Pension Management Software

The Vendor is required to provide pension management requirements provide details around the functionality that the city to receive from a modern pension administration system.
- Core functional areas
•    Activity processing and tracking
•    Member maintenance
•    Eligibility and enrollment
•    Benefit estimates and calculation
•    Active death benefit calculation and processing
•    Retiree death processing
•    Termination processing
•    Retirement processing
•    Disability application processing
•    Refund of contributions
•    Beneficiary maintenance
•    Employee contribution processing
•    Communications management
•    Document management
•    Monthly pension payroll processing and disbursement
•    Tax reporting
•    Third party deferred retirement option plan (drop) administration
•    Member self-service
•    Data and reporting
- Data functionality
•    Ability to import data from city's HRMS system each pay period, such as:
o    Payroll element amounts such as base pay, overtime pay, lump sums, etc. along with applicable pay dates
o    Effective date and amounts (if applicable) associated with pay elements representing non creditable service 
o    Dates of all status changes (new hire, part time to full time, leaves of absence, termination, death, drop entry and exit dates, etc.) 
o    General demographic data and plan enrollment data.
•    Ability to create record for first time hires or re-activate record and correct status for rehires
•    Ability to close pensioner accounts upon date of death received from city's HRMS system. 
•    Ability to have multiple active and pension records for the same person (survivor, pensioner, rehired pensioner, active employee and vested) 
•    Ability to export all pension administration system activity to city's HRMS system to generate appropriate workflow upon retirement, disability retirement, death or drop entry. 
•    Ability to export data to third party drop provider, pension payment provider (if necessary) and to city's financial systems. 
•    Ability to generate member detailed service credit breakdowns in detail. 
•    Ability to retain member employment history including job changes, promotions, demotions, bargaining unit changes, leaves of absence etc. 
•    Ability to retain history of all updates and changes to member specific data. 
•    Ability to provide fully web-enabled employer self-service portal for submitting data, receiving feedback on the validity of the data and correcting and adjusting data as necessary. 
•    Ability to review data received from city's HRMS system and provide warnings for data received that is outside set parameters (i.e., negative contributions or wages, pay increase over specified percentage, etc.). 
•    Ability to date track to view past and future status of individual and plan level data.
- Active processing and tracking
•    Ability to transition from active to retired, non-vested terminated status, deferred vested status, disability or deceased status including the retention of individual membership history. 
•    Ability to determine retirement, disability or vesting status based on a members' actual or proposed date of termination, taking into account the plan provisions regarding age, service, etc.
•    Ability to track employee and retiree events, such as;
o    Initial enrollment 
o    Preparation of benefit estimates 
o    Request and preparation of final benefit calculations 
o    Production of retirement, termination, disability or death forms and notices.
o    Member inquires via self-service, email, telephone or meeting
o    Data change to individual records made by staff or member.
•    Ability to track contact with customers via a notes feature that contains effective date and user id. 
•    Ability to ensure that all transactions including the production of letter, memos and other communication have a user id and transaction date associated with the transaction 
•    Ability to view a full audit trail of transactions for an individual record. 
•    Ability to track documents, notes and activity for an individual during the disability retirement process. 
•    Ability to display status of the workflow activity for an individual record (i.e. 'Retirement initiated', 'final calculation prepared' 'all retirement forms received', etc.). 
•    Ability to display an individual's employment history (hire, promotion, job change, leave of absence, retirement, death, etc.) Through date of death on a single screen. 
•    Ability to easily access the individual record quickly and view entire record in "snap shot" overview (member, personnel info, beneficiary info, retirement info, etc.) 
•    Ability to track a log of all letters, memos and other communications generated for an individual record, date and time stamped. 
•    Ability to date track or view a snapshot of individual record activity (i.e., change in beneficiary, preparation of calculation, address change, pay changes, earned wages, etc.), including the user id of the initiator (staff, member or automated data feed).
•    Ability to track via audit log when any portion of the individual record has been overridden and the user id of the initiator and the reason for the override (i.e., override on calculated creditable service because of prior break in service). 
•    Ability to track member breaks in service with notes feature available. 
•    Ability to calculate colas and update retiree payment records for legacy and current plans. Include ability to update records based on age, grade, retirement date, etc. 
•    Ability to calculate and retain information regarding over or underpayments due to pensioner death. 
•    Ability to determine payments made for month(s) following pensioner death and generate correspondence requesting reimbursement. 
•    Ability to calculate pension payments for partial months based on date of retirement, death, disability or drop entry. 
•    Ability to retain record of all plan level and system wide additions, deletions and modifications.
- Member maintenance
•    Ability to access member accounts with a single entry screen, including members with multiple pension accounts. 
•    Ability to cross reference member social security number, internal identification number and name
•    Ability to display member account in both a summary and detailed view. 
•    Ability to 'flag' an account for special circumstances. 
•    Ability to identify vesting eligibility based on members' termination, service, age, plan, etc. And automatically generate communication to member
•    Ability to maintain history of all job positions held by a member. 
•    Ability to retain history of all changes to member data. 
•    Ability to reverse member account transactions if needed.
- Enrollment
•    Ability to calculate enrollment date and enroll newly eligible employees. 
•    Ability to manually enroll or terminate a member's enrollment. 
•    Ability to view record history of a break in enrollment with reason code
•    Ability to generate enrollment communications for newly eligible members. 
•    Generate personalized enrollment welcome packet (i.e. Welcome letter, member handbook, SPD, beneficiary information beneficiary nomination forms, etc.). 
•    Ability to ensure that non-eligible employees are not enrolled into the plan (including rehired pensioners). 
•    Ability to rehire a pensioner in the same pay period that they terminate active employment. 
•    Ability to re-enroll pensioner or former employee to membership and update all appropriate records for a break in service.
- Benefit estimates and calculations
•    Ability to determine earliest possible retirement date, and partial and full vesting dates under the applicable plan provisions. 
•    Ability to calculate member benefits under each plan's unique formula. 
•    Ability to calculate an individual benefit based on employee status currently, prospectively or retroactively (service retirement, early retirement, disability, death, vested termination, and refund). 
•    Ability to calculate creditable service and age in years, months and days. 
•    Ability to show total creditable years of service at any point of time during employment. 
•    Ability to calculate both final average salary and highest average salary. 
•    Ability to restrict or change benefits in accordance with internal revenue code section 415(b) limits. 
•    Ability to calculate the optional forms of payment available under a specific type of benefit calculation (retirement, disability, etc.). 
•    Ability to calculate additional benefits paid to certain pensioners with minor children, including calculation of an end date for such benefit. 
•    Ability to provide comparison estimate for disability benefit vs normal retirement benefit. 
•    Ability to calculate and deduct any non-creditable service from an individual calculation. 
•    Ability to determine individual benefit eligibility date for normal or early retirement, partial or full vesting. 
•    Ability to calculate drop end date.
- Active death benefit calculation and processing
•    Ability to determine eligibility for death benefit specified in respective plan and calculate same. 
•    Ability to calculate multiple benefits if member was eligible for normal retirement. 
•    Ability to calculate available refund of contributions, if applicable. 
•    Ability to include calculation of children's benefit if applicable.
•    Ability to calculate benefits for multiple beneficiaries. 
•    Ability to accept and retain applicable signed beneficiary forms and death certificates.