The Vendor is required to provide a Defined Benefit Pension Administration Software to support the City’s retirement plan operations.
- The City seeks a modern, scalable, and secure software solution to streamline pension calculations, improve service to plan members, ensure data integrity, and enhance regulatory compliance.
- The City currently administers a Non-Uniformed Employee Pension Fund and Uniformed Employee Pension Fund, which are defined benefit pension plans.
- Required Functionality:
• Member recordkeeping and history tracking (active, inactive, and retired)
• Automated benefit calculations (normal, early, disability, death, DROP, etc.)
• Contribution tracking and service credit calculations
• Integration with payroll, HCM, and HRIS systems
• Document and file management (member statements, beneficiary forms, etc.)
• Web-based member self-service portal
• Benefit payment tracking and reporting
• Cola administration
• Plan valuation support (data exports for actuaries)
• Cloud-Based with secure access
• Data Security and Compliance: Must comply with federal/state data security requirements (SOC 2, ISO 27001)
• User Access & Authentication: Role based permissions, single sign-on (SSO), and multi-factor authentication (MFA)
• Disaster Recovery & Backup
- Optional Features:
• Integration with state retirement systems
• Mobile access for members
• Integration with financial accounting systems.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: April 30, 2025