, call center, paper form, mobile app)? | text | ||
| 20 | Can you accommodate Roth contributions? | dropdown | ||
| 21 | Can a participant elect regular deferrals (i.e., pre-tax and Roth but not catch-up) in percentage and/or dollar amounts? | dropdown | ||
| 22 | Are percentage elections for any deferral type (regular or catch-up) required to be in whole percentages? | dropdown | ||
| 23 | Are contribution rate changes allowed via: | |||
| Web | dropdown | |||
| Voice | dropdown | |||
| Call center representative | dropdown | |||
| Paper form | dropdown | |||
| Mobile app | dropdown | |||
| 24 | Will you monitor 402(g) limits on a per-pay-period basis, and notify the client if a participant exceeds the limit? | dropdown | ||
| If so, how do you process the contribution for the participant who exceeds the 402(g) limit? | dropdown | |||
| 25 | Do participants need to self-certify rollovers, or will you collect and review rollover documentation and approve the rollover without plan sponsor involvement? | dropdown | ||
| 26 | Can you accommodate Roth rollovers? | dropdown | ||
| 27 | Can you accommodate in-plan Roth conversions? | dropdown | ||
| 28 | Do you perform data edits for missing data, data inconsistencies and plan restrictions on the electronic data you receive? | dropdown | ||
| 29 | How do you provide payroll information regarding the following to clients? | |||
| Participant-elected deferral elections | dropdown | |||
| 30 | How often can you send payroll information (i.e., feedback files) to the client? | dropdown | ||
| 31 | Can transfers/exchanges be processed in the following manner: | dropdown | ||
| 32 | Do you offer automatic rebalancing based on current elections? | dropdown | ||
| 33 | What is the standard turnaround time (in business days) for mailing the following withdrawal/distribution checks? | |||
| In-service withdrawal checks | dropdown | |||
| Termination distribution checks | dropdown | |||
| 34 | Do participants need to self-certify unforeseen emergency withdrawals, or will you collect, review and maintain the needed documentation and approve the withdrawals without client involvement? | dropdown | ||
| 35 | Which of the following will your firm handle without requiring client review/approval? Indicate all that apply. | |||
| Age 59½ withdrawal | dropdown | |||
| Other in-service withdrawals (non-unforeseen emergency) | dropdown | |||
| Termination distributions | dropdown | |||
| Distributions due to disability | dropdown | |||
| Distributions due to death | dropdown | |||
| 36 | Can withdrawal/distribution proceeds be directly deposited into a participant's bank account (assuming the participant provides you with his/her banking information)? | dropdown | ||
| 37 | Can you accommodate ongoing installment payments for terminated participants? | dropdown | ||
| 38 | Can you accommodate partial account distributions for terminated participants? | dropdown | ||
| 39 | Can you proactively monitor terminated employees with vested balances of $1,000 or less and process mandatory cash-out distributions? | dropdown | ||
| 40 | How often does your firm process mandatory cash-outs? | dropdown | ||
| 41 | Can your system exclude rollover amounts when determining vested balances for mandatory cash-outs/rollovers? | dropdown | ||
| 42 | For direct rollover distributions, which options are available for payment: | |||
| Check mailed directly to rollover institution | dropdown | |||
| Check mailed to participant | dropdown | |||
| Electronic transfer of funds to rollover institution | dropdown | |||
| 43 | Will you automatically send a distribution kit to participants upon receipt of termination date? | dropdown | ||
| 44 | Are distribution elections for terminated participants allowed via: | |||
| Web | dropdown | |||
| Voice | dropdown | |||
| Call center representatives | dropdown | |||
| Paper form | dropdown | |||
| Mobile App | dropdown | |||
| 45 | Can you identify participants who are subject to a minimum required distribution and calculate the required amount? | dropdown | ||
| 46 | Will you notify participants who are required to take a minimum distribution (in advance of the distribution deadline) without client involvement? | dropdown | ||
| 47 | Will you process the required minimum distributions prior to the deadline for participants who have not actively requested it? | dropdown | ||
| 48 | Does your system have the ability to apply in-service withdrawals processed earlier in the year to required minimum distribution calculations? | dropdown | ||
| 49 | Can terminated participants contact your firm directly and request a change to their address information? | dropdown | ||
