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Instructions State of New Jersey
| Instructions |
| The data submitted in this spreadsheet will be used to analyze fees and expenses proposed by the Bidder for the State of New Jersey plans listed below. |
| - Alternative Benefit Program (ABP), a 401(a) plan |
| - Additional Contributions Tax-Sheltered Program (ACTS), a 403(b) Plan |
The Bidder must enter the information in the requested format and shall not add additional rows or columns.
| The Bidder must complete all green highlighted tabs. Input cells are highlighted in yellow in Columns B, C, and D of the Fee Tabs. Additional information and instructions are offered in red text, below. |
| Fees- Master Recordkeeper tab. The Bidder should complete the Fees - Master Recordkeeper purple highlighted tab only if interested in participating as a Master Recordkeeper (optional) |
| Fees Tab for Each Plan |
| The Bidder must provide proposed pricing in the yellow highlighted cells of Column B, C, and D as indicated. |
| Fees Master Recordkeeper Tab |
| If proposing as a Master Recordkeeper (optional) the Bidder must provide proposed fees for any additional fees (separate and in addition to the fees quoted as a single provider in the 401(a) and 403(b) Fees Tabs) on a dollar per participant basis in the yellow highlighted cells of Columns C and E. |
| LFB_05 |
Pricing Criteria Pricing Criteria
| State of New Jersey |
| Alternative Benefit Program (ABP), a 401(a) plan |
| Additional Contributions Tax-Sheltered Program (ACTS), a 403(b) Plan |
| COST PROPOSAL / FEE QUESTIONNAIRE |
| The Tabs within this questionnaire ask Bidders to provide the information that comprise its complete cost proposal. The cost proposal must be submitted in accordance with the directions in the Bid Solicitation. |
| Pricing Assumptions: |
| - Quoted fee shall be a fixed flat dollar per participant fee. |
| - Quoted fee shall be based on individual account balance for each plan, (i.e., quote a separate dollar per participant fee for each plan). |
| - Revenue sharing shall be rebated to participants in funds generating the revenue sharing. |
| - The Bidder must include at least 3 dedicated full-time on-site representatives and comprehensive employee group meetings, one-on-one meetings, and webinars, including any travel costs, in its dollar per participant pricing quote. |
| - Add other assumptions, if applicable. |
| Pricing Approach: |
| 1. A gross, hard-dollar per-participant fee is required, including all costs associated with implementation, conversion, administration, recordkeeping, education and trustee expenses. A separate gross dollar per-participant fee is to be provided for each plan, respectively. See the Instructions tab for additional details. Pricing is to shall be provided on an open architecture basis, assuming no proprietary funds. In the comments section, indicate any pricing differences based on the current/proposed investment menu, noting the impact of proprietary funds to the recordkeeping fee. |
| 2. The lowest-cost share classes of investments are to be used and all revenue sharing generated from investments shall be credited to the plan and/or participants as directed by the State of NJ. Revenue sharing shall be rebated to participants. See the Instructions tab for additional details. |
| 3. Participant transaction fees (e.g., loans, distributions) must be specifically identified. |
| Pricing Types: |
| Pricing is being requested for multiple scenarios, including: |
| • Standard Recordkeeper Services (401(a) and 403(b) Fee Tabs) |
| - One of three (3) recordkeepers |
| - One of four (4) or more recordkeepers |
| • Master Recordkeeper Services (Master Recordkeeper Fee Tab -- Fees separate from those quoted for Standard Recordkeeper Services) |
| - Providing Master Recordkeeper services (Compliance Coordination, Common Remitter, and Enrollment/Transaction) for three (3) recordkeepers (with your firm being one of the Standard Services vendors) |
| - Providing Master Recordkeeper services (Compliance Coordination, Common Remitter, and Enrollment/Transaction) for four (4) or more recordkeepers (with your firm being one of the Standard Services vendors) |
| Fees and Pricing: |
| The initial term for this contract is six (6) years. |
| This Contract may be extended up to three (3) years with no single extension exceeding one (1) year. |
Bidders must list all proposed fees that will be collected from participants and participant assets either directly or indirectly by either the Bidder or any third party. Fees, charges, or costs that are not stated in these attachments will not be authorized.
Should trustee be deleted with the changes in the price sheet?
