Maryland State Retirement & Pension System, Baltimore, is searching for a global custodian for the state's $49.7 billion defined benefit plans.
State Street has provided global custody services since 1994 and is eligible to rebid, spokesman Michael Golden said. The current five-year contract with State Street began in 2008 with two, two-year renewals, and was extended to allow for a potential new vendor to be selected. The search was originally posted late last year and subsequently canceled; the reason was not given.
State Street's current fee is roughly $850,000 per year, which includes reconciliation service added to the original contract.
Proposals are due at 2 p.m. EDT Sept. 29. The tentative award date is Dec. 15. The RFP is available on the state treasurer's website.
