Target Date Fund Manager

Work Requested:
The New York State Deferred Compensation Board is seeking proposals from financial organizations to provide a suite of Target Date Funds for the Deferred Compensation Plan for Employees of the State of New York and Other Participating Public Jurisdictions. The requested Target Date Fund suite must offer funds managed in five-year vintage increments, aligning with participants' expected retirement ages. The suite will serve as investment options under the Plan, which complies with Section 457 of the Internal Revenue Code and Section 5 of the State Finance Law.

Specifically, the Board is looking for:

• Target Date Funds comprised of either primarily actively managed underlying fund exposures, a blend of active and passive funds, or purely passively managed funds.
• Daily valued, daily liquid collective vehicles for which the Plan is eligible, such as mutual funds and collective investment trusts.

This solicitation does not seek proposals from fund families that include an attached lifetime income solution (such as an annuity) or products focused on incorporating private market investments. Separately managed accounts are also not eligible.

Who is Requesting:
The New York State Deferred Compensation Board is issuing this solicitation.

Background:
This solicitation is issued pursuant to 9 NYCRR, Section 9003.2, authorized by Section 5 of the State Finance Law. The Board administers the Deferred Compensation Plan for Employees of the State of New York and Other Participating Public Jurisdictions, a plan that meets the requirements of Section 457 of the Internal Revenue Code and all applicable rules and regulations.

Contract Requirements:

• Provide a suite of Target Date Funds in five-year increments.
• Funds may be actively managed, passively managed, or a blend of both.
• Eligible vehicles include mutual funds and collective investment trusts that are daily valued and daily liquid.
• Proposals must not include products with lifetime income solutions (e.g., annuities) or those focused on private market investments.
• Separately managed accounts are not eligible.

Instructions on Submission:
A copy of the Request for Proposals (RFP) will be available on Callan's website (www.callan.com) and the Board's website (www.deferredcompboard.ny.gov). All proposals must be received no later than 5 PM Eastern time on May 4, 2026.