Pension Administration System Modernization

The Vendor is required to provide on an effort to replace its legacy custom developed pension administration technologies with a commercial software solution.
- 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.
- This effort follows a comprehensive assessment which analyzed agency current technology landscape, benchmarked processes against industry standards, and conducted a market review of pension administration system (“PAS”) solutions.
- This effort will support agency 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. 
- It will also equip agency with flexibility to accommodate future changes to benefit structures and legislation, while reducing long-term maintenance risks and ensuring the system remains adaptable to future technological advancements and business changes.
- This solution will provide at a minimum:
•    A unified and intuitive user interface which provides consistent user experience and interactivity across components and features
•    A core engine capable of calculating benefits for the different plans and class structures SERS 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 and records retention
•    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