Maynard (Mass.) Contributory Retirement System hired People's United Bank to provide custodial/master trust services for the $46 million pension fund.
People's United replaces State Street, said Kenneth R. DeMars, executive director for the pension fund, in an email.
The RFP was issued in May because the pension fund's contract with State Street was set to expire at the end of the year. Comerica and State Street were the other banks that submitted bids.
The pension fund had a target asset allocation of 55% equities, 30% fixed income, 7.5% alternatives and 7.5% real estate as of Dec. 31, 2016, the most recent data available.