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 Dealing with fragmented and outdated technology that can't evolve poses a significant business challenge.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!

The National Pension Education Association (NPEA) annual conference is always a great forum to discuss how retirement education and communication initiatives can help members, employers, and agencies. This year was no different. We had great conversations and learned a lot from our clients, peers, and all attendees. We also found that most are also interested in talking to their peers (or identifying peers they can talk to) to get lessons learned and see how they’ve tackled different issues – I hope this blog throws some light on what is important to participants we spoke to.

CHALLENGE

Benefits administration is complex. Thousands of business rules and decisions are made every day to determine tax/contribution rates, validate transactions, compute benefits, process claims, and manage exceptions. If these rules were set in stone, managing them would not be so difficult. However, business rules are always in flux, placing strains on your systems, processes, and employees.

http://www.sagitec.com/blog/a-to-z-of-pension-terminology 

Are you well versed with pension/retirement terminology? If not, take a go at our pension alphabet.

Application performance management, including monitoring and logging, are critical success factors for almost any IT shop. The problem is that many of the tools available on the market to provide you with insights into the root cause of an issue are expensive and need a good data feed from the native application to work well.