2023-098 - Master Custody Services and/or Payroll Services for the City of Warwick, RI Pens

The City of Warwick through its Finance Director and with the guidance and cooperation of the City Treasurer, the Mayor, the Warwick Municipal Retirement Board seek proposals to retain a new master Trust Custodian and retirement payroll administrator.
The same firm has filled both rolls for over 25 years. The City believes it is time to consider other options for addressing the City’s growing needs to service and monitor its pension portfolio and retired beneficiaries.

Custodian Services
The selected vendor will be responsible for transferring assets and the organizational structure of the assets from the current vendor. Guidance will be offered by the City Treasurer and the City’s financial investment advisor (Fiducient Advisors). Selection of a new vendor is planned for the summer of 2022 and completion of the transfer of assets under custody is recommended for completion by December 31.

Payroll Services
The selected custodian should be prepared to execute beneficiary payrolls beginning January 1, 2023. The vendor will be responsible for acquiring 1099 information on all beneficiaries before transfer of the payroll responsibility. The Division of Personnel in the City of Warwick will be the primary contact for the selected vendor.