Recent awards for IT system replacement contracts at the School Employees Retirement System of Ohio and the Kentucky Teachers’ Retirement System bring the total number of pension administration system replacement projects Sagitec is implementing for school and teacher retirement plans to six.
Saint Paul, MN – Sagitec Solutions, LLC, a global provider of tailor-made IT solutions for the pension industry, announced today contracts that commenced in mid-2011 with the School Employees Retirement System of Ohio (SERS of Ohio) and the Kentucky Teachers’ Retirement System (KTRS) to deliver new, fully integrated pension administration systems based on Sagitec’s Neospin™ pension administration software framework. With the addition of SERS of Ohio and KTRS, the Minnesota-based company expands its expertise at implementing major IT systems for retirement plans that cover teachers and school employees, bringing its total number of clients with education employee retirement plans to six.
“Retirement systems with teachers and school employees are searching for ways to provide better customer service while streamlining their business processes and cutting costs,” said Patrik Svensson, Regional Director for Sagitec. “With the addition of SERS of Ohio and KTRS, Sagitec is uniquely positioned to provide IT system expertise to retirement systems with education employees across the country. We are thrilled that SERS of Ohio and KTRS have chosen Sagitec to lead the design and implementation of their new pension administration systems. “
For both SERS of Ohio and KTRS, Sagitec is developing a line-of-business solution based on Neospin™, the company’s multi-layered, component-based software framework. Because it separates code from the underlying solution, Neospin™ enables Sagitec to reuse business functionality developed for one client then tailor it with minimal effort for another client. By eliminating the need to ‘reinvent the wheel’, Sagitec can speed up the development process while taking full advantage of knowledge gained on previous engagements.
Sagitec has already begun projects or delivered major line-of-business IT solutions to systems that cover teachers or school employees in Topeka, KS, Richmond, VA, Kansas City, MO, and Jefferson City, MO. Both the SERS of Ohio and KTRS projects are scheduled for completion in 2015.About the School Employees Retirement System of Ohio (SERS of Ohio)
Established in 1937, SERS is a statewide public pension fund that provides pension benefits and access to post-retirement health care for non-teaching public school employees. SERS provides retirement security for administrative assistants, bus drivers, food service workers, librarians, maintenance personnel, teacher aides, and treasurers. SERS’ mission is to provide members, retirees, and beneficiaries with pension benefit programs and services that are soundly financed, prudently administered, and delivered with understanding and responsiveness. Additional information can be found at http://www.ohsers.org.About Kentucky Teachers’ Retirement System (KTRS)
Established by law in 1938, KTRS, known as "Teachers' Retirement System of the State of Kentucky" became operational on July 1, 1940. KTRS is classified as an "actuarial reserve, joint-contributory" system, meaning that contributions of the members and employers and the earnings from KTRS investments are placed in reserve to pay for the System's annuity obligation. KTRS provides medical benefits for retirees through a separate actuarial reserve, multiple contributory system. KTRS also provides other benefits such as life insurance, death, and survivor benefits. Additional information can be found at http://www.ktrs.ky.gov/.About Sagitec Solutions, LLC
Sagitec Solutions, LLC is an innovative IT firm that designs and delivers tailor-made pension administration systems for public and private retirement funds. With broad industry experience, Sagitec empowers retirement systems to realize their strategic service visions and drives those visions into action. Sagitec is headquartered in the Twin Cities, MN. They have additional domestic offices in Denver, Co and Topeka, KS and international offices in Pune and Chennai, India. Sagitec has been implementing IT solutions successfully across the United States since 2004. Further information can be found at http://www.sagitec.com or by contacting Rick Deshler at (651) 335-3406 or at firstname.lastname@example.org.