T2327 - Defined Contribution Retirement Program Administrative Services: NJSEDCP & NJDCRP

The State of New Jersey Department of the Treasury, Division of Purchase and Property is soliciting proposals for comprehensive Defined Contribution Retirement Program Administration Services for two retirement plans: the New Jersey State Employees Deferred Compensation Plan (NJSEDCP) and the New Jersey Defined Contribution Retirement Program (NJDCRP). The procurement seeks a single vendor to provide full-service recordkeeping, administrative, and participant services for these plans, which collectively serve 163,987 unique participants with approximately $12.59 million in total assets. Key deliverables include implementation and transition services within 90 calendar days of contract award, participant recordkeeping, investment management, transaction processing, regulatory compliance, and comprehensive participant experience services. Bidders must 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 contract term is five years with potential for two one-year extensions. Critical procurement dates include an Optional Pre-Quote Conference held on October 23, 2024, with the final quote submission deadline extended to February 26, 2025, at 2:00 p.m. Eastern Time. Evaluation will focus on the vendor's ability to meet technical requirements, pricing structure, participant services capabilities, and overall responsiveness to the state's detailed solicitation requirements.

There are no specific small business, disadvantaged business enterprise, or disabled veteran-owned business set-asides for this procurement. The incumbent vendor is Empower, which currently manages the plans and will be competing in this rebid process. Potential bidders must complete numerous mandatory forms and certifications, including an Ownership Disclosure Form, Proof of Business Registration, and various state-specific compliance documents. The State of New Jersey requires comprehensive information security assessments, with vendors completing a detailed Third-Party Information Security Questionnaire that covers 30 control areas including cybersecurity, risk management, and data protection. While no specific contract value is explicitly stated, the plans' current asset base and participant count suggest a significant potential contract value. Bidders must demonstrate extensive experience in public sector retirement plan administration, with capabilities to handle complex recordkeeping, investment management, and participant communication services across multiple plan types. The state reserves the right to waive minor irregularities, reject any quote, and negotiate with bidders to achieve the most advantageous contract terms.