Updated with correction.
Lowell (Mass.) Retirement System is searching for a firm to provide institutional custodial/master trust services for the $310 million defined benefit plan.
The system is currently using State Street Bank & Trust Co. The search is being conducted because the board is looking to lower costs, said Shannon Dowd, board administrator, in an e-mail. State Street is invited to rebid.
A copy of the RFP can be obtained by contacting Ms. Dowd via phone at 978-674-4094, or via e-mail at [email protected].
Proposals are due by 3 p.m. EDT on April 1. Ms. Dowd said she expects the board to make a decision sometime between late April and late May.