Attachment 4 Revised State of New Jersey Technical Questionnaire ABP-ACTS 9.29.25~1.xlsx
XLSX spreadsheet 159 KB Posted
- Solicitation number
- 25DPP01066
- Issued by
- New Jersey
About this file
This document is a comprehensive Technical Questionnaire for the State of New Jersey's Alternative Benefit Program (ABP) and Additional Contributions Tax-Sheltered (ACTS) Program, issued by the Department of the Treasury, Division of Purchase and Property. The procurement seeks to select three or more recordkeepers and administrative service providers for a complex multi-vendor retirement system serving state employees. The contract term is six years with potential extensions up to three additional years, with an optional pre-quote conference scheduled for June 4, 2025, and final quotes due by 2 PM on July 23, 2025. Vendors will be responsible for providing comprehensive retirement plan services, including investment options, account management, financial guidance, plan administration, on-site representatives, customer call centers, websites, communication materials, and compliance with federal tax and retirement plan regulations.
The solicitation requires vendors to submit gross, hard-dollar per-participant fees covering implementation, conversion, administration, recordkeeping, education, and trustee expenses. Current incumbent vendors include Corebridge Financial, Empower, and Prudential, who manage approximately $829,872,585 in plan assets across 15,550 active participants as of March 31, 2024. The state mandates vendors use the lowest-cost investment share classes, with all revenue sharing credited back to participants, and requires an administrative funding fee of two basis points. The procurement encourages participation from small, woman-owned, minority-owned, veteran-owned, and disabled veteran-owned businesses. One contractor will be selected as the Master Recordkeeper to coordinate data management and administrative services, with evaluation focusing on technological capabilities, participant services, administrative flexibility, cybersecurity standards, and fee structures. Pricing will be assessed across different participant balance tiers, with vendors required to complete a detailed Technical Questionnaire and demonstrate advanced technological platforms and robust participant communication tools.
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Instructions
| State of New Jersey - Technical Questionnaire Instructions |
| Alternative Benefit Program (ABP) and Additional Contributions Tax-Sheltered Program (ACTS) |
| Questions are organized into the following categories (there are separate tabs for each): |
1 Organization and Market Focus (Section 1 and Section 1 - Counts)
2 Recordkeeping Services
3 Participant Experience
4 Plan Sponsor Experience (Section 4 and Section 4 - Client Service Team)
5 Investment Products
6 Fee Flexibility and Transparency
7 Custom Questions
8 Master Recordkeeper- Complete only if you are interested in participating as a Master Recordkeeper (optional)
Within sections 1 and 2, specific attachments are requested. Please check the boxes below to indicate that these are being included with your response.
Please include a copy of the following items with your response.
Within Section 8, we ask you to attach an explanation of your approach/commitment for coordination service tools, and online verification/audit processes in relation to compliance with Section 508 of the Americans with Disabilities Act (ADA). Please check below that you included this attachment.
ACKNOWLEDGEMENTS:
Please confirm and acknowledge that your firm will cooperate and coordinate with the Data Coordinator selected.
Bidder shall acknowledge its willingness to provide two (2) basis points (0.02%) to the Division of Pension and Benefits for administrative funding.
Bidder shall acknowledge that it will not market or sell products, services, or investments other than those permitted under the contract.
Bidder shall provide most recent SOC 1, 2, and/or 3 reports.
Summary of cybersecurity requirements and procedures, physical security controls, etc.
