Pension Administration System Modernization

The Vendor is required to provide to procure an integrated enterprise pension administration software product that will support the full retirement benefit lifecycle, from enrollment and service tracking through retirement processing, annuity payroll, employer contribution management, and post-retirement services.
- Strategic goals by streamlining core business operations, enhancing the quality and accessibility of services for members and employers, and strengthening the system’s ability to generate accurate reporting and maintain strong financial controls.
- This solution will provide at a minimum:
•    A unified and intuitive user interface that supports consistent user experience and interactivity across components and features
•    A core engine capable of calculating benefits for the different plans and class structures agency offers
•    End-to-end contribution processing, pension payroll and disbursement management
•    Integrated self-service portal capabilities for agency membership, employers, and business partners
•    Document and content management, integrated with solution workflow
•    Customer relationship management tools to support recordkeeping and interactions with membership
•    A fully integrated general ledger with audit trails
•    Configurable workflows with exception handling, approvals, and benefit calculation integrations
•    Dynamic reporting dashboards and ad-hoc query tools
•    Robust tax reporting and year-end processing capabilities.

- Contract Period/Term: 1 year