Pension Management System Requirements

This is a system requirements document for the City of St. Petersburg, Florida's Pension Administration and Management system procurement. The City seeks a fully SaaS cloud-based solution to replace its legacy pension administration system and deliver comprehensive end-to-end capabilities including member account management, benefit calculations, payment processing, and compliance reporting. The proposed system must support accurate processing of pension benefits for members, retirees, and beneficiaries while ensuring regulatory compliance and providing a high-quality user experience for plan sponsors and administrators.

The system requirements encompass functional modules for member enrollment and record maintenance, benefit eligibility determination and calculation, retirement and death benefit processing, investment management integration, compliance reporting for GASB and other regulatory standards, and member self-service portal capabilities. The solution must support data migration from the legacy system, provide comprehensive audit trails and security controls, integrate with the City's existing financial systems, and include user training and ongoing technical support. The system architecture must ensure data integrity, system reliability with defined uptime requirements, and scalability to accommodate the pension plan's membership base and transaction volumes.