Illinois State Employees’ Deferred Compensation Plan, Springfield, plans to search for a master custodian.
The $12.8 billion Illinois State Board of Investment, Chicago, which oversees the $2.8 billion DC plan, will issue the RFP near the end of this month. Incumbent State Street Bank & Trust can rebid, said William R. Atwood, ISBI executive director.
The board is not dissatisfied with State Street, Mr. Atwood said. It is conducting the search for fiduciary concerns to gauge the market for best practices and competitive services and pricing, he added.
The board plans to make the RFP available through Marquette Associates, the board’s investment consultant, which is assisting in the search.
The board could make a decision on hiring in December or March, he added.