T2327 Bid Amendment 6 - 02.19.25 - .docx

This document is a Bid Amendment (#6) issued by the New Jersey Department of the Treasury, Division of Purchase and Property for Bid Solicitation #24DPP01010 T2327, concerning Defined Contribution Retirement Program Administration Services. The amendment extends the quote submission deadline from February 26, 2025, to March 19, 2025, at 2:00 p.m. Eastern Time, and documents an Optional Pre-Quote Conference held on October 23, 2024, with confirmed attendance by Voya Financial and Empower. The procurement seeks a single vendor to provide comprehensive administrative services for two retirement plans: the New Jersey State Employees Deferred Compensation Plan (NJSEDCP) and the New Jersey Defined Contribution Retirement Program (NJDCRP), serving 163,987 participants with approximately $12.59 million in total assets.

The contract, with a five-year term and potential for two one-year extensions, requires bidders to submit a fixed per-participant fee for each plan, with revenue sharing rebated to participants, and an all-inclusive hourly rate for special project work. The procurement does not include specific small business or disadvantaged business enterprise set-asides. The incumbent vendor, Empower, will compete in the rebid process. Vendors must complete mandatory forms, including an Ownership Disclosure Form and Proof of Business Registration, and undergo a comprehensive information security assessment covering 30 control areas. The state reserves the right to waive minor irregularities, reject quotes, and negotiate contract terms to achieve the most advantageous outcome for the retirement program administration services.