Plano (Texas) Retirement Security Plan hired Frost Bank as its custodian, said Andrea Cockrell, administrative services manager for the city.
Frost Bank took over from Comerica Bank as custodian of the $91 million defined benefit plan on Friday.
An RFP was issued last year. Comerica was invited to rebid; it is not known if it did so. Comerica’s original contract expired on Dec. 13, but was extended during the search process.
The pension fund has an asset allocation of 61% domestic equity, 25% fixed income, 11% international equity, 2% cash and 1% real estate.