Asset Custody & Safekeeping Hold and safeguard all plan assets, including but not limited to cash, equities, fixed income, mutual funds, and alternative investments. Segregate plan assets from the custodian’s own assets. Provide insurance and protections consistent with industry standards Trade Settlement & Processing Settle all securities purchases, sales, and transfers in accordance with industry standards. Monitor and collect all dividends, interest, and other distributions. Process voluntary and mandatory corporate actions (e.g., stock splits, mergers, proxy voting). Recordkeeping & Reporting Maintain accurate records of all transactions, holdings, valuations, and income. Provide monthly, quarterly, and annual statements of account. Deliver online access for plan staff, trustees, and authorized representatives. Provide audit support and regulatory reporting assistance Compliance & Risk Management Ensure compliance with all applicable federal and state laws (e.g., ERISA, Internal Revenue Code, GASB). Implement internal controls to safeguard assets and data. Provide independent verification of pricing, valuation, and performance data Cash Management Provide cash management services, including sweep accounts, short-term investment options, and liquidity management. Support payroll and benefit disbursement accounts if applicable Client Service & Support Assign a dedicated relationship manager and client service team. Provide ongoing training and support for plan staff. Respond promptly to inquiries and issues Transition Support Assist with the transition of assets and records from the incumbent custodian. Develop a detailed transition plan, including timeline, risk mitigation, and communication protocols.
