RFP Custody and Safekeeping Services 370-500-27-045

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Request for Proposals
Custody & Safekeeping Services
370-500-27-045
September 23, 2026
Proposals due before 1:00 p.m. CT on October 21, 2026
Mr. Christopher Flynn
Chief Procurement Officer
Illinois State Treasurer's Office
1 East Old State Capitol Plaza
Springfield, IL 62701

Office of the Illinois State Treasurer
Request for Proposals
Custody & Safekeeping Services
370-500-27-045
Table of Contents
I. OVERVIEW ................................................................................................................................ 3
II. BACKGROUND .......................................................................................................................... 3
III. SCOPE OF WORK ...................................................................................................................... 3
IV. RFP SCHEDULE AND PROCESS ............................................................................................. 7
V. EVALUATION PROCESS AND CRITERIA........................................................................... 10
VI. PROPOSAL ............................................................................................................................... 13
VII. CONTRACTUAL TERMS ........................................................................................................ 20
Appendix A Account Analysis 822 EDI Format
Appendix B Proposed Cost Structure
Appendix C Illinois State Treasurer Certifications, Disclosures Financial Interest and Potential
Conflicts of Interest (Disclosure Form A), and Disclosures Other Contract and
Procurement Related Information (Disclosure Form B)
Appendix D Minimum Mandatory Service Requirements

I. OVERVIEW
The Office of the Illinois State Treasurer ("Treasurer") is issuing this Request for Proposals ("RFP")
for Custody and Safekeeping Services ("Services"). Financial institutions that respond to this RFP
("Respondent(s)") shall submit their responses ("Proposals") before 1:00 p.m. CT on October 21,
2026.
The Treasurer seeks a successful Respondent ("Contractor") to provide efficient and cost-effective
custody and safekeeping services. The winning Contractor must be authorized to do business in Illinois
as an Illinois bank or a national bank with a presence in Illinois. In addition, the Contractor must be a
member of the Federal Reserve System and Depository Trust Company, have access to all services as
a member bank, and qualify as a depository for public funds. At the time the Contractor submits its
Proposal, or prior to that time, if required by law, the Contractor must have all required licenses,
bonding, facilities, equipment and trained personnel necessary to perform the work specified in this
RFP. Finally, the Contractor must have a minimum of ten (10) years of experience performing the
services being sought by this RFP.
The Contractor shall enter into a contract with the Treasurer ("Agreement") for an initial term of four
(4) years. Upon expiration of this term, the Treasurer may elect to extend the Agreement for additional
periods agreed upon by the parties, not to exceed a total term of ten (10) years, including the initial four
(4) years.
II. BACKGROUND
The Treasurer is authorized to invest state monies in authorized investments, pursuant to, among other
laws, the Deposit of State Moneys Act, 15 ILCS 520/1 et seq. The Treasurer currently contracts with
two separate external investment managers who trade both corporate and municipal bonds ("External
Investment Manager(s)"). Between the External Investment Managers, they have the contractual
authority to invest a total of $200m in corporate bonds and $100m in municipal bonds, which will be
held by the Contractor. In addition, the Treasurer invests in State and Local Government Securities
("SLGS") which require the trades to be executed and held by the Contractor.
