The Proposer will be expected to provide the following to the Leominster Contributory Retirement System (LCRS): 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...
