Anyone who has had the responsibility of writing or reading an RFP for a pension administration system replacement project understands the importance of clearly written requirements. For the writer, the challenge is to commit to paper hundreds—if not thousands—of requirements from across the organization. For the it vendor, the challenge comes from understanding these requirements with little contextual information about the prospective client or their pension system. Because the RFP is often the only legal means customers and vendors have for relating to, and partnering with, each other early in the procurement process, clear, purposeful requirements are absolutely critical to both parties.  

#1. A Massive Swell of Retirees will Stretch your Administrative Capabilities to the Limit

Replacing pension administration systems in the public sector differs in a number of ways from private sector projects.  These differences are important to keep in mind both when embarking on a systems replacement project and when selecting a pension system replacement vendor.