| 50 | Can automatic increase be made available to participants on a voluntary, opt-in basis, regardless of whether auto increase is tied to a plan-level automatic enrollment provision? | dropdown | ||
| 51 | If automatic increase is available to participants on a voluntary, opt-in basis, how is the timing of the increase determined? | dropdown | ||
| 52 | Will you collect and maintain beneficiary information for plan participants? | dropdown | ||
| 53 | Are beneficiary designations allowed via: | |||
| Web | dropdown | |||
| Voice | dropdown | |||
| Call center representatives | dropdown | |||
| Paper form | dropdown | |||
| Mobile App | dropdown | |||
| 54 | When you are notified by a beneficiary of the death of a terminated participant, will you work directly with the beneficiary to collect the death certificate and set up a beneficiary account in accordance with the designation on file, without client involvement? | dropdown | ||
| 55 | Do you or a third party partner provide qualification services for DROs? | dropdown | ||
| 56 | Do you or your third party partner provide written QDRO procedures as part of your QDRO services? | dropdown | ||
| 57 | Do you or your third party partner handle all the communications with the participant and alternate payee as part of your QDRO services? | dropdown | ||
| 58 | How many redundant recordkeeping sites do you maintain? | dropdown | ||
| 59 | Are your redundant sites sufficiently geographically dispersed in order to minimize the possibility of multiple sites being impacted by the same disaster? | dropdown | ||
| 60 | How many redundant call center sites do you maintain? | dropdown | ||
| 61 | Where are your call centers located? (list city, state and country for each) | text | ||
| 62 | How often do you test your disaster recovery procedures? | dropdown | ||
| 63 | In the event of a disaster, how long will it take for your hot site to be fully functional? | dropdown | ||
| 64 | How often do you do full backups of your files? | dropdown | ||
| 65 | Are the backups catalogued and stored offsite? | dropdown | ||
| 66 | How quickly can the files be recalled if data needs to be restored? | dropdown | ||
| 67 | Do you have an outside firm that is in charge of your back-up facility? | dropdown | ||
| 68 | How long is your recordkeeping data retained and accessible? | dropdown | ||
| 69 | Do you retain a history of all transactions, the back-up detail of the decision request and the documentation supporting the request outcome, even when those details could ultimately show an error on the part of employees or contractors of your organization involving your clients' plans? | dropdown | ||
| 70 | How long are terminated employees maintained on your system? | dropdown | ||
| 71 | How are negative contributions on the contribution file handled? | dropdown | ||
| 72 | If a contribution reversal (or other error by the client) results in a situation where the participant needs to be made whole, will you calculate the applicable gain/loss and make the correction (assuming the client funds any gain)? | dropdown | ||
| 73 | Do you offer an address search service, to locate participants with bad address information on file? | dropdown | ||
| 74 | Is undeliverable mail returned to your firm (rather than the client)? | dropdown | ||
| 75 | When participant mail is returned because of a bad address, do you flag the participant's account to prevent any future mailings? | dropdown | ||
| 76 | When an active employee's mail is returned because of a bad address, do you notify the client? | dropdown | ||
| 77 | Will your firm provide a written commitment that its plan operations comply with plan documents? | dropdown | ||
| 78 | How many times has your firm converted assets and records in the past 3 years from Empower (please list conversions from Empower separately from conversions from Prudential in Item 79 below) | number | ||
| 79 | How many times has your firm converted assets and records in the past 3 years from Prudential (please list conversions from Prudential separately from conversions from Empower noted in Item 78 above) | number | ||
| 80 | Please include a sample conversion timeline (as an attachment) that would closely mirror your preferred approach (based on a 90-day conversion period for implementation on April 1, 2025). | attachment | ||
| 81 | Is the Relationship Manager involved from the beginning and throughout the conversion process? | dropdown | ||
| 82 | Do you provide a dedicated conversion specialist? | dropdown | ||
| 83 | What is the typical number of conversions (including de-conversions, if applicable) managed by the conversion specialist at any one time for this market segment? | number | ||
