T2327 Bid Amendment 3 03.12.2026.docx

This is a bid amendment issued by the State of New Jersey Department of the Treasury, Division of Purchase and Property, in response to Bid Solicitation #26DPP01201 for defined contribution retirement program administration services. The solicitation seeks comprehensive administrative services for 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, collectively serving 163,987 participants across 1,814 locations with approximately $6.1 billion in total assets. Bid Amendment #3, issued March 12, 2026, extends the quote submission due date from March 25, 2026 to April 8, 2026 at 2:00 p.m. Eastern Time. An optional pre-quote conference was conducted on December 23, 2025, with confirmed attendance from Empower and Alight Solutions, LLC. The base contract term is five years with options to extend up to two additional years.

The selected vendor must provide turnkey recordkeeping and administration services including participant account management, investment administration across 27 investment options, educational services, customer support, and employer-level services for approximately 41 remitting locations under the 457(b) plan and 750 active locations under the 401(a) plan. Bidders must possess over five years of experience administering bundled services for both plan types, manage at least five defined contribution plans with minimum 50,000 participants, and provide assets on a group contract basis. Pricing must be submitted on a fixed flat dollar-per-participant basis covering implementation, conversion, administration, recordkeeping, education, and trustee expenses, with investment revenue sharing rebated to participants. Required insurance includes professional liability coverage of at least $2,000,000 per claim and cyber breach insurance of not less than $10,000,000 per occurrence. The incumbent contractor is Empower (formerly Prudential). No small business or disabled veterans' business set-asides apply to this procurement.