III. SCOPE OF WORK
As directed by the Treasurer, the Contractor shall provide the Treasurer the services set forth in this
Section III (collectively, the "Services") in accordance with applicable State and federal laws, rules,
and regulations:
1. Open and maintain a custody and safekeeping account in the name of the Treasurer for
each of the services requested by the Treasurer in this RFP ("Treasurer's Accounts") and
any future services;
2. Open a demand deposit account in the name of the Treasurer, for each respective custody
account(s);
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3. Execute the purchase of and accept the delivery of State and Local Government Securities
("SLGS"), and hold the property, as directed by the Treasurer;
4. Execute the sale or redemption of SLGS as directed by the Treasurer;
5. Accept trade instructions from the Treasurer and the External Investment Manager(s). In
the event of a conflict between the instructions provided by the Treasurer and an
Investment Manager, the Contractor shall inform the Treasurer of the conflict and await
further instructions from the Treasurer before acting;
6. Accept the delivery of corporate and municipal securities and hold the property as directed
by the Treasurer's External Investment Managers;
7. Execute the sale of corporate and municipal securities as directed by the Treasurer's
External Investment Managers or the Treasurer;
8. Credit the appropriate custody and safekeeping account on payment date with the proceeds
from all sales, maturities, principal, interest and any other payment types;
9. Provide the Treasurer a net settlement of the end-of-day cash position for each custody and
safekeeping account and transfer any credit balance to the respective demand deposit
account;
10. Accept incoming wire transfers;
11. Accept outgoing wire transfers initiated by the Treasurer;
12. Accept Automated Clearing House ("ACH") Debits based on specific company IDs;
13. Accept ACH Credits;
14. Invest end-of-day collected balances for the Treasurer's Account in either repurchase
agreements or money market funds. Contractor may not utilize Certificate of Deposit
Account Registry Service ("CDARS") or CDARS-like options. Provide the most current
information on all available sweep options, including any maximum or minimum dollar
amount requirements and prospectuses for money market sweep funds;
15. If sweep options are not selected or if there are limit requirements for maximum allowable
sweep balances, ensure collateralization of end-of-day collected balances above the Federal
Deposit Insurance Corporation ("FDIC") insurance and sweep limits, through a pledge of
securities in compliance with Sections 11 and 11.1 of the Deposit of State Moneys Act (15
ILCS 520/0.01 et. seq.). Contractor may not utilize CDARS or CDARS-like options;
16. Pledge securities for collected balances, if applicable, equal to 102% of the market value
of the largest total balance the Treasurer maintains with the Contractor, less the insurance
amount provided by the FDIC. Collateral must comply with the Acceptable Collateral
Listing: List of Financial Assets Qualified for Collateral to Secure Deposits and
Repurchase Agreements available on the Treasurer's website at the following address:
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https://illinoistreasurer.gov/home/financial-institutions/access-to-capital/acceptable-
collateral-listing/
The collateral will be placed for safekeeping under the control and in the name of the
Treasurer with a third-party custodian designated by the Treasurer;
Pledge securities for collected balances, which securities shall exclude CDARS or
CDARS-like options;
17. Provide the Treasurer an earnings credit in the account analysis report, based on the average
monthly collected balance in the Treasurer's Account, and offset the fees related to the
Treasurer's Account with such earnings credit. If there is an excess earnings credit after
fees have been offset, the remaining earnings credit shall be carried forward to offset the
next month's fees in addition to the current month's earnings credit with an annual reset in
July of the excess earnings credit;
18. Provide an ACH debit block and debit filter, with the ability to allow specific company IDs
to post to the Treasurer's Accounts;
19. Provide positive pay filter services to prevent check writing on the account;
20. Provide the Treasurer with dual controls for both the establishment and maintenance of
security administrator rights, as well as for the creation and maintenance of multiple users
and wire transfer templates for the Treasurer's Account;
21. Provide the Treasurer with specific points(s) of contact for the Services, direct access to
staff, and emergency contact phone numbers for the Treasurer's Accounts;
22. Provide the Treasurer the ability to electronically obtain by 6:00 a.m. CT every day,
including weekends and holidays, a current and prior day bank statement as well as current
and prior day transaction details for the Treasurers Accounts in Bank Administration
Institute ("BAI") file format, comma separated values ("CSV"), and portable document
format ("PDF") from the Contractor's treasury management system or have a direct file
transmitted from the Contractor to import to the Treasurer's treasury management system;
23. Provide the Treasurer with the ability to search all data fields related to a specific transaction
within Contractor's treasury management system for the Treasurer's Accounts as well as
the ability to conduct ad-hoc searches of transactions based on specific criteria and export
the results to either PDF or Excel formats;
24. Provide the Treasurer with the ability to produce reports that contain the details of the wire
transfer transactions, including the initiating and confirming parties for the Treasurer's
Accounts;
25. Provide the Treasurer with an automatic electronic file, for both current day and prior day
bank statements by 6:00 a.m. CT, every day, including weekends and holidays, for the
Treasurer's Accounts in BAI file format to be uploaded into the Treasurer's treasury
management system;
