New Jersey Police and Firemen's Retirement System, Trenton, is searching for a custodian.
The pension fund is seeking a bank that will provide custodial and securities lending services following the transfer of assets in April 2024, according to an RFP on the pension fund's website.
In 2018, the state Legislature passed a law to allow the Police and Firemen's Retirement System to become a separate pension fund from the $88.7 billion New Jersey Pension Fund, Trenton, and the state Department of Treasury's administration and investment management.
The New Jersey Police and Firemen's Retirement System is planning to make an initial transfer of about $21 billion in public investments to the new bank effective April 1, according to the RFP.
Courtney Snedeker, the pension fund's executive assistant, could not be immediately reached for further information.
The RFP is available on the pension fund's website. Proposals are due at 3 p.m. EDT on Sept. 18. A timeline for a selection was not provided.