Conversion timeline Sample Service Level Agreement Sample internet usage / participant engagement report Sample communication plan Participant and Plan Sponsor website demonstration site links ADA attachment Bidder confirms and acknowledges it will cooperate and coordinate with the selected Data Coordinator Bidder confirms and acknowledges it will provide for administrative funding Bidder confirms and acknowledges it will not market or sell products, services, or investment other than those permitted under the contract Sample Participant Statement SOC 1, 2, and/or 3 reports are attached (or comparable documents) Conversion timeline for Single Source (Master) Recordkeeper Services
Section 1 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 | |||
| Self-Directed Brokerage | dropdown | |||
| 5 | 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 | ||
| 6 | 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 | |||
| 7 | 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 - Counts") | |||
| 8 | 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 - Counts") | |||
| 9 | 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 - Counts") | |||
| 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 asset ranges (provide response in the tab labeled "Section I - Counts") | |||
| 11 | How many defined contribution plans that you provided recordkeeping services for have you lost in the past two years? | number | ||
| 12 | What was your firm's client retention rate over the last 5 years for defined contribution recordkept plans? | number | ||
| 13 | What was your firm's total investment in defined contribution plan services technology for the last three years? | number | ||
| 14 | What percentage of your client base is in the government market segment? | number | ||
| 15 | 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 | |||
| 16 | Does your service agreement contain a limit on liability? | dropdown | ||
| 17 | Does your service agreement require gross negligence in order to accept liability? | dropdown | ||
| 18 | Does your service agreement specify that your firm will maintain confidentiality of client data? | dropdown | ||
| 19 | 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 | ||
| 20 | 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? If so, briefly describe in comments. | |||
| Business Conduct | dropdown | |||
| Fiduciary Issues | dropdown | |||
| Fee Litigation | dropdown | |||
| Investments (other than ER stock) | dropdown | |||
| Trust Services | dropdown | |||
| Compliance | dropdown | |||
| Recordkeeping | dropdown | |||
| Employee Education | dropdown | |||
| Other | text | |||
| 25 | What was your firm’s total investment in cybersecurity for the last three years? | number | ||
| 26 | What was your firm’s total investment in participant fraud prevention for the last three years? | number | ||
| 27 | Does your firm have a Chief Information Security Officer on staff? | dropdown | ||
| 28 | 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 | ||
| 29 | Does your firm adhere to the SPARK Institute standards for cybersecurity? | dropdown | ||
| 30 | Are personnel trained on the protection of personal identifiable data? | dropdown | ||
| 31 | Is this training required of all personnel or just those with access to personal identifiable information? | dropdown | ||
| 32 | Is this training conducted on at least an annual basis? | dropdown | ||
| 33 | Will your firm provide notice of any scheduled system outages at least 3 business days prior to the outage occurring? | dropdown |
Section 1 - Counts
| 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 | 403(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 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 | 403(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 | 403(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 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 | 403(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 | Within the last 5 years, has your firm been subject to any litigation related to employee plan services denoted? | ||||
| 6 | Indicate your total defined contribution assets under management | ||||
| 7 | Indicate your total 401(a) plan assets under management | ||||
| 8 | Indicate your total 403(b) plan assets under management (not top hat) | ||||
| 9 | Provide three (3) current client references that are higher education organizations and three (3) terminated (within last five (5) years) higher education client references that are similar to the ABP/ACTS in organizational structure: |
Section 2 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? | |||
| New loans | dropdown | |||
| Loan payoffs and/or payroll frequency changes | dropdown | |||
| Participant-elected deferral elections | dropdown | |||
| 30 | Within the last 5 years, has your firm been subject to any litigation related to employee plan services denoted? | 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 | |||
| Loan checks | dropdown | |||
| 34 | Do you provide a loan policy for plans that offer loans? | dropdown | ||
| 35 | Can the plan loan policy be made available to participants upon request (regardless of whether your firm created it)? | dropdown | ||
| 36 | Are general purpose loans available on a paperless basis (assuming there are no spousal consent requirements)? | dropdown | ||
| 37 | For primary residence loans, do participants need to self-certify primary residence loans or will your firm collect, review and maintain the appropriate documentation, and approve the loan without client involvement? | dropdown | ||
| 38 | Can loan proceeds be direct deposited into a participant's bank account (assuming the participant provides you with his/her banking information)? | dropdown | ||
| 39 | What is the standard process if the loan payment received is different than what is expected? | dropdown | ||
| 40 | Do you monitor loan delinquencies and automatically provide notice of the delinquent loan to participants (prior to default) without any client involvement? | dropdown | ||
| 41 | If you provide notice of a loan delinquency to participants (prior to default), when does the notice go out? | dropdown | ||
| 42 | Do you default delinquent loans according to the cure period specified in the plan document or loan policy without any client involvement? | dropdown | ||
| 43 | Do you provide notice of a loan default to participants? | dropdown | ||
| 44 | For active employees with outstanding loans, can ongoing loan repayments be made via: | |||
| Personal check | dropdown | |||
