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OpenSolicitation NM DC-001-FY27

Third Party Administrator Services for State of New Mexico Deferred Compensation 457b Plan

Buyer
NM PERA
Listing location
New Mexico, USA
Submission deadline
Jan 20, 2027

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What the buyer needs

AI summary

NM PERA seeks a third-party administrator for the State of New Mexico Deferred Compensation 457b Plan. The contractor must provide dedicated personnel for enrollment and contribution processing, conduct regional outreach to enroll 900 to 1,200 or more participants quarterly, track outreach efforts, and produce approved marketing materials. Eligible USA-based offerors must have at least ten years of experience—including three 457(b) plans, three plans with 20,000 or more participants, and three with $500 million in defined contribution assets—and submit audited financial statements. Offerors must submit Appendix A and written questions via email to [email protected] by December 1, 2026, at 4:00 p.m. MST, with responses posted December 7, 2026. Proposals are due January 20, 2027, at 4:00 p.m. MST, requiring one electronic PDF emailed to [email protected] and two bound hard copies. NM PERA will award one or more contracts to the responsible offeror(s) whose proposal is most advantageous, without being required to select the lowest fee.

Scope of work

  • Process contributions, transfers, and benefit disbursements
  • Reconcile investment accounts and participant accounts monthly
  • Furnish quarterly participant statements within 20 business days
  • Provide participant federal and state tax withholding and reporting
  • Administer hardship withdrawals and custom target date portfolios
  • Operate Call Center and 24-hour automated system
  • Retain an Investment Adviser for participant guidance
  • Maintain WCAG 2.2 Level AA compliant digital deliverables

How proposals are evaluated

CriterionWeight / scoring
Offeror's background and experience as a third-party administrator5 points
Capability to provide innovative and creative marketing, communication and outreach material20 Points
Capability to provide participants with modern, efficient methods of initiating transactions30 Points
Process from enrollment/deferral change to employer communication to contribution30 Points
Offeror's services available to the Plan Sponsor5 Points
Offeror's cost proposal is competitive and fair10 Points

Minimum qualifications

  • At least ten (10) years of experience in providing proposed services
  • At least three (3) 457(b) plans
  • At least three (3) plans with 20,000 or more participants
  • At least three (3) plans with $500 million minimum defined contribution assets
  • Provide audited financial statement as of December 31, 2025, or more recently
  • Able to administer and record keep the current investment lineup

Documents to include with your response

  • Appendix A: Acknowledgement and Certification of Minimum Qualifications
  • Appendix B: Signature Page
  • Appendix C: Questionnaire
  • Appendix D: Fee Proposal Form
  • Audited financial statement as of December 31, 2025 or more recently
  • Separate redacted version of the proposal (if requesting confidentiality)

How to submit

Method
Electronic via email and hard copy
Instructions
Submit one (1) electronic PDF via email to [email protected] and two (2) neatly bound hard copies, formatted to print on standard 8.5 x 11 paper.
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