Mellon Global Securities Services group has been named master custodian for the $1.8 billion Florida Retirement System Public Employees Optional Retirement Program (FRS Investment Plan), administered by the State Board of Administration (SBA) of Florida.
Mellon will provide global custody, performance measurement and analytics.
“This effort builds on Mellon’s current master custody relationship with SBA’s $115 billion FRS Pension Plan,” said Jim Palermo, Mellon vice chairman and president of Mellon GSS.
The FRS Investment Plan is a participant-directed program selected by employees in lieu of participation in the FRS Pension Plan.
SBA is the fourth largest public retirement system in the country, overseeing several state funds, the largest being the Florida Retirement System, which serves more than 850,000 members ranging from state government workers and public school teachers to local public safety officers, fire-fighters and their beneficiaries.