Grand Rapids (Mich.) General Retirement System and the city's Police & Fire Retirement System plan to issue an RFP for a custodian next year, according to minutes from a September board meeting.
The contract with the pension funds' current custodian, Northern Trust, expires Sept. 30, 2019. The $425.8 million General and the $447 million Police & Fire retirement systems, which share a joint board, have not issued an RFP for custodial services since Northern Trust was hired in 2001, said Peggy Korzen, executive director of the retirement systems, according to meeting minutes.
The trustees agreed to issue an RFP, and Ms. Korzen said the process will begin in early 2019, the minutes said.
A representative from of the Grand Rapids City General, Police & Fire Retirement Systems could not immediately be reached for comment to provide further details.