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26. Provide the Treasurer with an automatic electronic file, for current day transactions by 6:00
a.m. CT and throughout the day, every day, including weekends and holidays, for the
Treasurer's Accounts in BAI file format to be imported into the Treasurer's treasury
management system;
27. Provide the Treasurer investment activity and investment asset reports for the Account on
a daily and monthly basis;
28. Provide, on a daily and monthly basis, the External Investment Manager investment
activity and investment asset reports;
29. Provide each External Investment Manager with a downloadable file of the assets each is
holding under management on behalf of the Treasurer;
30. Accept electronic files from the Treasurer in mutually agreed upon format, scheduled
throughout the day, every day the Federal Reserve wire transfer system is operational,
containing wire transfer transactions for execution by the Contractor. The Contractor will
provide an acknowledgement file, or other mutually agreed upon notification, to the
Treasurer, on the same day the wire transfer transactions are processed, containing the
executed wire transfer transaction details;
31. Provide the Treasurer the ability to produce a monthly account analysis statement within
ten (10) business days following the last calendar day of the month, for the Treasurer's
Accounts, in PDF format from the Contractor's treasury management system, that details
all services provided by the Contractor based on the agreed upon cost structure and all associated
charges for the Treasurer's Account;
32. Provide the Treasurer, within ten (10) business days following the last calendar day of the
month, for the Treasurer's Accounts, on the Contractor's treasury management system or
other mutually agreed upon Contractor system, the ability to access an Electronic Data
Interchange ("EDI") transmission detailing the monthly service charges provided on the
PDF version of the account analysis statement, in an 822 format that is compatible with the
Treasurer's account analysis program. The current account analysis format is listed in
Appendix A Account Analysis 822 EDI Format;
33. Provide the Treasurer the ability to assign specified members of its staff access to the
Contractor's treasury management system ("Users"). This assignment must include the
ability to assign each User with a daily limit for initiating or confirming wire transfer
transactions for the Treasurer's Accounts;
34. Accommodate changes to processes outlined in this Section III resulting from
technological advancements, financial industry advancements, banking changes, or
changes in any treasury management system(s) of the Treasurer.
35. Perform any additional related custody and safekeeping duties requested by the Treasurer.
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IV. RFP SCHEDULE AND PROCESS
This Section provides the schedule and process for this RFP.
A. RFP Schedule
The following is the schedule for this RFP:
Date Event
September 23, 2026 RFP published on the Treasurer's website.
Notice of intent to attend optional Respondent's Conference
October 1, 2026 due before 10:00 a.m. CT.
October 6, 2026 Optional Respondent's Conference at 9:00 a.m. CT.
October 7, 2026 All Respondent questions due by 12:00 p.m. CT.
Responses to all questions posted on the Treasurer's website.
October 13, 2026
October 21, 2026 Proposals due before 1:00 p.m. CT.
Week of November 2, Interviews and site visits, if any, with final candidates.
2026
Week of November 9, If applicable, best and final offer due.
2026
Week of November 9, Notification of award and begin negotiation of Agreement.
2026
These dates are subject to change at the Treasurer's discretion.
B. Contact Information
The Treasurer's Chief Procurement Officer ("CPO") is the sole point of contact concerning this
RFP.
Respondents should submit questions about the intent or content of this RFP and request
clarification of any and all procedures used for this procurement prior to the submission of a
Proposal. Respondents must submit their questions in writing by e-mail to the CPO, Christopher
Flynn, at cflynn@illinoistreasurer.gov by 12:00 p.m. CT on October 7, 2026.
C. Optional Respondent's Conference
If a Respondent intends to participate in the Optional Respondent's Conference, Respondent must
e-mail the CPO notice of intent to participate before 10:00 a.m. CT on October 1, 2026. The
Optional Respondent's Conference shall be at 9:00 a.m. CT on October 6, 2026.
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D. Proposal Submittal
All Proposals may be submitted either in hard copy form or electronically, but must be received by the
Chief Procurement Officer before 1:00 p.m. CT on October 21, 2026.
1. Packet submission in hard copy form
Proposals submitted in hard copy form must be submitted in a sealed envelope or package
with "Office of the Illinois State Treasurer Request for Proposals Custody & Safekeeping
Services 370-500-27-045" shown on the front of the envelope or package, along with
Respondent's name and address. Specifics regarding the Proposal Format (i.e., number of
copies) are found in Section VI.A. entitled "Proposal Format" of this RFP.
If confidentiality of any information is asserted, please include a Redacted Copy in
accordance with Section IV.E.9 of this RFP.
Proposals submitted in hard copy form must be received at the address below before 1:00
p.m. CT on October 21, 2026.
Packet must be mailed to:
Mr. Christopher Flynn
Chief Procurement Officer
1 East Old State Capital Plaza
Springfield, IL 62701
2. Packet submission via electronic form
When submitting a Proposal electronically, please e-mail the following to
BankingServicesRFP@illinoistreasurer.gov:
a. name of contact person
b. business name and business address
c. e-mail address and telephone number
d. a complete list of submitted files
3. Use of electronic version of this RFP
This RFP is electronically available. If Respondent electronically accepts the RFP, s/he
acknowledges and accepts full responsibility to ensure that no changes are made to the
RFP. Should a conflict arise between a version of the RFP in Respondent's possession and
the Treasurer's version, the Treasurer's version shall prevail.
