Contra Costa County Employees' Retirement Association, Concord, Calif., will search for a custodian, said Gail Strohl, the pension fund's CEO, in an email.
The $8.3 billion pension fund's board voted to issue an RFP at its meeting Wednesday based on a staff recommendation. In a memo to the board, Ms. Strohl and Henry Gudino, accounting manager, recommended issuing the RFP to "assure that the services are the most effective and cost efficient, and continue to be in the best interests of CCCERA, its members, and beneficiaries." Current custodian State Street Corp. (STT) is invited to rebid.
Ms. Strohl would not provide further information on the timeline of the RFP. The RFP will be posted on the pension fund's website.