| 84 | Will the conversion specialist manage all deliverables and coordinate with the other members of the conversion team (communications, legal, data conversion, etc.)? | dropdown | ||
| 85 | Will the conversion team work directly with the client's payroll group and/or payroll recordkeeper to define, develop and test the ongoing payroll files? | dropdown | ||
| 86 | Will the conversion team work directly with the prior recordkeepers to identify and collect the necessary conversion data? | dropdown | ||
| 87 | Will the conversion specialist provide a detailed project log at the beginning of the process, documenting all project milestones, roles, responsibilities and due dates? | dropdown | ||
| 88 | If yes, will you update the project log periodically throughout the conversion to document decisions made and steps completed, and review it with the client? | dropdown | ||
| 89 | Will the conversion team conduct an in-depth "kickoff" meeting with the client, to discuss roles and responsibilities, review plan provisions, consider possible plan design and/or administrative changes, and identify servicing requirements? | dropdown | ||
| 90 | Will the conversion team conduct periodic conference calls with the client throughout the conversion to review progress and discuss outstanding issues? | dropdown | ||
| 91 | What options are available for the transfer of assets upon conversion? Check all that can be handled by your firm. | |||
| Maintain (re-register) existing funds | dropdown | |||
| Map to like funds | dropdown | |||
| Map to target date funds | dropdown | |||
| 92 | If your firm can accommodate the mapping of all assets to target date funds, is the participant given an opportunity (prior to the asset transfer) to opt out of the default mapping and make an active investment election? | dropdown | ||
| 93 | What options are available for the establishment of participant investment elections upon conversion? Check all that apply: | |||
| Maintain the same elections | dropdown | |||
| Map to like funds | dropdown | |||
| Map to target date funds | dropdown | |||
| Solicit participant elections (prior to asset transfer) | dropdown | |||
| 94 | How many business days is the blackout period once you have "good data" from the prior recordkeeper? | dropdown | ||
| 95 | What percentage of your firm's conversions are completed within the time frame quoted above? | dropdown | ||
| 96 | On the date of the asset transfer, what is your deadline (Eastern Time) for receiving the following, in order to invest the money that day: | |||
| Wire | text | |||
| Breakdown of transferring assets by fund | text | |||
| 97 | If more than one plan is being converted, can individual plans be brought out of blackout if others aren't ready? | dropdown | ||
| 98 | Which of the following can you accept during the blackout period? | |||
| Contributions | dropdown | |||
| Participant rollover contributions | dropdown | |||
| None | dropdown | |||
| 99 | Which of the following are available to participants via a website during the blackout period? | |||
| Information about the conversion | dropdown | |||
| Plan features/provisions | dropdown | |||
| Information about the investments | dropdown | |||
| Make investment choices for future contributions | dropdown | |||
| Make investment choices for balances being converted | dropdown | |||
| 100 | Which of the following are available to participants through the participant call center during the blackout period? | |||
| Information about the conversion | dropdown | |||
| Plan features/provisions | dropdown | |||
| Information about the investments | dropdown | |||
| Make investment choices for future contributions | dropdown | |||
| Make investment choices for balances being converted | dropdown | |||
| 101 | Can you convert existing beneficiary designations from the prior recordkeeper? | dropdown | ||
| 102 | Can you convert existing RMD data from the prior recordkeeper? | dropdown | ||
| 103 | Can you convert existing installment payment elections from the prior recordkeeper? | dropdown | ||
| 104 | Can you convert prior transaction history from the prior recordkeeper? | dropdown | ||
| 105 | Is the client required to approve conversion reports prior to the plan going live? | dropdown | ||
| 106 | If the client is required to approve conversion reports, typically how many days does the client have to approve such reports without delaying your stated go-live date? | dropdown | ||
| 107 | In general, what is the minimum amount of time (in weeks) you require to convert a plan, once you have been awarded the business? | dropdown | ||
| 108 | How many weeks prior to the asset transfer do you need to have the investment lineup finalized? | dropdown | ||