4. Opening of Proposals
Proposals will be opened publicly at 2:00 p.m. CT on October 21, 2026 at the following
location:
Office of the Illinois State Treasurer
1 East Old State Capitol Plaza
Springfield, IL 62701
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E. RFP Process
1. Internet/E-mail Communications
The Treasurer may communicate with Respondents via e-mail. Each Respondent should
provide an e-mail address with its response for ease of communication throughout this RFP
process.
2. Oral Communications
Any oral communication from the Treasurer's employees or its contractors concerning this
RFP is not binding on the Treasurer, and shall in no way alter a specification, term, or
condition of this RFP.
3. Amendments
If it is necessary to amend this RFP, the Treasurer will post any amendments or addenda
on its website at www.illinoistreasurer.gov.
4. Respondent's Costs
The cost of developing a Proposal is each Respondent's responsibility and shall not be
charged to the Treasurer.
5. Withdrawal of Proposal
Respondent may withdraw its Proposal at any time prior to the deadline for receipt of
Proposals. The Respondent must submit a written withdrawal request, addressed to the
CPO, and signed by the Respondent's duly authorized representative.
6. Modification of Proposal
A Respondent may submit an amended Proposal before the deadline for receipt of
Proposals. Such amended Proposal must be a complete replacement for the previously
submitted Proposal and must be clearly identified as such in the transmittal letter to the
CPO.
7. Proposal is a firm offer
A Proposal submitted in response to this RFP is a firm and binding offer, valid for 180 days
after the due date for Proposals or the due date for the receipt of a best and final offer,
whichever falls later.
8. Proposal is State Property
On the Proposal due date, all Proposals and related material submitted in response to this
RFP become the property of the State of Illinois.
9. Proposal is Part of a Public Procurement File
All Proposals received by the Treasurer will be open to the public, though a Respondent
may request that the Treasurer treat certain information as confidential in accordance with
44 Ill. Admin. Code 1400.2505. If Respondent requests confidential treatment of any
information it considers to be exempt from public disclosure under FOIA or other
applicable laws and rules, Respondent should submit a Redacted Copy, which copy shall
be clearly identified as the "Redacted Copy." In a separate attachment to the Redacted
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Copy, Respondent shall supply a listing of the provisions of the Proposal, identified by
section number, for which it seeks confidential treatment, identify the basis of each claimed
exemption, and show how that basis applies to the request for exemption in accordance
with 44 Ill. Admin. Code 1400.2505(l). The Redacted Copy must retain as much of the
Proposal as possible.
A request for confidential treatment will not supersede the Treasurer's legal obligations
under FOIA. The Treasurer will not honor requests to keep entire Proposals confidential
and will in any event disclose the successful Respondent's name, the substance of the
Response, and the price. In responding to a request under FOIA, the Treasurer reserves the
right to rely on Respondent's decision whether to submit a Redacted Copy with its
Proposal, and the Treasurer is under no obligation to notify vendor prior to providing a
complete and unredacted Proposal, with any attachments, if Respondent does not elect to
provide a Redacted Copy with its Proposal as described in this Section.
10. Encouragement Regarding Hiring
Prospective Contractors are encouraged to hire qualified veterans as well as qualified
Illinois minorities, women, persons with disabilities and residents discharged from any
Illinois adult correctional center.
11. CPO May Cancel RFP
If the CPO determines that it is in the Treasurer's and 's best interest, he reserves the right
to do any of the following: a) cancel this RFP; b) modify this RFP in writing as needed; or
c) reject any or all Proposals received in response to this RFP.
12. Additional Information
The Treasurer reserves the right to request additional information and to meet with
representatives of Respondent to discuss their Proposals.
V. EVALUATION PROCESS AND CRITERIA
This Section explains how the Treasurer will evaluate the Proposals.
A. Mandatory Requirements
Failure to meet any of the following requirements shall lead to Respondent's automatic
disqualification:
1. Submit RFP Proposal and accompanying Cost Proposals before 1:00 p.m. CT on October
21, 2026;
2. In Respondent's Proposal, provide all of the sections and the information required for each
section as set forth in Section IV.A of this RFP;
3. In Respondent's Proposal, answer all questions in Section IV.B of this RFP;
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