Fees - 401(a) Plan
| Plan Fees |
| Alternative Benefit Program (ABP), a 401(a) plan |
| Complete the yellow highlighted cells in Columns B and C below to report your fees | | |
| Recordkeeping Services | One of Three (3) Recordkeepers | One of Four (4) or More Recordkeepers |
| Fixed Per Participant Fee | | |
| Annual base fee (i.e., flat fee charged in addition to per participant fee) | | |
| Per participant fee (dollar fee charged to all participants with a balance—regardless of status; gross fee) - Provide your firm's quoted dollar per participant fee for each tier of participants, below: | | |
| - Less than 500 participants with a balance | | |
| - 501 to 1,500 participants with a balance | | |
| - 1,501 to 5,000 participants with a balance | | |
| - 5,001 to 10,000 participants with a balance | | |
| - 10,001 to 20,000 participants with a balance | | |
| - 20,001 to 30,000 participants with a balance | | |
| - 30,001 to 50,000 participants with a balance | | |
| - 50,001 or more participants with a balance | | |
| Recordkeeping Termination Fee |
| Termination Fee |
| Early Termination Fee—Flat fee |
| Early Termination Fee—Per participant fee |
| Early Termination Fee—Asset-based Fee |
| [Other - Explain briefly in this cell & enter any associated cost to the right] |
| Trustee Services |
| Enter applicable costs. If service is included in pricing, enter "Included." |
| Annual Base Fee |
| Per Actual Participant with a balance (active + term) |
| Asset-based Charge |
| [Other - Explain briefly in this cell & enter any associated cost to the right] |
| Transaction Processing (pricing assumes same cost for either 3, or 4+ recordkeepers) | Cost Per Transaction | Approval Fee Applies? | Approval Fee Amount |
| In addition to the transaction processing fee, if there is a separate fee to approve the following transactions, indicate in columns C and D. | | | |
| Loans | | | |
| New Loan Origination | | | |
| Outstanding Loan Maintenance (annual) | | | |
| Primary residence loans | | | |
| Contributions |
| Rollover contributions (in) |
| Inservice Withdrawals |
| All types (e.g., rollover, after-tax, Roth, 59½) |
| Distributions |
| Total Distributions/Direct Rollovers |
| Partial Distributions - (for terminated participants) |
| [Specify frequency of ongoing fee here and associated cost to the right] |
| Installments or Periodic Payments - Initial Set up |
| Installments or Periodic Payments - Ongoing |
| [Specify frequency of installment fee here and associated cost to the right] |
| Required Minimum Distributions (RMD) |
| In-kind distributions |
| Return of Excess Contributions/Deferrals |
| Participant requested wire transfers |
| Participant requested EFT transfers |
| QDRO |
| DRO—Qualification Fee |
| QDRO—Processing Fee to split account (per QDRO) |
| Fund Changes (pricing assumes same cost for either 3, or 4+ recordkeepers) |
| Number of fund changes included per year at no cost (if unlimited, enter "unlimited") |
| How do you charge for a fund addition? (flat fee or hourly fee) |
| Fund Addition/Change Cost—Flat Fee |
| Fund Addition/Changes Cost—Hourly fee |
| Investment Products (pricing assumes same cost for either 3, or 4+ recordkeepers) |
| Self-Directed Brokerage Account Fees |
| Setup fee |
| Annual participant fee |
| Annual plan sponsor fee |
| On-line Investment Guidance / Advice Program |
| Is Guidance included at no cost? |
| Is Advice included at no cost? |
| Set-up fee - Advice |
| Advice: Per participant or asset-based fee? |
| [Other - Explain briefly in this cell & enter any associated cost to the right] |
| Percentage of fees retained by your firm |
| Managed Account |
| Annual plan sponsor fee |
| Per account asset-based fee |
| - Tier 1 |
| - Tier 2 |
| - Tier 3 |
| - Tier 4 |
| [Other - Explain briefly in this cell & enter any associated cost to the right] |
| Percentage of fees retained by your firm |
| Regulatory Compliance (pricing assumes same cost for either 3, or 4+ recordkeepers) |
| Ensure completion of all fields below. Enter applicable costs. If service is included in pricing, enter "Included." If service is not available, indicate "N/A." |
| Prototype / Volume Submitter services |
| Plan Amendments (required due to legislative or regulatory changes) |
| Plan Amendments (sponsor-initiated) |
| Custom Document services |
| Plan Amendments (required due to legislative or regulatory changes) |
| Plan Amendments (sponsor-initiated) |
