1. A comprehensive web or server based public employee retirement system software database that is designed with leading edge technology, that includes all relevant best practices applications and support, and complies in all respects with the requirements of Massachusetts General Law, Chapter 32, as well as the rules, regulations, and recommendations of the Massachusetts Public Employee Retirement Administration Commission (PERAC), and including but not limited to the following areas of functionality: a. Maintenance of member and retirement records. b. Processing of buybacks and re-deposits. c. Calculation of Cost-of-Living Allowances. d. Calculating Superannuation, accidental disability, ordinary disability, and death benefits. e. Maintain survivor records. f. Calculate and process death benefits. g. Maintain accounting records, create monthly reports and the annual statement in PERAC format. h. Process refunds and transfers to and from other Retirement Systems. i. Notification of Domestic Relations Orders. j. Import and process member contributions and adjustments. k. Generate actuarial valuations extracts. l. Generate extracts for PERAC including disability, members, and retiree files. m. Calculate and apply interest to members accounts. n. Generate the members’ Annual Statements. 2. Employ an experienced and accessible information technology support staff that will provide immediate and timely assistance to troubleshoot and repair any problems with the database, and which provides regular and responsive assistance in the management ofthe database, including but not limited to the writing of standard and special reports included in the contract price. Support services must be available by telephone and online. 3. Adequate backup and recovery capability with the capability to easily switch between databases, such as between “training” and “production” databases. Must also include a full suite of disaster recovery tools that regularly updates, backs up, and addresses security vulnerabilities of the database or eliminates the need for such updates, backups, and security checks. Any system which eliminates the need of the LCRS to rely on expensive servers and server upgrades is preferred.
