T2327 Bid Amendment 2 02.27.2026 .docx

This is a bid amendment issued by the New Jersey Department of the Treasury, Division of Purchase and Property, for defined contribution retirement program administration services. The solicitation (26DPP01201, T2327) seeks a vendor to provide comprehensive recordkeeping and administrative services for two plans: the New Jersey State Employees Deferred Compensation Plan (NJSEDCP), a 457(b) governmental plan, and the New Jersey Defined Contribution Retirement Program (NJDCRP), a 401(a) plan. Bid Amendment #2 extends the quote submission deadline from March 11, 2026 to March 25, 2026 at 2:00 p.m. Eastern Time. An optional pre-quote conference was held on December 23, 2025, with confirmed attendance from Empower and Alight Solutions, LLC. The contract will have a base term of five years with options to extend up to two additional years. All instructions, terms, and conditions of the original bid solicitation remain unchanged except for the revised submission deadline.

The selected vendor must provide turnkey services including participant account management, investment administration across 27 investment options, educational services, and customer support for approximately 163,987 unique participants across 1,814 participant locations with total assets of approximately $6.1 billion. The incumbent contractor is Empower (formerly Prudential). Bidders must submit pricing on a fixed flat dollar-per-participant basis, with all plan expenses borne by participants and revenue sharing from investments rebated to participants. Required qualifications include over five years of experience administering bundled 401(a) and 457(b) services, management of at least five defined contribution plans with minimum 50,000 participants, and the ability to provide assets on a group contract basis. Insurance requirements include professional liability insurance of at least $2,000,000 per claim and cyber breach insurance of not less than $10,000,000 per occurrence. No small business or disabled veterans' business set-asides apply to this procurement.