Massachusetts Water Resources Authority Retirement System, Chelsea, is searching for a custodian.
The $641 million pension fund is issuing an RFP due to the Massachusetts Public Employee Retirement Administration Commission's requirement that services are put up for bid every seven years, said Carolyn Russo, executive director, in an email.
The current custodian is Wilmington Trust, which is the successor firm to People's United Bank, which was the original bank under contract. Ms. Russo would not say whether the firm is eligible to rebid.
The RFP will be available imminently on the website of investment consultant NEPC, which is assisting with the search. Proposals are due on Aug. 11. Ms. Russo said a selection will likely be made at the pension fund's Sept. 28 board meeting.