The Sacramento Regional Transit District (SACRT) has issued an RFP for a custodian for its two plans with a total of $212 million in assets, a process which SACRT undergoes every five years as standard procedure.
State Street currently serves as the plans’ custodian and can rebid. Last RFP issuance, says SACRT procurement analyst Colleen Trant, the organization only received two bids, so SACRT is hoping to receive more options this time. SACRT has already sent the RFP directly to BNY Mellon, Citi, J.P. Morgan, State Street and U.S. Bank. Bids are due April 8, 2014 at 2 p.m. PT.
The transit authority uses weighted evaluation criteria for choosing a custodian as follows:
Fees and cost x3
Custody and accounting x2.5
Experience x2.5
Systems and technology x1.5
Ancillary services x0.5
SACRT has one defined benefit plan for contract workers who are part of the Amalgamated Transit Union or the International Brotherhood of Electrical Workers, which has net assets of $151.4 million as of June 30, 2013. The other defined benefit plan is for salaried workers, which has net assets of $60.6 million as of June 30, 2013.
Sacramento Regional Transit District Issues RFP for Custodian
The Sacramento Regional Transit District (SACRT) has issued an RFP for a custodian for its two plans with a total of $212 million in assets, a process which SACRT undergoes every five years as standard procedure.
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