| Cashier’s check | dropdown | |||
| Money order | dropdown | |||
| ACH | dropdown | |||
| None of the above | dropdown | |||
| 45 | For participants on a leave of absence with an outstanding loan, can ongoing loan repayments be made via: | |||
| Personal check | dropdown | |||
| Cashier's check | dropdown | |||
| Money order | dropdown | |||
| ACH | dropdown | |||
| None of the above | dropdown | |||
| 46 |
For terminated participants with an outstanding loan, can ongoing loan repayments be made via:
| Personal check | dropdown | |
| Cashier's check | dropdown | |
| Money order | dropdown | |
| ACH | dropdown | |
| None of the above | dropdown | |
| 47 | Can you accept loan payoffs via: | |
| Personal check | dropdown | |
| Cashier's check | dropdown | |
| Money order | dropdown | |
| ACH | dropdown | |
| None of the above | dropdown | |
| 48 | If a loan payoff is received for more than the required payoff amount, will you cut a check directly to the participant for the excess amount? | dropdown |
| 49 | For participants on an unpaid leave of absence (nonmilitary) with an outstanding loan, will you monitor the 12-month suspension (if applicable) and reamortize their loan upon their return from LOA? | dropdown |
| 50 | For participants on an unpaid leave of absence (military) with an outstanding loan, will you reamortize their loan upon their return from LOA and extend the payoff date, if possible? | dropdown |
| 51 | If the client notifies you that a participant is on military leave, will you adjust their loan interest rate so that it does not exceed the 6% maximum (if applicable), as required under USERRA? | dropdown |
| 52 | Can your system prevent participants from taking a new loan if they have defaulted on a prior loan (assuming only one loan allowed)? | dropdown |
| 53 | The State requires the bidding vendors to collect, review, and approve unforeseen emergency withdrawals. Will you collect, review and maintain the needed documentation and approve the withdrawals without client involvement? | dropdown |
| 54 | 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 | |
| 55 | Can withdrawal/distribution proceeds be directly deposited into a participant's bank account (assuming the participant provides you with his/her banking information)? | dropdown |
| 56 | Can you accommodate ongoing installment payments for terminated participants? | dropdown |
| 57 | Can you accommodate partial account distributions for terminated participants? | dropdown |
| 58 | 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 | |
| 59 | Will you automatically send a distribution kit to participants upon receipt of termination date? | dropdown |
| 60 | Are distribution elections for terminated participants allowed via: | |
| Web | dropdown | |
| Voice | dropdown | |
| Call center representatives | dropdown | |
| Paper form | dropdown | |
| Mobile App | dropdown | |
| 61 | Can you identify participants who are subject to a minimum required distribution and calculate the required amount? | dropdown |
| 62 | Will you notify participants who are required to take a minimum distribution (in advance of the distribution deadline) without client involvement? | dropdown |
| 63 | Will you process the required minimum distributions prior to the deadline for participants who have not actively requested it? | dropdown |
| 64 | Does your system have the ability to apply in-service withdrawals processed earlier in the year to required minimum distribution calculations? | dropdown |
| 65 | Can terminated participants contact your firm directly and request a change to their address information? | dropdown |
| 66 | 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 |
| 67 | If automatic increase is available to participants on a voluntary, opt-in basis, how is the timing of the increase determined? | dropdown |
| 68 | Will you collect and maintain beneficiary information for plan participants? | dropdown |
| 69 | Are beneficiary designations allowed via: | |
| Web | dropdown | |
| Voice | dropdown | |
| Call center representatives | dropdown | |
| Paper form | dropdown | |
| Mobile App | dropdown | |
| 70 | 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 |
| 71 | Do you or a third party partner provide qualification services for DROs? | dropdown |
| 72 | Do you or your third party partner provide written QDRO procedures as part of your QDRO services? | dropdown |
| 73 | Do you or your third party partner handle all the communications with the participant and alternate payee as part of your QDRO services? | dropdown |
| 74 | How many redundant recordkeeping sites do you maintain? | dropdown |
| 75 | Are your redundant sites sufficiently geographically dispersed in order to minimize the possibility of multiple sites being impacted by the same disaster? | dropdown |
| 76 | How many redundant call center sites do you maintain? | dropdown |
| 77 | Where are your call centers located? (list city, state and country for each) | text |
| 78 | How often do you test your disaster recovery procedures? | dropdown |
| 79 | In the event of a disaster, how long will it take for your hot site to be fully functional? | dropdown |
| 80 | How often do you do full backups of your files? | dropdown |
| 81 | Are the backups catalogued and stored offsite? | dropdown |
| 82 | How quickly can the files be recalled if data needs to be restored? | dropdown |
| 83 | Do you have an outside firm that is in charge of your back-up facility? | dropdown |
| 84 | How long is your recordkeeping data retained and accessible? | dropdown |
| 85 | 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 |
| 86 | How long are terminated employees maintained on your system? | dropdown |
| 87 | How are negative contributions on the contribution file handled? | dropdown |
| 88 | 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 |
| 89 | Do you offer an address search service, to locate participants with bad address information on file? | dropdown |
| 90 | Is undeliverable mail returned to your firm (rather than the client)? | dropdown |
| 91 | When participant mail is returned because of a bad address, do you flag the participant's account to prevent any future mailings? | dropdown |
| 92 | When an active employee's mail is returned because of a bad address, do you notify the client? | dropdown |
| 93 | Will your firm provide a written commitment that its plan operations comply with plan documents? | dropdown |
| 94 | How many times has your firm converted assets and record in the past 3 years from: | |
| Corebridge (fka: AIG/VALIC) | number | |