| 109 | Will you refuse to accept the assets from the prior recordkeeper if any of the following are not finalized and executed by the client prior to the asset transfer? | |||
| Plan document or amendment | dropdown | |||
| Service agreement | dropdown | |||
| Trust / custodial agreement | dropdown | |||
| 110 | Will your firm prepare the draft blackout notice? | dropdown | ||
| 111 | Will your firm mail the blackout notice to the homes of all affected participants and beneficiaries (both active and terminated)? | dropdown | ||
| 112 | In addition to the blackout notice, will your firm prepare the following communications related to the conversion process? | |||
| Initial announcement of recordkeeper selection / upcoming transition | dropdown | |||
| Detailed conversion newsletter with mapping information | dropdown | |||
| "Go live" announcement | dropdown | |||
| 113 | Will your firm mail the following communications related to the conversion process to participant homes? | |||
| Initial announcement of recordkeeper selection / upcoming transition | dropdown | |||
| Detailed conversion newsletter | dropdown | |||
| "Go live" announcement | dropdown | |||
| 114 | If you provide an administration manual, is it initially created as part of the conversion process, and reviewed with the client prior to conversion? | dropdown |
Section III Vendor: [Enter Bidding Recordkeeper Firm Name]
| Question | Answer Format | Vendor Response | Comments | |
| III. | Participant Experience | |||
| 1 | What are the hours a call center representative is available? (ET) | |||
| Monday - Friday | text | |||
| Saturday | text | |||
| Sunday | text | |||
| 2 | What is the average wait time before a call is answered? | dropdown | ||
| 3 | What is the percentage of issues resolved on the first call to a call center representative? | dropdown | ||
| 4 | If an issue requires further research, what is the maximum timeframe to contact the participant with a status update? | dropdown | ||
| 5 | What is the average time to resolve an issue that is not resolved on the first call? | dropdown | ||
| 6 | Are all participant calls recorded? | dropdown | ||
| 7 | How long are participant call recordings retained? | dropdown | ||
| 8 | If a client requests a recording of a call, how long does it typically take to provide to the client? | dropdown | ||
| 9 | Can your firm provide reporting on topics being discussed with participants? | dropdown | ||
| 10 | Are call center representatives assigned specifically to certain clients, or do they take calls for any client? | dropdown | ||
| 11 | Does your call center employ a skills based routing system whereby participant calls are directed to an appropriate representative based on (for example) the complexity of the issue/request, the participant's particular age/life stage, etc.? | dropdown | ||
| 12 | Does your firm's call center offer Spanish-speaking representatives? | dropdown | ||
| 13 | Is access to languages other than English or Spanish provided through Language Line or some other means? | dropdown | ||
| 14 | Can participants communicate with call center representatives via secure e-mail? | dropdown | ||
| If yes, do you retain a history of these emails? | dropdown | |||
| How long are participant emails retained? | dropdown | |||
| Provide the statistical turnaround times for the past six (6) months | Text | |||
| 15 | Can participants communicate with call center representatives via live chat? | dropdown | ||
| If yes, do you retain a history of these chat communications? | dropdown | |||
| 16 | How long are participant chat communications retained? | dropdown | ||
| 17 | Will call center representatives walk participants through your online investment guidance and/or advice tools? | dropdown | ||
| 18 | What kind of licenses/credentials do you require for call center representatives? | |||
| NASD Series 6 | dropdown | |||
| NASD Series 7 | dropdown | |||
| NASD Series 63 | dropdown | |||
| NASD Series 65 | dropdown | |||
| ASPPA - QKA | dropdown | |||
| ASPPA - QPA | dropdown | |||
| ASPPA - CPC | dropdown | |||
| Other: | dropdown | |||
| 19 | Provide the information needed to access a demo of your participant website. | |||
| Web address | text | |||
| User ID | text | |||
| Password/PIN | text | |||
| Password/PIN expiration date | text | |||
| Other information needed: | text | |||
| 20 | Provide your current website availability percentage over the prior 12 months. | dropdown | ||
| 21 | What options exist for customizing / branding the website for the client? | dropdown | ||
| 22 | Can custom client messages or announcements be posted on the website? | dropdown | ||
| If so, can messaging be targeted (for example, by location, age, etc.)? | dropdown | |||