| Form 5500 |
| Form 5558 (extension) |
| Signature-ready Form 5500 |
| Form 8955-SSA |
| SAR |
| Nondiscrimination Testing |
| ADP/ACP |
| Mid-year ADP/ACP |
| 402(g) Deferral Limit |
| 415 Annual Additions |
| 410(b) Coverage—Ratio Percentage |
| 410(b) Coverage—Average Benefits |
| 401(a)(4) / General Test |
| Compensation Testing |
| Benefits, Rights and Features Test |
| 416 Top Heavy |
| Controlled Group Testing |
| QSLOB Analysis |
| M&A Corporate Transactions |
| How do you charge for plan mergers? |
| Included; no additional fee |
| Plan Merger—Flat Fee |
| Plan Merger—Hourly Fee |
| Required Participant Notices and Mailings |
| The State requires all notices, statements, and mailings to be included in your pricing. |
LFB_05
Fees - 403(b)Plan
| Plan Fees |
| Additional Contribution Tax-Sheltered Program (ACTS), a 403(b) Plan |
| Complete the yellow highlighted cells in Columns B, C, and D below to report your fees | | |
| Recordkeeping Services | One of Three (3) Recordkeepers | One of Four (4) or More Recordkeepers |
| Fixed Per Participant Fee | | |
| Annual base fee (i.e., flat fee charged in addition to per participant fee) | | |
| Per participant fee (dollar fee charged to all participants with a balance—regardless of status; gross fee) - Provide your firm's quoted dollar per participant fee for each tier of participants, below: | | |
| - Less than 500 participants with a balance | | |
| - 501 to 1,500 participants with a balance | | |
| - 1,501 to 5,000 participants with a balance | | |
| - 5,001 to 10,000 participants with a balance | | |
| - 10,001 to 20,000 participants with a balance | | |
| - 20,001 to 30,000 participants with a balance | | |
| - 30,001 to 50,000 participants with a balance | | |
| - 50,001 or more participants with a balance | | |
| Recordkeeping Termination Fee |
| Termination Fee |
| Early Termination Fee—Flat fee |
| Early Termination Fee—Per participant fee |
| Early Termination Fee—Asset-based Fee |
| [Other—Explain briefly in this cell & enter any associated cost to the right] |
| Trustee Services |
| Enter applicable costs. If service is included in pricing, enter "Included." |
| Annual Base Fee |
| Per Actual Participant with a balance (active + term) |
| Asset-based Charge |
| [Other—Explain briefly in this cell & enter any associated cost to the right] |
| Transaction Processing (pricing assumes same cost for either 3, or 4+ recordkeepers) | Cost Per Transaction | Approval Fee Applies? | Approval Fee Amount |
| In addition to the transaction processing fee, if there is a separate fee to approve the following transactions, indicate in columns C and D. | | | |
| Loans | | | |
| New Loan Origination | | | |
| Outstanding Loan Maintenance (annual) | | | |
| Primary residence loans | | | |
| Contributions |
| Rollover contributions (in) |
| Inservice Withdrawals |
| All types (e.g., rollover, after-tax, Roth, 59½) |
| Hardships |
| Distributions |
| Total Distributions/Direct Rollovers |
| Partial Distributions - (for terminated participants) |
| [Specify frequency of ongoing fee here and associated cost to the right] |
| Installments or Periodic Payments - Initial Set up |
| Installments or Periodic Payments - Ongoing |
| [Specify frequency of installment fee here and associated cost to the right] |
| Required Minimum Distributions (RMD) |
| In-kind distributions |
| Return of Excess Contributions/Deferrals |
| Participant requested wire transfers |
| Participant requested EFT transfers |
| Participant requested ACH transfers |
| Transactions requiring spousal consent |
| QDRO |
| DRO—Qualification Fee |
| QDRO—Processing Fee to split account (per QDRO) |
| Fund Changes (pricing assumes same cost for either 3, or 4+ recordkeepers) |
| Number of fund changes included per year at no cost (if unlimited, enter "unlimited") |
| How do you charge for a fund addition? (flat fee or hourly fee) |
| Fund Addition/Change Cost—Flat Fee |
| Fund Addition/Changes Cost—Hourly fee |
| Investment Products (pricing assumes same cost for either 3, or 4+ recordkeepers) |
| Self-Directed Brokerage Account Fees |
| Setup fee |
| Annual participant fee |
| Annual plan sponsor fee |
| On-line Investment Guidance / Advice Program |
| Is Guidance included at no cost? |
| Is Advice included at no cost? |
| Set-up fee - Advice |
| Advice: Per participant or asset-based fee? |
| [Other—Explain briefly in this cell & enter any associated cost to the right] |
