New Jersey Transit Corp., Newark, is looking for an administrator, custodian and trustee for its five defined benefit pension funds, spokesman William Smith said in an e-mail.
The transit agency is looking for an administrator to provide benefit disbursement services, accounting and reporting of assets, as well as custody and safekeeping of assets. Current provider Bank of New York Mellon is invited to rebid.
The RFP can be obtained by contacting the transit agency's bid desk at [email protected] or 973-491-7538. Proposals are due at 4 p.m. EDT on Sept. 30. A decision is expected by mid-November.
The four union pension funds are the Amalgamated Transit Union Employees Retirement Plan, Transport Workers Union Employees Retirement Plan, Utility Workers' Union of America Employees Retirement Plan, and Mercer Employees Retirement Plan. The non-union plan, closed to new hires since July 1, 2006, is the Transit Employees Retirement Plan. The plans have a combined $1.3 billion in assets.