5.1.1. 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. 5.1.2. Respondents must provide software for utilization of members including active employees, deferred retirees, and current retirees. 5.1.3. Respondents must commit to maintaining the estimator software for members as frequently as laws may change. 5.1.4. Respondents must commit to updating the software with updated actuarial tables for the purpose of calculating correct estimates. 5.1.5. Respondents must allow uploads or API from the City’s payroll system (Kronos UKG Ready) into the software to ensure up to date payroll data, member account balances, and membership information. 5.1.6. Respondents must have a system in which reports can be exported for actuarial analysis on an annual basis. 5.1.7 System must have the ability to track pension balances separately (pre-tax contributions, post-tax contributions and interest) and must have the ability to apply interest annually.
