Pension agencies have faced historically challenging times. Many public funds are still looking for the right solution to meet the needs of their members. The right software system can help public pension agencies meet their goals, but only if the solution implementation succeeds. 

Significant tax changes are coming for pension agencies – is your organization prepared?

This article was first published in the Association of Canadian Pension Management 2021 Issue 1 Newsletter.

2020 is being called the 'remote work year’ due to the COVID-19 pandemic. But recent surveys from PwC and Gartner show that many companies across multiple industries will move more of their employees to a remote environment over time.

This article was first published in the April release of Benefits and Pension Monitor.

Over the past few years, there has been a significant and noticeable shift in the pension and benefits industry when it comes to systems administering their plans. The demands of organizations have moved from looking for an administration system, or administrator, to a modernization approach. Not only has the shift moved in terms of terminology, but there has been a significant increase in demands to modernize. We, at Sagitec alone, have received more than double the demand for modernization projects in 2020 versus the same period in 2019. What has prompted this shift in wording, increase in demand, and what are the benefits of modernization?

“Change is the only constant in life, and if we’ve learned anything from 2020, it’s that you best be prepared.”

Your organization’s data is critically important – and quite vulnerable – during a new solution implementation. Consequently, your vendor should offer advanced security options to protect your data during your project implementation. Further, they should also provide you detailed security protocols and plans for converting your data accurately and efficiently. In your analysis of determining which pension administration software is best for your organization, be sure to keep maintaining data integrity at the top of your list.

After understanding what to look for in a Pension Administration Software – and how to evaluate whether or not it will meet your organizational goals – it’s time to focus on another obstacle entirely: implementation. Depending on the size of the organization, transitioning to a new solution could take weeks, months – even years. Plus, new regulations and innovations can sometimes cause further delays and overhaul hindrances. In truth, this project is no small feat.

What should you look for in a pension administration software (PAS)? While different organizations have different needs, there are a few key features that a potential solution should have. If you caught our previous blog, we walked through the key questions helpful for analyzing the best solution for your organization. Here, we’ll show you the key features a potential solution should provide. Remember, in an industry inundated by continually changing policies, PAS vendors should meet your needs for both the long and short-term.

Choosing a pension administration software (PAS) is a monumental task. Your decision could affect your organization for years or (most likely) decades to come. Dealing with fragmented and outdated technology that can't evolve poses a significant business challenge. Due to limited staff and budget constraints, coupled with the continually changing nature of the industry, choosing the right solution is critical.

PRISM, an IT conference targeted at public pension administrators, is always a fantastic venue to learn about what’s trending, share lessons learned, and network with pension agencies from around North America. And, the 2019 PRISM conference did not disappoint!