N.H. Rev. Stat. Ann. § 101-B:3

The commission may contract with an administrator or custodian of deferred compensation plans for the administration of assets accumulated under each employee participant's account. The commission may also appoint a trustee for the plan. The commission shall appoint the administrator, custodian, or trustee through competitive bidding. The commission shall issue requests for proposals at such times as it deems appropriate but in no case shall any contract with an administrator, custodian, or trustee exceed 10 years without approval of the governor and council.