HomeMy WebLinkAboutDocumentation_Pension General_Tab 12.12 _05/04/2015Tequesta General Employees Pension Fund
Custodian RFP Review
Company
Office Location
Fee for custody
Additional Charges
Est. Annual Fee
for Custody
Blackout Period
No
Comerica Bank
Detroit, MI
5 by on first $50 million, 2.5 by on balance over $50 million;
$500 annual account
$10,000 minimum
$17 wire transfer; $20 non wire disbursements plus postage; $7
fee; $20 per class action
annual fee applies
ACH disbursements; $10,000 minimum annual fee
filing and recoveryfee
Fiduciary Trust Internationa
Miami, FL
5.85 bip
None
$2,041
Yes
Fifth Third Bank
Orlando, FL
5 by (minimum annual fee of $7,500)
None
$7,500 minimum
No
annual fee armlies
First State
Wilmington, DE
5 by on first $35 million, 4 by on next $40 million, 3 by
None
$2,800 minimum
Recommended
thereafter S2,800 minimum annual fee
annual fee applies
Regions Bank
Tampa, FL
10 by which includes 5 separate accounts; $350 annual fee for
None
$6,000 minimum
Yes
each additional account over 5 (minimum annual fee of $6,000)
annual fee applies
Resource Centers
Palm Beach
N/A
N/A
N/A
N/A
Gardens FL
Salem Trust
Deerfield Beach, FL
4 by on first $20 million, 3 by on next $30 million; $10 on
None
$4,650 1st year, then
N/A
trades; $30 outgoing wire, $15 incoming wire, $50 foreign wire;
$5,500 minimum
S5,500 annual minimum
annual fee applies
Wells Fargo
Minneapolis, MN
5 bp, $750 per account for reporting, $8 domestic settlement,
None
$5,051
No
$10 mutual fund settlement, $10 wires (combined minimum
annual fee of $10,000 with or without benefit payments)
Wilmington Trust
Wilmington, DE
5 by (minimum annual fee of $3,000), assets combined for
None
$1,745
No
Ibilling purposes
1
Tequesta General Employees Pension Fund
Custodian RFP Review
*Fee estimates based on $3,489,544 assets, 96 annual trades, 1 separate accounts, 3 mutualfunds, 1 monthly periodic payment.
Other Custodians Not Responding: BNY Mellon
PNC Bank
State Street Bank
US Bank
Florida Public
Pension Accounts
Benefit Payments
Rate Guarantee
DeathCompany
Payments Only*
$124 (Included in
Comerica Bank
Not authorized to
$2.00 plus postage for monthly recurring benefit payments;
3 Years
Monthly
release info
$20 plus postage for lump sum payments; $100 annual fee for
Min. Annual Fee)
each third party deduction; $15 per stop payment; $2.00 per
check reissuance plus postgage; $35 manual new retiree set up
Fiduciary Trust Internationa
31
$10.00 per all periodic and non -periodic payments
3 Years
Quarter)
$120
Fifth Third Bank
52
Included with fee fortrust custody services
3 Years
Annual
Included
First State
19
$2.50 periodic payment; $10.00 non -periodic payment; $8.00
3 Years
Annual
$34
accounts payable; $15.00 outgoing wire; $1.00 per quarter per
member call center fee; deposit advice mailed only for January
Regions Bank
34
$1.50 periodic payment; $7.50 non -periodic payment; $40
3 Years
Monthly
$18
foreign wires; does not send monthly advice statements to
retirees
Resource Centers
56
$100 combined monthly retainer
3 Years
Weekly
$1,200 (Combined)
Salem Trust
230
$3.00 for monthly recurring benefit payments; $15 for lump
3 Years
Monthly
$36 (Included in
sum payments;
Min. Annual Fee
Wells Fargo
5
$2.00 periodic payment; $10.00 non -periodic payments; $2 per
3 Years
Monthly
$26
1099 Reports; $10.00 per stop payment; $0.49 for postage
Wilmington Trust
0
$1.75 monthly recurring benefit payments; $10.00 non-
3Years
Quarterly
$81
J
-periodic payments; 5.00 Per Payment Form 1099-R
I
*Fee estimates based on $3,489,544 assets, 96 annual trades, 1 separate accounts, 3 mutualfunds, 1 monthly periodic payment.
Other Custodians Not Responding: BNY Mellon
PNC Bank
State Street Bank
US Bank