New Jersey Department of the Treasury, Trenton, is searching for a bundled provider for its 457(b) and 401(a) plans, confirmed spokesman William Quinn.
Incumbent Prudential Retirement is invited to rebid; its contract expires at the end of the year. The intention is to hire one firm for both plans, Mr. Quinn said.
The two plans have a combined $2.8 billion in assets. They have the same 18 investment options; the 457(b) plan also has an additional four state-managed investment fund options, but the money market and bond funds will be closed after a provider is hired.
Segal Rogerscasey is assisting with the search.
The RFP is available on the treasury's website. Proposals are due at 2 p.m. EDT Oct. 17. A hiring decision is expected by the end of the year.
