Products April 26, 2010

CalSTRS Looking for Penalties and Interest System

April 26, 2010 (PLANSPONSOR.com) – The California State Teachers’ Retirement System (CalSTRS) said it wants to buy a service that will systematically assess penalties and interest when encountering employer reporting issues.
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A CalSTRS news release said the selected firm will help CalSTRS assess penalties and interest to employers for late payments, late reporting, and incorrect or late adjustments associated with the defined benefit and cash balance programs.

Besides bidding on the initial penalties and interest system implementation, the successful bidder is required to provide a high-level, non-binding bid and proposed solutions for a larger, replacement accounting system. CalSTRS may pursue both elements of the bid with the successful P&I system vendor or return to the market for an accounting system replacement vendor.

Features of the proposed penalties and interest system should address some of the following needs:

  • The solution should feature a robust commercial off the shelf system as its central component.
  • The solution should provide maximum flexibility throughout its life in ways that allow CalSTRS to apply all vendor-supplied upgrades.
  • The system should employ a relatively small number of components that perform a set of cohesive functions.
  • The new system should minimize changes to existing CalSTRS systems and be easily adaptable to meet future CalSTRS accounting needs.
  • The system should be designed and implemented so as to avoid the need to customize the underlying code.

The final filing date for proposals is May 24, 2010, with the successful vendor selection expected by mid-summer.

More information is at http://www.bidsync.com/DPX?ac=view&auc=946349.

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