Agenda Item # 10.k.
City Commission Regular Meeting
- Meeting Date:
- 11/07/2016
- Re
- System License Agreement for Pension Administration
- Submitted For:
- Johnna Morris
SUBJECT:
Approve System License Agreement with Milliman, Inc. for Pension Administration in the amount of $20,000 annually.
SUMMARY:
The City's Retirement and Benefit System has been using the current administration software for several years and as technological advancements have increased it has become antiquated. Realizing the necessity for updates to our current processes, the Retirement Board has approved, and are submitting to Commission for final approval, contracting with Milliman, Inc. for use of the MARC Pension Administration System at a cost of $20,000 annually.
The system update will not only benefit administrative staff but participants as well. Currently employees and retirees have to physically come into the office to make changes and in most instances to obtain information; the update will eliminate most of this. They will now be able to view their data on line, do on demand benefit estimates, do retirement income estimates, download and submit forms and make changes online.
The system update will not only benefit administrative staff but participants as well. Currently employees and retirees have to physically come into the office to make changes and in most instances to obtain information; the update will eliminate most of this. They will now be able to view their data on line, do on demand benefit estimates, do retirement income estimates, download and submit forms and make changes online.
RECOMMENDATION:
Approve the license agreement with Milliman, Inc.
ALTERNATIVES:
Contract with another company.
RESPONSIBLE STAFF:
Secretary-Treasurer of the Retirement Board
COORDINATED WITH:
City of Fort Retirement Board
James Walker, Board Attorney
James Walker, Board Attorney
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- 2017
- Account:
- 603-6300-513-34-90
- Amount:
- $20,000
OTHER INFORMATION:
$20,000 annual cost to be paid for by the Retirement and Benefit System.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| City Manager | Nick Mimms | 11/02/2016 10:53 AM |
- Form Started By:
- Johnna Morris
- Started On:
- 11/01/2016 03:26 PM
- Final Approval Date:
- 11/02/2016