Worcester Retirement System Custodian Search The Board Members of the Worcester Retirement System ( hereinafter Board ) is conducting a search for the procurement of a qualified bank or financial institution to provide institutional custodial/master trust services. The Fund is valued at approximately $ 1. 4 billion and is currently composed of two separately managed portfolios ( fixed income) one equity fund, three fixed income funds, six passive index funds, twenty- five alternative funds ( private equity
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The Worcester Retirement Board is seeking a qualified bank or financial institution to provide institutional custodial and master trust services for approximately $1. 4 billion in assets. Proposals for services and pricing must be submitted separately and sealed, with an original and a CD copy, by 2:00 PM EST on August 26, 2025. The contract term will be three years, renewable for two two-year periods, not to exceed seven years. The selected firm will be subject to board approval, a written contract, and approval by PERAC. The board may elect to conduct interviews. The respondent must submit various documents, including a sample custodial/master trust agreement, securities lending agreement (if applicable), reports, proof of insurance, and a completed questionnaire. Evaluation criteria include experience with Massachusetts public pension funds, client satisfaction, and the firm's internal controls. Payment is required in arrears, and the fee breakdown must be provided. A detailed questionnaire is included, covering organizational background, account staffing, assets, reporting, procedures, technical resources, securities lending, custody, international services, references, and other relevant information.
Proposals must be received at the board prior to 2:00 p. m. est on August 26, 2025.
Massachusetts state law requires payment in arrears.
Proposals addressing all items and meeting all criteria for each part of the proposal will be assigned an advantageous rating. Highly advantageous will be assigned based on level of experience and knowledge the firm has with respect to the Massachusetts public pension funds, experience in dealing with public pension systems and agencies, high level of client satisfaction, a broad scope of products and services, the firms internal controls for monitoring and controlling the accuracy of portfolio information, strength, stability, and longevity of firm, information presented in a clear, concise and easy to follow format, ability to provide reporting as required by the Massachusetts public employee retirement administration commission perac, custodialmaster trust services team with significant years of experience as a working unit.
The fund is valued at approximately $1. 4 billion.
