Revised Exhibit 1 - DCP-DCRP Demographic and Investment Information 12312023 - 03.06.25.xlsx

XLSX spreadsheet 40 KB Posted Oct 7, 2024

Attached to: T2327 - Defined Contribution Retirement Program Administrative Services: NJSEDCP & NJDCRP
Solicitation number: 24DPP01010
Issued by: New Jersey

About this file

Written by GovTribe AI · Mar 17, 2025

The file is a detailed demographic and investment information exhibit for the State of New Jersey's Defined Contribution Retirement Program (DCRP) and Deferred Compensation Plan (DCP), managed by Empower. The plans collectively serve 163,987 unique participants across multiple plan types, with total assets of approximately $6.126 billion as of December 31, 2023. The document provides comprehensive participant counts, breaking down active and terminated participants by plan type, with 65,725 eligible participants in the DCRP and 35,775 in the DCP. The plans offer annual group education meetings, on-site representatives, and one-on-one meetings, with 28 group meetings for DCRP and 382 for DCP in the prior 12 months.

The investment portfolio includes 27 different funds across various asset classes, including large-cap, mid-cap, small-cap, international, and fixed-income options. The plans have experienced net cash flows of $44,332,750 for DCRP and -$91,614,199 for DCP in the estimated three-year projection. The document reveals detailed transaction activities, including 13,518 new enrollments for DCRP and 2,627 for DCP, with various withdrawal and distribution types tracked. Electronic delivery email capture rates range from 28-65% for active and terminated employees, and the plans utilize multiple payroll frequencies and sites, with in-house and multiple vendor payroll systems.

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T2327 Revised Bid Solicitation 03.06.25 .docx	DOCX document	Oct 7, 2024
Exhibit 2_NJ State Employee Deferred Compensation Plan ~1.pdf	PDF	Oct 7, 2024
Exhibit 4 -Fund Fact Sheets~1.zip	ZIP file	Oct 7, 2024
Attachment 2 - Standard Procurement Forms Packet~2.pdf	PDF	Oct 7, 2024
Attachment 4 - State of New Jersey Third-Party Information Security Questionnaire~1.pdf	PDF	Oct 7, 2024
T2327 Bid Amendment #1 11.26.24.docx	DOCX document	Oct 7, 2024
T2327 Bid Amendment #2 12.09.24.docx	DOCX document	Oct 7, 2024
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T2327 Bid Amendment 5 - 02.07.25.docx	DOCX document	Oct 7, 2024
T2327 Bid Solicitation 10.07.24.docx	DOCX document	Oct 7, 2024
Appendix A - Performance Standards .docx	DOCX document	Oct 7, 2024
T2327 Revised State-Supplied Price Sheet 03.06.25~1.xlsx	XLSX spreadsheet	Oct 7, 2024
Attachment 1 - State of New Jersey Standard Terms and Conditions 2.8.2024~4.pdf	PDF	Oct 7, 2024
T2327 Optional Pre-Quote Conference~2.pptx	PPTX presentation	Oct 7, 2024
Exhibit 1_DCP-DCRP Demographic and Investment Information ~1.xlsx	XLSX spreadsheet	Oct 7, 2024
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T2327 Bid Amendment #3 12.20.24~1.docx	DOCX document	Oct 7, 2024
Exhibit 3_NJ Defined Contribution Retirement Program Document~1.pdf	PDF	Oct 7, 2024
T2327 Bid Amendment 7 03.06.25.docx	DOCX document	Oct 7, 2024

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Plan Data

10-May

PLAN DEMOGRAPHIC DATA

Plan Sponsor: State of New Jersey

Plan Name:	Defined Contribution Retirement Program (DCRP) & Deferred Compensation Plan (DCP)	For the information below, if there are multiple plans, complete this one time
		Participant Counts: Number of Unique Social Security Numbers Across All Plans
Vendor Name:	Empower	Per unique participant / SSN across multiple plans	163,987
		Per participant by plan (individual account by plan)	DCP - 57,369

DCRP - 107,578

Plan Assets / Accounts as of: 12/31/23

	401(a) DCRP	457(b) DCP
Employee Counts
Eligible—participating	65,725	35,775
Eligible—not participating	68	89,225
Non-eligible employees	59,207	- 0
Total	125,000	125,000

Participant Counts (include all participants with balance)
Active participants (with balance)	65,793	44,446
Terminated participants (with balance)	41,785	12,923
Actual participants with account balances	107,578	57,369

