Belmont (Mass.) Contributory Retirement System hired People's United Bank as custodian, said Robert Soohoo, executive director of the $99 million defined benefit plan.
The plan's investment consultant, NEPC, assisted with the search. The search was initiated in January to comply with state procurement regulations.
People's United replaces incumbent custodian State Street, which rebid. State Street spokesman Andrew Hopkins could not be immediately reached for comment.