Pompano Beach (Fla.) Police & Firefighters' Retirement System hired Salem Trust as custodian.
The $217 million pension fund issued an RFP earlier this year. Fifth Third Bank and First State Trust Co. were the other finalists, recently released June 15 board meeting minutes show.
According to Jan. 21 board meeting minutes, the RFP was issued due to an error by incumbent custodian Comerica Bank that resulted in late benefit payments for retirees earlier that month. Those minutes said the board "expressed its sense of concern and displeasure with the events" and voted at the time to issue an RFP for a replacement. Whether Comerica rebid for the services was not known.
Debra Tocarchick, the fund’s executive director, could not be immediately reached for more information. Comerica spokesman Louis H. Mora declined to comment.
