Participant Account Management Solution

The vendor is required to provide participant account management solution software available to meet the department need for updating technology and enhancing its participant accounting functionality, enhancing its investment earnings allocation, and updating current technology over its in-house managed trust funds.
- System functionality includes plan and account set-up and maintenance; recording contributions; withdrawals; adjustments and account transfers; transaction warehousing; transaction import and export; calculation and posting of monthly interest and administrative fees; transaction confirmation; system user security administration; various query capabilities; monthly statement generation for participants; and various daily, monthly, and annual reporting of activity for administrative and accounting control and reconciliation purposes.
- An online portal provides account balance information, transaction initiation and statement retention.
- Provide participant level accounting as well as a web interface with the following primary capabilities:
•    The ability to add future needed plans, funds participants, and accounts as needed.
•    Provide an online portal for the different plans managed by the State. 
•    The portal will allow participants to access their information, view statements, initiate ACH and wire transactions. 
•    The system should support different rules for withdrawal managed at the fund or plan level. 
•    Provide means of recording contributions, withdrawals and account transfers on participant accounts and provide the calculation for recording and reporting of interest and assess administrative fees monthly. 
•    Provide a reporting module that will allow Treasury users to independently run existing reports, create new ad hoc reports, schedule reports and export reports in a format that will allow them to easily manipulate the reports. 
•    Interface with the State’s internal cash movement system to initiate ACH and wire transactions. 
•    Allow participants to manage security roles and settings for their account(s) only, including multifactor authentication.

- Contract Period/Term: 3 years
- Questions/Inquires Deadline: September 30, 2025