Union / Non-Union Employees
Union employees
Non-union employees
Total	- 0	- 0

Puerto Rico Employees
Covers Puerto Rico employees (yes / no)	Yes	No

Meeting Days
Number of participant locations	1,814	43
Location specifics (City, State)	Various NJ locations	Various NJ locations
Annual (group) education meeting days provided in prior 12 months	28	382
Number of full-time on-site representatives currently provided	10	10
Annual one-on-one meetings provided in prior 12 months	2,925	10,636

Annual Transaction Activity (Counts)	Actual # of Transactions in prior 12 months	Actual # of Transactions in prior 12 months
New enrollments	13,518	2,627
New loans originated	N/A	N/A
Distributions
In-service withdrawals	108	209
Hardship / unforeseen withdrawals	- 0	396
Final distributions / rollovers	2,928	6,988
Installments or periodic payments	325	811
RMDs	736	3,191
Return of excess contributions / deferrals	233	24
Participant requested wire transfers	- 0	- 0
QDROs	2	96

Required Notices
Email capture rate for electronic delivery—active employees	28%	65%
Email capture rate for electronic delivery—terminated employees	32%	45%

Plan Assets
Total plan assets (excluding loans, forfeitures, ERISA spending (expense) account, self-directed brokerage and managed accounts)	$499,316,403	$5,626,745,870
Forfeiture account balance	$7,618,744	$2,077
Float income for prior 12 month period
ERISA spending (expense) account balance	$152,864	$4,817,004

Average 3 Year Estimated Cash Flows	Year 1
Employee contributions	$37,664,302	$221,819,429
Employer contributions	$20,535,448	N/A
Rollover contributions	$589,648	$11,046,879
Loan repayments	N/A	N/A
Total inflows	$58,789,398	$232,866,308
Distributions / withdrawals	$14,456,648	$324,480,507
Loan initiations	N/A	N/A
Total outflows	$14,456,648	$324,480,507

Net cash flow (inflows less outflows) $44,332,750 -$91,614,199

Other Assets
Separate accounts (if applicable, list account(s))	See Investments Tab	See Investments Tab
Traded on NSCC platform (yes / no)	Yes	Yes
Custom portfolios (if applicable, lists fund(s))	DCP SV, Equity, SC Equity, Polen & Prudential IncomeFlex Target Balanced	DCP SV, Equity, SC Equity, Polen & Prudential IncomeFlex Target Balanced
Traded on NSCC platform (yes / no)	Yes	Yes
Model portfolios (if applicable, list fund(s))	GoalMaker, see Investments Tab	GoalMaker, see Investments Tab
Outstanding loans (assets / number of outstanding loans)	N/A	N/A
Self-directed brokerage (assets / number of participants)	N/A	N/A
Self-directed brokerage provider	N/A	N/A
Managed accounts (assets / number of participants)	N/A	N/A
Managed accounts provider	N/A	N/A

Payroll Information
Payroll frequencies (weekly, biweekly, semimonthly, etc.)	All	All
Number of separate payroll sites	1,814	43
Number of payroll feeds sent to vendor per year	none	less than 10
Number of reverse feeds sent to client per year	none	43
Number of payroll / day-to-day contacts	over 1800	43
Payroll system / vendor	In-house and multiple vendors used	In-house and multiple vendors used

Investments as of 12-31-2023

	Current / Preferred Fund Information
Put / MVA

Danielle Farmer:

Put-MVA refers to if there is any time period that the asset must be paid out under to avoid a surrender charge or if a MVA is taken at surrender	Current / Preferred Fund	Assets - 401(a) DCRP	Assets - 457(b) DCP	Assets - Plan 3	Assets - Plan 4	Assets - Plan 5	Assets - Plan 6	Assets - Plan 7	Assets - Plan 8	Ticker Symbol	CUSIP	Class Share	Asset Class
	1	No put or MVA applies	ARIEL INVESTMENTS SMALL/MID CAP VALUE FUND (IS PLATFORM)	$1,794,231	$78,916,352	$0	$0	$0	$0	$0	$0	*		Stock - Mid Cap US Equity
	2	No put or MVA applies	CALVERT EQUITY FUND CLASS I	$2,057,350	$38,772,226	$0	$0	$0	$0	$0	$0	CEYIX		Stock - Large Cap US Equity
	3	No put or MVA applies	CORE BOND ENHANCED INDEX / PGIM FUND	$8,313,458	$476,188,992							*		Bond - Core Fixed income
	4	No put or MVA applies	CORE PLUS BOND / PGIM FUND	$812,020	$78,672,367							*		Bond - Core Fixed income
	5	No put or MVA applies	DCP EQUITY FUND	$0	$607,241,232							*		Stock - Large Cap US Equity
	6	No put or MVA applies	DCP SMALL CAP EQUITY FUND	$0	$149,882,396							*		Stock - Small Cap US Equity
	7	Put or MVA applies	DCP STABLE VALUE FUND	$402,441,697	$1,249,235,535							**		Stable Principal - Stable Value
	8	No put or MVA applies	DODGE & COX INTERNATIONAL STOCK FUND	$1,454,949	$69,208,873							DODFX		Stock - International Equity
	9	Put or MVA applies	INCOMEFLEX TARGET BALANCED FUND	$2,326,740	$66,032,573							*		Combination - Target Date
	10	No put or MVA applies	INTERNATIONAL BLEND / LAZARD FUND	$7,332,016	$332,819,239							*		Stock - International Equity
	11	No put or MVA applies	INVESCO DEVELOPING MARKETS FUND CLASS Y	$3,195,869	$114,543,848							ODVYX		Stock - Emerging Market Equity
	12	No put or MVA applies	LARGE CAP GROWTH II FUND (MANAGED BY ALLIANCEBERNSTEIN)	$7,492,107	$187,118,885							*		Stock - Large Cap US Equity
	13	No put or MVA applies	LARGE CAP VALUE / LSV ASSET MANAGEMENT	$9,417,527	$376,144,161							*		Stock - Large Cap US Equity
	14	No put or MVA applies	PGIM QUANT SOLUTIONS LARGE-CAP CORE EQUITY FUND (IS PLATFORM)	$1,943,741	$268,628,789							*		Stock - Large Cap US Equity
	15	No put or MVA applies	PGIM QUANT SOLUTIONS MID-CAP CORE EQUITY FUND (IS PLATFORM)	$3,120,253	$149,234,807							*		Stock - Mid Cap US Equity
	16	No put or MVA applies	PIMCO ALL ASSET FUND INSTITUTIONAL CLASS	$4,652,117	$186,405,433							PAAIX		Combination - Balanced
	17	No put or MVA applies	POLEN CAPITAL LARGE CAP GROWTH	$10,433,147	$379,620,669							*		Stock - Large Cap US Equity
	18	No put or MVA applies	SMALL CAP GROWTH II FUND (MANAGED BY WELLINGTON)	$5,609,906	$186,693,877							*		Stock - Small Cap US Equity
	19	No put or MVA applies	SMALL CAP VALUE I FUND (MANAGED BY BNYM NEWTON)	$2,804,821	$147,532,495							*		Stock - Small Cap US Equity
	20	No put or MVA applies	VANGUARD DEVELOPED MARKETS INDEX FUND	$172,314	$4,322,035							*		Stock - International Equity
	21	No put or MVA applies	VANGUARD EMERGING MARKETS STOCK INDEX FUND	$81,527	$1,683,032							*		Stock - International Equity
	22	No put or MVA applies	VANGUARD INSTITUTIONAL INDEX FUND INSTITUTIONAL PLUS SHARES	$19,336,788	$349,878,246							*		Stock - Large Cap US Equity
	23	No put or MVA applies	VANGUARD MID CAP INDEX ADMIRAL	$223,100	$5,743,963							*		Stock - Mid Cap US Equity
	24	No put or MVA applies	VANGUARD SMALL CAP INDEX	$198,839	$6,207,362							*		Stock - Small Cap US Equity
	25	No put or MVA applies	VANGUARD TOTAL BOND MARKET INDEX	$301,647	$5,085,744							*		Bond - Core Fixed income
	26	No put or MVA applies	VANGUARD TOTAL INTERNATIONAL BOND INDEX	$25,372	$834,442							*		Bond - Core Fixed income
	27	No put or MVA applies	VANGUARD WELLESLEY INCOME FUND (ADMIRAL SHARES)	$3,774,865	$110,098,298							*		Combination - Balanced
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	149
	150
		Totals		$499,316,403	$5,626,745,870	$0	$0

*Institutional Separate Account: DCP Equity, Small Cap & Polen are single client accounts.

** CIT

Funds identified in Bold are included in the GoalMaker portfolios

Sheet3

Asset Class Options	Put / MVA
All Asset	No put or MVA applies
Bond - Core Fixed income	Put or MVA applies
Bond - Emerging Market Bonds - USD
Bond - High Yield
Bond - Long Duration Bonds - Credit
Bond - Long Duration Bonds - Govt
Bond - Long Duration Bonds - Govt/Credit
Bond - Non-US Developed Bonds
Bond - TIPS
Cash
Combination - Balanced
Combination - Target Date
Global Balanced
Global Equity
Real Estate - Broad Market
Stable Principal - Money Market
Stable Principal - Stable Value
Stock - Emerging Market Equity
Stock - International Equity
Stock - Large Cap US Equity
Stock - Mid Cap US Equity
Stock - Small Cap US Equity
US REITs

File details come from the government source that posted it. Updated Mar 17, 2025.