| 23 | Can a Spanish language version of the website be made available? | dropdown | ||
| 24 | Can a link be posted on the client's intranet which takes participants directly to your website without requiring the participant to log in again? | dropdown | ||
| 25 | If a participant has multiple accounts with your firm (e.g., prior employer accounts, IRA, etc.), are all accounts accessible via a single sign-in? | dropdown | ||
| 26 | If the client has multiple defined contribution plans being recordkept by your firm, can you provide consolidated statements? | dropdown | ||
| 27 | Can account data be imported directly into personal finance applications or websites (e.g., Quicken or Mint.com)? | dropdown | ||
| 28 | How many years of history can be displayed on the website? | dropdown | ||
| 29 | Is the following inquiry functionality available on the website? | |||
| Balance by fund | dropdown | |||
| Current outstanding loan balance | dropdown | |||
| Current deferral rate(s) | dropdown | |||
| Current investment elections | dropdown | |||
| Current beneficiary elections | dropdown | |||
| Personal rate of return | dropdown | |||
| Investment performance history | dropdown | |||
| Pending transactions | dropdown | |||
| Loan modeling | dropdown | |||
| Loan payoff amount / instructions | dropdown | |||
| Prior quarterly statements | dropdown | |||
| Fund prospectuses | dropdown | |||
| Fund fact sheets | dropdown | |||
| Plan highlights / summary of plan provisions | dropdown | |||
| Call center contact instructions | dropdown | |||
| On-site representative contact instructions | dropdown | |||
| 30 | Is the following transaction functionality available on the website? | |||
| Create and change user ID | dropdown | |||
| Change PIN / password | dropdown | |||
| Enrollment | dropdown | |||
| Change deferral rate(s) | dropdown | |||
| Change investment elections | dropdown | |||
| Rebalance account | dropdown | |||
| Enroll in automatic rebalancing | dropdown | |||
| Transfers / exchanges | dropdown | |||
| Enroll in automatic increase | dropdown | |||
| Elect or change beneficiary | dropdown | |||
| Request in-service withdrawal | dropdown | |||
| Request final distribution | dropdown | |||
| Request loan | dropdown | |||
| Request statement on demand, for a participant-specified time period | dropdown | |||
| Request statement on demand, for prior quarterly statements | dropdown | |||
| 31 | Do you offer an online retirement income projection or "gap analysis" tool? | dropdown | ||
| 32 | If yes, does your online retirement income projection tool: | |||
| Project Social Security benefits | dropdown | |||
| Offer default assumptions with the flexibility for the participant to change assumptions | dropdown | |||
| Allow participants to manually enter other retirement income sources such as spousal benefits, IRAs or other personal savings, etc. | dropdown | |||
| Incorporate automatic data collection and aggregation from other financial institutions (if the participant provides the necessary account login information) | dropdown | |||
| Provide suggestions to participants for improving results (by increasing their deferral rate or investing more aggressively, for example) | dropdown | |||
| 33 | Do you provide lifetime income projections: | |||
| On the website | dropdown | |||
| On the participant statement | dropdown | |||
| 34 | Do you provide a separate periodic statement to participants with projected lifetime income information? | dropdown | ||
| 35 | Do you provide a separate periodic statement to participants with projected "gap analysis" information? | dropdown | ||
| 36 | Do you provide a modeling tool on the website to help participants project retirement spending needs? | dropdown | ||
| 37 | Do you provide a cash flow modeling tool to help participants compare various withdrawal strategies? | dropdown | ||
| 38 | Can a notification be displayed on the website for employees who do not have a beneficiary election? | dropdown | ||
| 39 | Are pre-recorded generic financial education webinars available to participants on the website? | dropdown | ||
| 40 | If yes, are any of your pre-recorded educational webinars available in Spanish? | dropdown | ||
| 41 | Can your firm create and record customized, client-specific webinars for plan participants? | dropdown | ||
| 42 | Can your firm conduct live customized, client-specific webinars for plan participants? | dropdown | ||
| 43 | Can your firm conduct on-site group education meetings for employees? | dropdown | ||
| 44 | Can your firm conduct on-site group education meetings for employees in Spanish? | dropdown | ||
