Minnesota State Retirement System, St. Paul, is searching for a custodian for the four defined contribution plans it administers with total assets of about $8.6 billion.
MSRS will award a two-year contract beginning June 30, 2020, with three possible one-year extensions. The initial two-year contract also could be extended to a maximum of 10 years if it means significant cost savings for the state, according to the RFP.
Great West Trust Co. is the incumbent custodian and can rebid.
Great West Trust's contract ends June 30, 2020. If a new record keeper is hired, there will be a one-month transition period.
The successful bidder will provide custodial and trust services for the $7 billion Minnesota Deferred Compensation Plan, $1.1 billion Health Care Savings Plan, $324 million Unclassified Employees Retirement Plan and the $159 million Hennepin County 1% Supplemental Retirement Plan. All plan assets are as of June 30.
No formal request for proposals was issued. Interested parties should contact Daniel B. McLean, director of strategic initiatives for the retirement system, by email to request an RFP. Proposals are due by 3 p.m. CDT April 26.
MSRS intends to select a custodian before May 10, Mr. McLean said in an email.