New York State Deferred Compensation Plan, Albany, is searching for a custodian/trustee, said an RFP posted on the $17.6 billion plan’s website.
The incumbent is Bank of New York Mellon, whose contract expires March 31, 2015. BNY Mellon is invited to rebid, said David Fischer, the plan’s executive director, in an e-mail response. The RFP is being issued because the current contract is expiring, he added.
The new contract will be for up to seven years, and it can be extended for two one-year periods, according to the RFP, which is available on the New York State Governor’s Office of Employee Relations’ website.
Proposals are due Sept. 19. The plan’s consultant, Callan Associates, will review the proposals in early October. Finalists will make presentations to the plan’s three-member board in late October, and a hiring decision is expected by mid-November. The new contract starts April 1.