| 45 | Can your firm conduct on-site one-on-one meetings for employees? | dropdown | ||
| 46 | Can your firm conduct on-site one-on-one meetings for employees in Spanish? | dropdown | ||
| 47 | Is an online scheduling tool available to schedule one-on-one meetings or phone appointments? | dropdown | ||
| 48 | Can your firm send out emails or texts to employees to notify them that an on-site representative will be available at their specific location on an upcoming date? | dropdown | ||
| 49 | What kind of licenses/credentials do you require for "on-site" representatives who meet one-on-one with the client's employees? | |||
| NASD Series 6 | dropdown | |||
| NASD Series 7 | dropdown | |||
| NASD Series 63 | dropdown | |||
| NASD Series 65 | dropdown | |||
| ASPPA - QKA | dropdown | |||
| ASPPA - QPA | dropdown | |||
| ASPPA - CPC | dropdown | |||
| CFP | dropdown | |||
| Other (specify in Comments) | dropdown | |||
| 50 | Do your firm's on-site representatives serve as a fiduciary related to any investment advice provided to participants? | dropdown | ||
| 51 | Are on-site representatives permitted to discuss other investment products or services that your firm offers? | dropdown | ||
| 52 | Can the client limit or restrict the on-site representatives’ ability to discuss other investment products or services that your firm offers? | dropdown | ||
| 53 | Can your firm leverage participant data to create personalized communications with recommended actions, based on that participant's situation and needs? | dropdown | ||
| 54 | Is your website optimized for mobile viewing through tablets and smartphones? | dropdown | ||
| 55 | Is there an application available specifically for mobile devices? | dropdown | ||
| 56 | If so, which devices are supported: | |||
| iOS (Apple) | dropdown | |||
| Android | dropdown | |||
| Windows (Microsoft) | dropdown | |||
| Fire OS (Amazon Kindle Fire) | dropdown | |||
| Other (specify in Comments) | dropdown | |||
| 57 | Can participants conduct any of the following transactions via your mobile application? | |||
| Enrollment | dropdown | |||
| Contribution rate changes | dropdown | |||
| Investment election changes | dropdown | |||
| Fund transfers / exchanges | dropdown | |||
| Initiate a loan | dropdown | |||
| Initiate an in-service withdrawal | dropdown | |||
| Initiate an unforeseen emergency withdrawal | dropdown | |||
| Initiate a distribution due to termination | dropdown | |||
| 58 | If your mobile application is currently inquiry-only, do you have plans to introduce transaction capabilities in the future and what is the expected timing? | dropdown | ||
| 59 | Assuming that participants have provided your firm with their contact information, do you have the ability to push communications to participants via: | |||
| dropdown | ||||
| Text | dropdown | |||
| 60 | Provide your current voice system availability percentage during the prior 12 months. | dropdown | ||
| 61 | Is the voice system available in Spanish? | dropdown | ||
| 62 | Is the voice system inquiry-only or is there any transaction capability? | dropdown | ||
| 63 | In what ways do you monitor participant satisfaction? Indicate all that apply: | |||
| Conduct random survey of call center participants. (specify frequency in comments) | dropdown | |||
| Conduct random online survey of participants using the website. (specify frequency in comments) | dropdown | |||
| External independent third party surveys. (specify frequency and name of firm in comments) | dropdown | |||
| Solicit feedback from employee enrollment / education meetings | dropdown | |||
| Conduct focus groups to evaluate call center and/or web capabilities | dropdown | |||
| Do not monitor | dropdown | |||
| Other (specify in comments) | dropdown | |||
| 64 | Do you prepare the following regulatory notices? | |||
| Required Minimum Distribution notice | dropdown | |||
| Blackout notice | dropdown | |||
| 65 | Without regard to whether additional fees would be involved, will you distribute the regulatory notices noted above to ACTIVE and TERMINATED participants, via any of these delivery methods? | |||
| Mail to participant homes | dropdown | |||
| E-mail if consent to e-mail delivery has been provided by participant | dropdown | |||
| Email if email delivery is the default method selected by plan sponsor | dropdown | |||
| Include with quarterly statement mailing | dropdown | |||
| Post on website | dropdown | |||
| Client is responsible for delivery | dropdown |
Section IV Vendor: [Enter Bidding Recordkeeper Firm Name]
| Question | Answer Format | Vendor Response | Comments | |
| IV. | Plan Sponsor Experience | |||
| 1 | What are the minimum education requirements required for plan administrators before working on client plans? | dropdown | ||
