T2327 Bid Amendment 4 03.30.2026.docx

This is Bid Amendment #4 issued by the State of New Jersey Department of the Treasury, Division of Purchase and Property, regarding Bid Solicitation #26DPP01201 for defined contribution retirement program administration services. The solicitation seeks comprehensive administrative services for two retirement 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, serving approximately 163,987 unique participants with total assets of $6.1 billion. The amendment extends the revised quote submission due date to April 22, 2026, at 2:00 p.m. Eastern Time, superseding the previous deadline of April 8, 2026. An optional pre-quote conference was held 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. Required services include turnkey recordkeeping, participant account management, investment administration across 27 investment options, educational services, customer support for both employer and participant levels, and field service representation across approximately 41 remitting locations for the 457(b) plan and 750 active locations for the 401(a) plan.

The vendor must submit pricing on a fixed flat dollar-per-participant basis covering implementation, conversion, administration, recordkeeping, education, and trustee expenses, with revenue sharing from investments to be rebated to participants. Bidders must meet minimum qualifications including over five years of experience administering bundled services for 401(a) and 457(b) plans, management of at least five defined contribution plans with a minimum of 50,000 participants, and ability to provide assets on a group contract basis. Insurance requirements include 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 contract requires one dedicated on-site representative and ten full-time field service representatives. No small business or disabled veterans' business set-asides apply to this procurement. The incumbent contractor is Empower (formerly Prudential), and all plan expenses are to be borne by participants.