§ 9-1-1320 — Custodian of assets of the Retirement System.

(A) The board is the custodian of the assets of the Retirement System as "assets" and "Retirement System" are defined in Section 9-16-10(1) and (8), and the Retirement System Investment Commission has the exclusive authority to select the custodial bank, provided, however, that the Public Employee Benefit Authority is a third-party beneficiary of the contract with the custodial bank with full rights to information under them. The custodial banking agreement may provide for electronic signatory approval. (B)(1) A custodial bank selected by the commission must: (a) be a United States domiciled trust company and a member of the Federal Reserve; (b) have in excess of one trillion dollars of assets under custody; (c) have provided custody services for at least the previous fifteen years; and (d) provide custody services to other public fund institutional clients that individually have assets under management that meet or exceed the amount of assets managed by the commission. (2) Nothing in this subsection prohibits the commission from imposing more stringent or additional qualifications as part of its selection process.

Legislative History

HISTORY: 1962 Code SECTION 61-92; 1952 Code SECTION 61-92; 1945 (44) 212; 1949 (46) 424; 2017 Act No. 13 (H.3726), Pt. IV, SECTION 15, eff July 1, 2017.