| 2 | What are the minimum education requirements required for relationship managers before working on client plans? | dropdown | ||
| 3 | What are the minimum years of industry experience required for plan administrators before working on client plans? | dropdown | ||
| 4 | What are the minimum years of industry experience required for relationship managers before working on client plans? | dropdown | ||
| 5 | What kind of licenses/credentials do you require for the Plan Administrator? | |||
| ASPPA - QKA | dropdown | |||
| ASPPA - QPA | dropdown | |||
| ASPPA - CPC | dropdown | |||
| None | dropdown | |||
| Other (specify in Comments) | dropdown | |||
| 6 | What kind of licenses/credentials do you require for the Relationship Manager? | |||
| ASPPA - QKA | dropdown | |||
| ASPPA - QPA | dropdown | |||
| ASPPA - CPC | dropdown | |||
| None | dropdown | |||
| Other (specify in Comments) | dropdown | |||
| 7 | What is the average number of clients serviced by the following team members for this market segment? | |||
| Plan Administrator | dropdown | |||
| Relationship Manager | dropdown | |||
| 8 | What is the average internal tenure for your employees in the following roles? | |||
| Plan Administrator | dropdown | |||
| Relationship Manager | dropdown | |||
| 9 | What is the average external tenure for your employees in the following roles? | |||
| Plan Administrator | dropdown | |||
| Relationship Manager | dropdown | |||
| 10 | In what ways do you monitor client satisfaction? Indicate all that apply: | |||
| Self-driven client satisfaction survey (specify frequency in Comments) | dropdown | |||
| External independent third party surveys (specify frequency and name of firm in Comments) | dropdown | |||
| Measurable service guarantees | dropdown | |||
| Other (specify in Comments) | dropdown | |||
| Do not monitor | dropdown | |||
| 11 | If a team member's compensation is based on client satisfaction, indicate which team members are subject to this measurement. | |||
| Plan Administrator | dropdown | |||
| Relationship Manager | dropdown | |||
| Communication Specialist | dropdown | |||
| Conversion Specialist | dropdown | |||
| On-site representative | dropdown | |||
| 12 | Does your firm maintain a client advisory board to discuss system/service enhancements? | dropdown | ||
| 13 | If your firm has a client advisory board in place, how often does the board meet each year? | dropdown | ||
| 14 | How frequently are team members willing to meet in person with the client to review plan statistics, demographics, communications, etc.? | dropdown | ||
| 15 | If there are service standards in place (regardless of whether or not they are part of your service agreement), how frequently will the team members measure and report results back to the client? | dropdown | ||
| 16 | Is it your normal practice to assign a communication specialist to the client / plan? | dropdown | ||
| 17 | Can you develop a custom communication campaign that reflects the client's culture, branding and messaging (not just their logo)? | dropdown | ||
| 18 | How do you measure the success of each communication campaign completed each year? | dropdown | ||
| 19 | Can you provide retirement related articles for clients to use in the client's in-house newsletters? | dropdown | ||
| 20 | Provide the information needed to access a demo of your plan sponsor website. | |||
| Web address | text | |||
| User ID | text | |||
| Password/PIN | text | |||
| Password/PIN expiration date | text | |||
| Other information needed | text | |||
| 21 | What plan-level information is available on the plan sponsor website? | |||
| Balance by fund | dropdown | |||
| Investment performance history | dropdown | |||
| Fund prospectuses | dropdown | |||
| Fund fact sheets | dropdown | |||
| Plan document | dropdown | |||
| Plan highlights / summary of plan provisions | dropdown | |||
| Loan policy | dropdown | |||
| Plan administration manual | dropdown | |||
| QDRO procedures | dropdown | |||
| Plan service reviews | dropdown | |||
| Service agreement | dropdown | |||
| Participant communications | dropdown | |||
| 22 | What other features are available on the plan sponsor website? | |||
| Team calendar | dropdown | |||
| Regulatory calendar | dropdown | |||
| Administrative scorecard / Service Level Agreement results | dropdown | |||
| Secure exchange of documents and files | dropdown | |||
| Transaction approval for loans / withdrawals | dropdown | |||
| Transact business on participant's behalf | dropdown | |||
| Participant indicative data changes | dropdown | |||
| Create custom messages to appear on the participant website | dropdown | |||
