Opportunity
District of Columbia Cobblestone Systems #CFOPD-24-C-010
Award for Master Trust Custodian Services for DC's Other Post-Employment Benefits Fund
Posted
December 22, 2023
Identifier
CFOPD-24-C-010
NAICS
523991
This award summary covers the District of Columbia's selection of The Northern Trust Company for Master Trust Custodian Services for its Other Post-Employment Benefits Fund: - Government Buyer: - Office of the Chief Financial Officer, Office of Finance and Treasury, Office of Contracts (District of Columbia) - OEM/Vendor: - The Northern Trust Company (sole vendor and OEM) - Products/Services Requested: - Master Trust Custodian Services for approximately $1.8 billion in fund assets - Includes custody, investment accounting, administrative and transaction-based fees, benefit payments, global asset servicing, compliance monitoring, monthly statements, performance reporting, and transition support - Detailed fee schedules and insurance coverage are required - Contract Structure and Value: - Requirements contract with a firm fixed price component - Annual ceiling of $250,000 per year - Up to eight one-year option periods (two exercised) - Subject to annual funding and option renewals - Notable Requirements: - Ability to manage all aspects of master custody for a large public sector post-employment benefits fund - Comprehensive reporting, compliance, and transition services - Insurance coverage and detailed fee transparency - Period of Performance: - Base year plus up to eight one-year options; current term through September 30, 2026 (two options exercised) - Annual not-to-exceed ceiling, subject to renewal and funding
Description
The Office of Finance and Treasury (OFT) requires a contractor to provide Master Custody Services for the District of Columbia's Other Post-Employment Benefits Fund (Fund), administered by the Government of the District of Columbia OCFO. The contract is with The Northern Trust Company and includes eight option periods of one year each, with two options already exercised. The current term runs from December 22, 2025, to September 30, 2026. The contract ceiling is not to exceed $250,000 per year.