T1400 Bid Amendment 1 Extended Quote Submission Due Date 7.16.25~3.docx

This document is a Bid Amendment issued by the New Jersey Department of the Treasury, Division of Purchase and Property for Bid Solicitation #25DPP01066 regarding the Alternate Benefit Program Service Providers. The amendment extends the quote submission due date from July 23, 2025, to August 6, 2025, at 2:00 p.m. Eastern Time. An optional pre-quote conference was held on June 4, 2025, with attendees including Empower, Equitable, MetLife, TIAA, and Voya Financial. The procurement seeks multiple contractors to provide comprehensive retirement plan services for state employees, including recordkeeping, administrative services, investment options, and account management.

The solicitation targets a six-year contract with potential three-year extensions, focusing on selecting a Master Recordkeeper to coordinate data management and administrative services. The state requires vendors to use lowest-cost investment share classes, with revenue sharing credited back to participants, and mandates a two basis point administrative funding fee. Current incumbent vendors include Corebridge Financial, Empower, and Prudential, who manage approximately $829,872,585 in plan assets across 15,550 active participants. The procurement encourages participation from small, minority-owned, woman-owned, veteran-owned, and disabled veteran-owned businesses, with vendors required to complete comprehensive technical and security questionnaires and provide detailed investment lineup proposals.