Millburn Township Civicplus #384

Millburn Township seeks provider for Section 457(b) Deferred Compensation Plan consolidation and administration

Millburn Township in Essex County, New Jersey is seeking a qualified provider to consolidate and administer its Section 457(b) Deferred Compensation Plan for government employees. - Government Buyer: - Township of Millburn, Essex County, NJ - Scope of Services: - Consolidation of two existing deferred compensation programs into a single plan - Comprehensive plan administration, recordkeeping, and investment management - Participant education, financial guidance, and high-quality support - Administration of both pre-tax and Roth 457(b) options - Participant loan program management - Plan sponsor reporting and compliance with New Jersey DLGS regulations - Plan Details: - Over $30 million in assets - Approximately 273 participant accounts - Annual contributions around $875,000 - Notable Requirements: - Provider must be authorized and DLGS-approved for New Jersey local government plans - Strong fixed interest or stable value investment option required - Flexible investment platform and robust participant support emphasized - OEMs and Vendors: - No specific OEMs or vendors named; RFP is open to all eligible providers - Unique Requirements: - Coordination of program consolidation and transition - Ongoing compliance with state regulations

Description

The Township of Millburn, Essex County, New Jersey, is soliciting proposals from qualified firms to provide services related to the Section 457(b) Deferred Compensation Plan. The Township currently maintains deferred compensation programs with two providers and intends to consolidate them under a single provider. The selected provider will be responsible for plan administration, recordkeeping, investment services, participant education, financial guidance, and coordinating the consolidation and transition of existing programs. Proposals must be submitted electronically by October 15, 2026.

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