| Percentage of fees retained by your firm |
| Managed Account |
| Annual plan sponsor fee |
| Per account asset-based fee |
| - Tier 1 |
| - Tier 2 |
| - Tier 3 |
| - Tier 4 |
| [Other—Explain briefly in this cell & enter any associated cost to the right] |
| Percentage of fees retained by your firm |
| Regulatory Compliance (pricing assumes same cost for either 3, or 4+ recordkeepers) |
| Ensure completion of all fields below. Enter applicable costs. If service is included in pricing, enter "Included." If service is not available, indicate "N/A." |
| Prototype / Volume Submitter services |
| Plan Amendments (required due to legislative or regulatory changes) |
| Plan Amendments (sponsor-initiated) |
| Custom Document services |
| Plan Amendments (required due to legislative or regulatory changes) |
| Plan Amendments (sponsor-initiated) |
| Form 5500 |
| Form 5558 (extension) |
| Signature-ready Form 5500 |
| Form 8955-SSA |
| SAR |
| Nondiscrimination Testing |
| ADP/ACP |
| Mid-year ADP/ACP |
| 402(g) Deferral Limit |
| 415 Annual Additions |
| 410(b) Coverage—Ratio Percentage |
| 410(b) Coverage—Average Benefits |
| 401(a)(4) / General Test |
| Compensation Testing |
| Benefits, Rights and Features Test |
| 416 Top Heavy |
| Controlled Group Testing |
| QSLOB Analysis |
| M&A Corporate Transactions |
| How do you charge for plan mergers? |
| Included; no additional fee |
| Plan Merger—Flat Fee |
| Plan Merger—Hourly Fee |
| Required Participant Notices and Mailings |
| The State requires all notices, statements, and mailings to be included in your pricing. |
| LFB_05 |
Fees - Master Recordkeeper
| Per Plan Pricing - Master Recordkeeper | | |
| Quoting as a Master Recordkeeper is optional. If quoting services as a Master Recordkeeper, fees should be quoted separately from and in addition to those quoted as a single provider in the 401(a) and 403(b) Fees Tabs, on a dollar per participant basis. If there is no additional fee for this service, indicate “No Charge” in each of the cells highlighted. Otherwise, indicate your firm's additional dollar per participant fee for providing the service in the highlighted cells. | Your firm is the Master Recordkeeper* as one (1) of three (3) open recordkeepers | Your firm is the Master Recordkeeper* as one (1) of four (4) or more open recordkeepers |
| Plan Name | Additional $ Per Participant Fee | Additional $ Per Participant Fee |
| Alternative Benefit Program, 401(a) Plan |
| - Less than 500 participants with a balance |
| - 501 to 1,500 participants with a balance |
| - 1,501 to 5,000 participants with a balance |
| - 5,001 to 10,000 participants with a balance |
| - 10,001 to 20,000 participants with a balance |
| - 20,001 to 30,000 participants with a balance |
| - 30,001 to 50,000 participants with a balance |
| - 50,001 or more participants with a balance |
| Additional Contribution Tax-Sheltered Program, 403(b) Plan |
| - Less than 500 participants with a balance |
| - 501 to 1,500 participants with a balance |
| - 1,501 to 5,000 participants with a balance |
| - 5,001 to 10,000 participants with a balance |
| - 10,001 to 20,000 participants with a balance |
| - 20,001 to 30,000 participants with a balance |
| - 30,001 to 50,000 participants with a balance |
| - 50,001 or more participants with a balance |
| **Bidders should only complete if interested in participating as a Master Recordkeeper (optional)** |
| Instructions: Enter the per participant fee for each plan under each scenario. Each plan shall be priced on a stand-alone basis. All transaction and/or ancillary fees entered into the individual plan fee tabs in this workbook will be applied to each scenario above. |
*In either scenario, participant's have the choice of recordkeepers from which to select AND the Master Recordkeeper will provide services as outlined in Section 4.2 of the Bid Solicitation (Services Required of Master Recordkeeper), including compliance coordination, common remitter, and enrollment/transaction coordination services, as determined by DPB.
The "default vendor" - meaning the vendor that will receive new participant accounts for those participants not electing a vendor - will rotate annually. The recordkeeper selected as the Master Recordkeeper will be the default vendor for the first partial year and second full year, then the default vendor will change and each vendor will become the default vendor for a one year period, as determined by the State.