| Equitable (fka: AXA) | number | |
| Empower/Prudential | number | |
| MetLife/Brighthouse (fka: Travelers/CitiStreet) | number | |
| Voya | number | |
| TIAA | number | |
| 95 | Please include a sample conversion timeline that would closely mirror your preferred approach (based on a 3 month conversion period). | attachment |
| 96 | Is the Relationship Manager involved from the beginning and throughout the conversion process? | dropdown |
| 97 | Do you provide a dedicated conversion specialist? | dropdown |
| 98 | 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 |
| 99 | Will the conversion specialist manage all deliverables and coordinate with the other members of the conversion team (communications, legal, data conversion, etc.)? | dropdown |
| 100 | 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 |
| 101 | Will the conversion team work directly with the prior recordkeepers to identify and collect the necessary conversion data? | dropdown |
| 102 | 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 |
| 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 | |
| 103 | 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 |
| 104 | Will the conversion team conduct periodic conference calls with the client throughout the conversion to review progress and discuss outstanding issues? | dropdown |
| 105 | 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 | |
| 106 | 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 |
| 107 | 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 | |
| 108 | How many business days is the blackout period once you have "good data" from the prior recordkeeper? | dropdown |
| 109 | What percentage of your firm's conversions are completed within the time frame quoted above? | dropdown |
| 110 | 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 | |
| 111 | If more than one plan is being converted, can individual plans be brought out of blackout if others aren't ready? | dropdown |
| 112 | Which of the following can you accept during the blackout period? | |
| Contributions | dropdown | |
| Loan repayments | dropdown | |
| Participant rollover contributions | dropdown | |
| None | dropdown | |
| 119 | How does your system handle conversions of pre-existing loans from another recordkeeping system? | dropdown |
| 120 | What options apply for pre-existing loans that are not in compliance with the current loan amortization schedule? (select all that apply) | |
| Automatically extend loan period (if available under the 5-year or Primary Residence repayment period) to keep loan payments at same dollar amount, | dropdown | |
| Automatically re-amortize payments to remain in the 5-year or Primary Residence repayment period, | dropdown | |
| Other: explain | dropdown | |
| 121 | If you reamortize loans, how is this communicated to participants? | dropdown |
| 113 | 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 | |
| 114 | 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 | |
| 115 | Can you convert existing beneficiary designations from the prior recordkeeper? | dropdown |
| 116 | Can you convert existing RMD data from the prior recordkeeper? | dropdown |
| 117 | Can you convert existing installment payment elections from the prior recordkeeper? | dropdown |
| 118 | Can you convert prior transaction history from the prior recordkeeper? | dropdown |
| 119 | Is the client required to approve conversion reports prior to the plan going live? | dropdown |
| 120 | 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 |
| 121 | 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 |
| 122 | How many weeks prior to the asset transfer do you need to have the investment lineup finalized? | dropdown |
| 123 | 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 | |
| 124 | Will your firm prepare the draft blackout notice? | dropdown |
| 125 | Will your firm mail the blackout notice to the homes of all affected participants and beneficiaries (both active and terminated)? | dropdown |
| 126 | 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 | |
| 127 | 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 | |
| 136 | For prior self-directed brokerage accounts being converted to your SDBA provider, will you prepare and distribute the necessary communications to participants, with instructions on setting up their new account, etc.? | dropdown |
| 128 | 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 3 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 | Within the last 5 years, has your firm been subject to any litigation related to employee plan services denoted? | 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 XXX on-site group education meetings for employees for the first year? | 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 | |||
| Blackberry | 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 | Does your firm provide a SPD (or a similar summary of plan provisions) based on your prototype or volume submitter document for 403(b) and 457(b) plans? | dropdown | ||
| 65 | Will you mail the plan SPD (or a similar summary of plan provisions) to the homes of newly eligible employees (regardless of whether your firm created the SPD)? | dropdown | ||
| 66 | Without regard to whether additional fees would be involved, are you willing to distribute the plan SPD (or a similar summary of plan provisions) to all eligible participants using any of the following delivery methods? | |||
| Mail to participant homes | dropdown | |||
| Email if consent to email delivery has been provided by participant | dropdown | |||
| Include with quarterly statement mailing | dropdown | |||
| Post on website | dropdown | |||
| Client is responsible for delivery | 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 4 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? | |||
| 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 | |||
| None | dropdown | |||
| Other (specify in Comments) | dropdown | |||
| 6 | What kind of licenses/credentials do you require for the Relationship Manager? | |||
| 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 | |||
| 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 | |||
| Within the last 5 years, has your firm been subject to any litigation related to employee plan services denoted? | 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 | |||
| Regulatory / legislative updates from your firm | 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 |
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File details come from the government source that posted it. Updated .