Stroud Area Regional Police Pension Plan, East Stroudsburg, Pa., is seeking proposals for a custodian, confirmed James Phillips, the $13.7 million defined benefit plan's chief administrative officer.
BNY Mellon currently provides investment management and custodial services to the police pension fund. The pension fund hired PFM Advisors earlier this year for investment management and then determined that it needed to seek proposals for a custodial firm to comply with state law.
Mr. Phillips said BNY Mellon may rebid.
The RFP can be found on the police department's website. Proposals are due by 1 p.m. EST Nov. 7. A selection is expected by late November.