Delaware River and Bay Authority Employees' Retirement Plan, New Castle, is seeking a custodian for its $113 million pension fund and its $82 million other postemployment benefit plan.
PNC Bank is the pension fund's current custodian, while Bank of New York Mellon has the same role for the OPEB plan and each is welcome to rebid, spokesman James E. Salmon said in an email. The DRBA decided not to extend the existing contracts in order to evaluate the potential benefits of consolidating such services, Mr. Salmon added.
The contract would be for five years, and DRBA would have the option to extend the agreement for up to two additional terms of two years each.
The RFP is available on the DRBA's website. Proposals are due by 11 a.m. EDT on March 29. The DRBA plans to make a recommendation to its board in May or June, Mr. Salmon said.