PROVIDENCE, R.I. — General Treasurer Gina M. Raimondo today announced that the Employees' Retirement System of Rhode Island (ERSRI) is moving forward to negotiate a final contract with Morneau Shepell to replace its aging pension administration computer platform.
"Our focus continues to be on retirement security for our public employees and this includes making sure the retirement system is operating efficiently for all members," Raimondo said. "By replacing the existing computer platform, employees and retirees will be able access their retirement benefits in one place."
The current system, purchased in 2000, relies largely on legacy technology that is no longer cost-effective to maintain and requires increasing maintenance.
The proposed web-based system will create a centralized platform for members to check their pension, defined contribution and health care accounts. The system will also add an enhanced accounting platform, which will allow for better financial controls and reporting. ERSRI has budgeted $3 million for this fiscal year to begin the initial design and build-out of the new system.
The computer system is responsible for maintaining and tracking the retirement benefit records of over 60,000 members across 35 benefit tiers and 26 purchase and service credit options. Due to the changes made by the Rhode Island Retirement Security Act passed in November 2011, the number of benefit tiers will decrease from 35 to three over time.
Each year, approximately 1,000 members retire and about 2,000 members consult with ERSRI counselors. The computer system handles a variety of functions including:
- Administrative and support services - Benefit amount adjustments - Disability tracking - Enrollment and demographics - Benefit estimates generating - Healthcare processing - Member account maintenance - Optional service credit - Payroll processing - Retirement application processing