The Maryland State Treasurer’s Office, Annapolis, is searching for a custodian for the College Savings Plans of Maryland, an independent state agency.
The plans are the $770.3 million Maryland Prepaid College Trust and the $3.2 billion Maryland College Investment Plan.
The RFP calls for three services: depository and disbursement, lockbox and custody. The contract could be awarded in one contract or any combination of the three, said Anne Jewell, procurement officer. M&T Bank, the current custodian, and Sun Trust Bank, which handles the other services, are eligible to bid.
The contract begins July 1 and runs through June 30, 2017, with the option to renew for two one-year extensions.
Bids are due April 18 at 2 p.m. EDT and the tentative contract award date is May 21. The RFP is available on the National Association of State Treasurers’ website.