T1400 - Alternate Benefit Program Service Providers

The State of New Jersey's Department of the Treasury, Division of Purchase and Property is soliciting competitive bids for recordkeeping and administrative services for the Alternate Benefit Program (ABP) and Additional Contributions Tax-Sheltered (ACTS) Program. The procurement seeks three or more contractors to provide comprehensive retirement plan services, including investment options, account management, financial guidance, and plan administration. Contractors will be responsible for managing a complex multi-vendor retirement system for state employees, with extensive requirements including dedicated on-site representatives, customer call centers, websites, communication materials, and compliance with federal tax and retirement plan regulations. Evaluation will focus on technological capabilities, participant services, administrative flexibility, cybersecurity standards, and fee structures. The bid solicitation requires vendors to submit gross, hard-dollar per-participant fees covering implementation, conversion, administration, recordkeeping, education, and trustee expenses. Key dates include an optional pre-quote conference on June 4, 2025, with Q&A submissions due by 2 PM on June 13, 2025, and final quotes due by 2 PM on July 23, 2025. The contract term is six years with potential extensions up to three additional years, and one contractor will be selected as the Master Recordkeeper to coordinate data management and administrative services.

The solicitation encourages participation from small, woman-owned, minority-owned, veteran-owned, and disabled veteran-owned businesses, with potential opportunities for subcontracting and partnership. Current incumbent vendors include Corebridge Financial, Empower, and Prudential, who manage approximately $829,872,585 in plan assets across 15,550 active participants as of March 31, 2024. The state requires vendors to use the lowest-cost investment share classes, with all revenue sharing credited back to participants, and mandates an administrative funding fee of two basis points. Vendors must complete a comprehensive Technical Questionnaire, Security Due Diligence Questionnaire, and provide detailed investment lineup proposals, with strict requirements for cybersecurity, information protection, and compliance documentation. The state will assess vendors' ability to integrate with existing systems, handle complex enrollment and contribution tracking, and provide robust participant communication tools. Pricing will be evaluated across different participant balance tiers, ranging from less than 500 to over 50,001 participants, with fees expected to be competitive and transparent. Successful vendors must demonstrate advanced technological platforms, strong participant education capabilities, and the ability to coordinate services across multiple vendors.