Sagitec implemented Neospin in 15 months to administer DB, DC pension plans.
St. Paul, MN
The Public Service Pensions Board (PSPB) of the Cayman Islands administers both Defined Benefit (DB) and Defined Contribution (DC) schemes for eligible employees of the Cayman Islands government, statutory authorities, government-owned companies, members of the judiciary, and elected members of the parliament.
In early 2020, the PSPB sought a customized pension administration system that could provide the functionality and support to deliver all transactional aspects of DC and DB administration work. The solution needed to support the above types of plans, a significant participant volume, and new plan features, such as additional voluntary contributions.
The PSPB selected Sagitec to replace their current pension administration system. They chose Sagitec's pension administration solution NeospinTM from among other solutions, as it met all PSPB's current business needs and can evolve to accommodate future requirements.
The new system is in production and includes integrated Enterprise Content Management (ECM), Workflow tracking and approval, and Web Portal functionality. The system also provides secure member and employer access and the ability to adapt the system to any legislative changes.
"This is a major initiative for the Authority and delivering a large-scale IT solution on time, on budget, and on value during a pandemic is first-class and reflective of a high performing Sagitec and PSPB team of experienced industry experts," said Jewel Evans Lindsey, CEO at the Public Service Pensions Board. "The end result is first-rate and now positions the PSPB to offer advanced services and supports to our plan members and employers. I am excited that this new system solution is now going to increase efficiency and propel the PSPB into becoming the center of excellence I have always envisaged it to be for the plan members and employers working with the Authority."
The new system incorporating all deliverables went live in 15 months and is a testament to the collaboration and partnership between both companies. Amidst the pandemic, Sagitec took advantage of the already established remote delivery best practices and pushed innovation in existing processes to complete the implementation in the desired period.
"We are happy that our teams rallied with PSPB to take the new system live with all functionality required in a short duration of time," said Piyush Jain, CEO at Sagitec Solutions. "I am also proud that the project was executed 100 percent remotely from inception through final cutover, encompassing all phases such as design sessions, UAT, and User Training that are traditionally done in-person."
Sagitec has hosted the system on Amazon Web Services (AWS) cloud. AWS, a leader in the cloud industry, is one of the most extensive solutions regarding regions with multiple availability zones – this includes 81 Availability Zones within 25 geographic regions around the world. Moving to AWS provides PSPB the benefits of cost savings across all infrastructure, increased speed and agility, and essential operational resiliency.
About Sagitec Solutions
Sagitec is a global software provider focused on solving complex, business-rule-driven problems with domain experts and proven technology. They serve some of the largest pension organizations in the world. The fully integrated, web-based pension administration NeospinTM solution is built on Sagitec's market-leading platform, Xelence, and supports millions of plan participants, many thousand employers, and administers multiple types of pension plans: defined benefit, defined contribution, provident, cash balance, hybrid, and Taft-Hartley. In addition to serving the pension industry, Sagitec Solutions designs and delivers software solutions for unemployment insurance, paid family medical leave, disability insurance, and healthcare. With deep industry experience in software implementation and systems integration, project management, knowledge management, predictive analytics, chatbots, cloud services, consulting, hosting, and software support, Sagitec is a partner clients can trust to drive their vision into action. For more information, visit: www.sagitec.com
About PSPB
The Public Service Pensions Board is a statutory authority created by the Government of the Cayman Islands in 1992 with responsibility for the administration of pension benefits for public sector employees and management of the Fund. There are both DB and DC arrangements with $1 Billion in assets under management. The work of the PSPB is reflective of the broad spectrum of long-term risks and opportunities in the global economy and the financial markets, taking into account the actuarial assumptions and funding requirements of the Plans and maintaining adequate liquidity to meet the required benefit payment to plan members and expenses of the Plan and the Fund
In 30 years of existence, the PSPB has provided quality and timely service to plan members and stakeholders. In order to best serve such important groups, the PSPB creates a culture that shapes beliefs, values, and norms with a focus on our plan members. It is a culture of "Excellence and Pride in PSPB" that guides the work of the PSPB team to have high levels of participation, feedback, engagement, and cooperative teamwork in order to achieve organizational strategies and business objectives. Information on the Public Service Pension Board is available on the PSPB website at: www.pspb.ky.