Recommend approval to procure asset custodial services from Northern Trust Company in the amount of $55,000.  These services will be used by the City of Savannah Employees’ Retirement Plan to hold the assets in the name of the plan, executes security movements on behalf of the plan and provides activity and balance reporting on behalf of the plan for accounting purposes.  This is a sole source because the Pension Board’s current investment advisor, NEPC, conducted a market assessment and determined that the Northern Trust Company is the most cost effective custodian that can provide the array of services required by the Plan. 

The contract term shall be from June 20, 2019 through June 19, 2020.

Approval