Illinois State Employees' Deferred Compensation Plan, Springfield, hired Northern Trust as custodian for the $3.4 billion plan, replacing State Street Bank & Trust.
The $11.6 billion Illinois State Board of Investment, Chicago, which oversees the 457 plan, chose Northern Trust because it offered the lowest fees for similar competitive services among the bidders, said William R. Atwood, ISBI executive director.
The plan issued an RFP last year to gauge the market for best practice and competitive services and pricing, Mr. Atwood said.
Marquette Associates, ISBI's investment consultant, assisted in the search.
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