| Research, surveys and other thought leadership from your firm | dropdown | |||
| 23 | Is the client required to use the participant's Social Security Number when reviewing a participant's account? | dropdown | ||
| 24 | Is the client able to access detailed participant-level information via the plan sponsor website? | dropdown | ||
| 25 | How many years of participant-level history can be accessed through the plan sponsor website? | dropdown | ||
| 26 | Are different levels of access to the plan sponsor website available based on a client contact's role (for example, an HR contact could access participant level data but a Finance contact could only access plan level data)? | dropdown | ||
| 27 | Can access to the plan sponsor website be based on organizational structure (for example, a contact for ABC division would only be able to see data for ABC division)? | dropdown | ||
| 28 | Does your firm offer a library of standard reports available on the plan sponsor website? | dropdown | ||
| 29 | Does the client have the ability to create custom ad-hoc reports on the plan sponsor website? | dropdown | ||
| 30 | How quickly are custom ad-hoc reports typically available after request through the plan sponsor website? | dropdown | ||
| 31 | Can reports generated off of the plan sponsor website be run based on location or division (assuming the client is providing the appropriate location or division codes)? | dropdown | ||
| 32 | Is the client able to save an ad-hoc report they developed through the plan sponsor website as a template for future use? | dropdown | ||
| 33 | Can the client schedule the templates created (based on the question above) to be run at a future date? | dropdown | ||
| 34 | Can reports generated off of the plan sponsor website be downloaded to Excel? | dropdown | ||
| 35 | When running reports through the plan sponsor website, is the plan sponsor able to access current data (as of the most recent market close)? | dropdown | ||
| 36 | When running reports through the plan sponsor website, is the client able to request data as of a specific prior date? | dropdown | ||
| 37 | How many years of data can be accessed through the plan sponsor website reporting tool? | dropdown | ||
| 38 | Can the client request a custom report from the servicing team directly, without using the plan sponsor website? | dropdown | ||
| 39 | What is the typical turnaround time for custom reports requested through the client service team? | dropdown | ||
| 40 | Can the client service team provide in-depth training on the plan sponsor website at the time of conversion? | dropdown | ||
| 41 | Would training on the plan sponsor website be available to new client contacts on an as-needed basis? | dropdown | ||
| 42 | Can access to the plan sponsor website be provided for third parties such as consultants? | dropdown | ||
| 43 | If your firm offers an online retirement income projection or "gap analysis" tool for participants, are plan-level results available to the client (for example, the percentage of participants who are on track to meet their retirement goals)? | dropdown | ||
| 44 | If yes, are results available on the plan sponsor website and updated regularly? | dropdown | ||
| 45 | Are the results from retirement income projections or the “gap analysis” tool available for custom reporting? (Example: report the # of 40 year old participants who are “on track” in a specific division code?) | dropdown | ||
| 46 | Does your firm provide a prototype or volume submitter plan document for 401(a) and 457(b) clients to use? | dropdown | ||
| 47 | Based upon the plan documentation provided, can your firm restate the State plans on your prototype or volume submitter plan document without requiring the State to amend any of their current plan provisions? | dropdown | ||
| 48 | If no, which provision(s) cannot be supported on your document? | text | ||
| 49 | Will your firm assist the State in identifying and correcting any operational failures, including providing suggested steps to resolve failures and calculation of corrective contributions and lost earnings in a manner consistent with methods supported under the IRS Employee Plans Compliance Resolution System correction and other IRS regulations and guidance? (Yes/No) If No, please explain. | dropdown |
Section IV - Client Team Vendor: [Enter Bidding Recordkeeper Firm Name]
| Question | Vendor Response | |
| VI. | Client Team | |
| 1 | Do you currently have staff located in the State of New Jersey that would provide services to the State under this contract? ? If so identify the numbers of employees by their functional roles: | |
| Role | Number of Employees |
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