News Column

Custodial and Administrative Banking Services

July 1, 2014



Tenders are invited for Custodial and Administrative Banking Services. Provide Custodial and Administrative Banking Services for its Pension Trust Funds. A. INTRODUCTION The Town of Branford is soliciting a Request for Proposals (RFP) from qualified banks or firms that can provide custodial and administrative services which include the disbursement of funds from the Police Retirement Fund and Volunteer Fire Pension Fund. The selected firm will demonstrate extensive experience and superior capability for providing these services for similar sized municipal pension plans. B. BACKGROUND INFORMATION The Town of Branford currently administers and maintains a defined benefit pension plan to provide benefits to police officers hired prior to August 2011 and volunteer fire participants who qualify for incentive payments. Police officers are required to contribute to the plan. Currently, Bank of America provides administrative and custodial services for the plan. As of December 31, 2013, the market value of both plans totaled $21.8 million. SCOPE OF SERVICES A. SPECIFIC SERVICES Administrative Services 1) Execute trades and Plan assets at the direction of the Town either directly or through the designated investment manager. 2) Responsible for registration and custody of securities belonging to the Plan. 3) Responsible for all distributions for the Town of Branford unless the Town, at its sole option, chooses not to select these services. 4) All pension distributions and benefit payment shall be in accordance with: a. Federal and State law b. Pension Plan(s) documents 5) Responsible for completing State & Federal form preparation, inclusive of form 1099R in a timely manner. 6) Provide reports (electronically where possible) as follows: a. Monthly reports of all asset transactions, including appropriate summary by asset category. b. Monthly payment report c. Fiscal year report of all transactions, including appropriate summary by asset category. 7) Currently the assets of the plans are grouped for investment purposes and as a result the custodian will be required to allocate the assets of each plan for reporting purposes. 8) Deposit of employee contributions. 9) Disbursement of investment manager and investment consultant invoices. 10) Retiree medical deductions ESTIMATED CONSTRUCTION COST:$0 TO $100,000. AND/OR CLASS REQUIRED CLASS A PRE-BID CONFERENCE DATE, TIME, AND LOCATION THERE IS NO PRE-BID CONFERENCE

Major organization : TOWN OF BRANFORD

Address : Finance Department, Town Hall, 1019 Main Street, Branford, Ct 06405 Contact Person : James P. Finch

Country :United States

Email : jfinch@branford-ct.gov

Notice type : Tender Notice

Open date : 2014-07-18



Tender documents : T22822668.pdf


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Source: TendersInfo (India)


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