T2327 Bid Amendment 5 04.15.26.docx

This is Bid Amendment #5 issued by the State of New Jersey Department of the Treasury, Division of Purchase and Property, extending the submission deadline for Bid Solicitation #26DPP01201 regarding Defined Contribution Retirement Program Administration Services for the NJ State Employees Deferred Compensation Plan (NJSEDCP) and NJ Defined Contribution Retirement Program (NJDCRP). The amendment extends the quote submission due date from April 22, 2026, to May 6, 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 solicitation seeks turnkey recordkeeping and administration services for two defined contribution retirement plans serving approximately 163,987 unique participants across 1,814 locations, managing approximately $6.1 billion in total assets across 27 investment options and 750 active locations.

The procurement requires vendors to 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. Qualified bidders must demonstrate over five years of experience administering bundled services for 401(a) and 457(b) plans and management of at least five defined contribution plans with a minimum of 50,000 participants. The incumbent contractor is Empower (formerly Prudential). No small business or disabled veterans' business set-asides apply to this procurement. The selected vendor must provide one dedicated on-site representative and ten full-time field service representatives, maintain professional liability insurance of at least $2,000,000 per claim, and cyber breach insurance of not less than $10,000,000 per occurrence. The contract term is five years with options to extend up to two additional years, with all plan expenses borne by participants.