Implementing a new pension administration system can be one of the most significant investments a retirement plan ever makes. Between consulting fees, software licensing, training, and support, there are a multitude of factors that will impact the price tag of a system replacement project. With retirement funds under increasing pressure to do more with less, it is absolutely essential that plan administrators make smart choices in IT investment. This means thoroughly understanding the goals of the project, communicating clearly the expectations of the new system, and being realistic about the constraints in your resources. For those considering IT modernization, take in mind that the following factors will impact the cost of your project.