Haverhill (Mass.) Contributory Retirement System is searching for a custodian.
The $264 million pension fund is seeking proposals from banks that can provide custodial and master trust services for its assets, according to an RFP on its website.
The RFP does not disclose the name of the bank or whether it is eligible to rebid for the services. Pension fund board minutes from January 2022 show the custodian at the time was People's United Bank, which was purchased later that year by M&T Bank.
Historically, Massachusetts municipal pension funds issue RFPs because they are required to do so by the Massachusetts Public Employee Retirement Administration Commission.
The RFP is available on the pension fund's website. Proposals are due by 11:59 a.m. EDT on April 5. A timeline for a selection was not provided.
David Van Dam, the pension fund's administrator, could not be immediately reached for further information.