Pension Administration Software Solution

The vendor is required to provide pension administration system that will enhance operational efficiency and improve the user experience for both plan members and administrators.
- Services outcome of the project is the implementation of a modern, cloud-based solution designed to replace the outdated existing system.
- A modern, cloud-based solution is envisioned to provide several benefits, including reduced reliance on internal it resources, streamlined processes, and enhanced reporting capabilities.
- The offeror will be responsible for the installation, configure and setup of the solution. 
- Migration of the existing data to the new system will be a critical component of the project and the solution provider will be responsible for leading the migration.
- Provide the necessary training for staff and administrators to ensure that they are well-equipped to use the new system efficiently.
- To support plan members, the system should be easy to use and have applicable help or support options to help guide them through member-facing portals or other applications.
- A solution that not only addresses current challenges but also positions it for future growth and adaptability.
- The project to upgrade or replace the existing pension administration system poses several risks to um.
- The current system poses operational inefficiencies, which can lead to inefficiencies in managing pension plans. 
- This may result in increased processing times and errors, affecting the quality of service provided to plan members.
- The current system cannot easily accommodate future growth or changes in pension plan requirements.
- This lack of adaptability can hinder the um's ability to meet evolving needs and regulations.
- Continuing to rely on outdated technology increases the risk of system failures, which could disrupt pension administration and lead to potential financial and reputational damage.
- Not upgrading to a modern, cloud-based solution may place um at a competitive disadvantage compared to other institutions that have adopted more advanced systems, potentially affecting their ability to attract and retain faculty and staff.
- Budget for this project of 1.8 million dollars.

- Contract Period/Term: 5 years
- Questions/Inquires Deadline: August 11, 2025