Maryland State Retirement & Pension System, Baltimore, is searching for a global custodian for the state’s $46.3 billion defined benefit plans, plus those administered by the Maryland Transit Administration and a health benefits trust.
State Street has provided global custody services since 1994 and is eligible to rebid, spokesman Michael Golden said. The current contract with State Street began in 2008 as a five-year contract with two, two-year renewals, and was extended to allow for the new vendor to be selected. State Street’s current fee is roughly $850,000 per year, which includes reconciliation service added to the original contract.
The size of the transit plans could not be learned by press time.
Proposals are due Dec. 22 at 2 p.m. EST. The tentative award date is Feb. 10, 2017.
The RFP is available on the state treasurer’s website.