Ohio Public Employees Deferred Compensation (Ohio DC), a public, non-profit organisation created by Ohio legislation, has selected BNY Mellon as custodian.
A source has confirmed that Ohio DC is working to stay on track with the schedule noted in the request for proposal and has notified BNY Mellon of the board’s selection.
Ohio DC is a supplemental 457(b) retirement plan for all Ohio public employees and one of the largest 457(b) plans in the country.
The board consists of 13 members including public employees, retirees, and appointed investment experts. The members govern the programme as required by Ohio Revised Code Chapter 148.
Investment options are selected and monitored by the board and its independent investment consultant.
Ohio DC is now in the process of negotiating the contract.
Back in March, Ohio Public Employees Retirement System announced its appointment of
BNY Mellon as its international custodian.
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