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SW-39922 - USA (Michigan) - RFI for Pension Estimator Program and Software - Deadline February 2,2021

Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID: SW-39922

Government Authority located in Michigan; USA based organization looking for expert vendor for pension estimator program and software.

[A] Budget: Looking for Proposals

[B] Scope of Service:

(1) Vendor needs to provide pension estimator program and software to provide a defined benefit pension administration software system in which members can systematically calculate pension estimates based upon years of service, age at retirement and specific multipliers:
- Respondents must provide software system that will assist with the administration of a defined benefit pension plan which offers both annuity and lump sum payments
- Respondents must provide software for utilization of members, both active employees and deferred retirees
- Respondents must commit to maintaining the estimator software for members as frequently as laws may change
- Respondents must commit to updating the software with updated actuarial tables for the purposes of calculating correct estimates
- Respondents must allow uploads from the county’s payroll system into the software to ensure up to date payroll data and membership information
- System must have ability to run reports including age and service reports as well as membership listings
- System must be able to track service credit years and months; including prior service purchase, service breaks and reciprocal service
- System must be able to track and calculate complex benefit formulas based on the rules in place at the time of their termination from employment including but not limited to utilizing split multipliers and applying cost‐of living increases to final average compensations
- System must provide a portal for both active employees and deferred retirees to view their benefit information including beneficiary and current contact information
- System must the ability to track beneficiaries for all members
- System must have the ability to track retiree elections and beneficiary payments when applicable
(2) All question must be submitted no later than January 14, 2021.

[C] Eligibility:

Onshore (USA organization Only)

[D] Work Performance:

Performance of the work will be Offsite. Vendor needs to carry work in their office premises.

Expiry Date : Tuesday, 2 February, 2021

Question Answer Deadline : Thursday, 14 January, 2021

Category : Software, System and Application

Country : USA

State : Michigan

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