Sagitec Reports Progress on ?State of the Industry? Pension System for PSRS/PEERS of Missouri
Jefferson City, MO (PRWEB) July 29, 2011
Seeking to enhance business processes and improve service levels to members and employers well into the 21st century, the Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS) partnered with Sagitec Solutions, LLC, a global provider of IT administration solutions, to implement a new framework-based, ?state of the industry? pension administration system. The project, dubbed ?OASIS,? implements Sagitec?s Neospin? framework, which provides a technical architecture flexible enough to support PSRS/PEERS? existing application functionality but includes many enhanced core functions such as data integrity, full transaction processing, security and internal controls. The OASIS project began in March 2010 and is Sagitec?s second major pension system implementation in the state of Missouri.
“When we began the search process for a pension software vendor we were looking for a company who had successfully built and implemented a proven solution for a complex retirement system like PSRS/PEERS of Missouri,? says Dearld Snider, Assistant Executive Director of Operations for PSRS/PEERS. ?After conducting a thorough bid process it was easy to see why Sagitec had built such a strong reputation in the public pension arena over the last several years. Now that the project is fully underway, our staff is very excited about the progress made thus far, and we’re looking forward to continuing our partnership with Sagitec throughout the project and beyond.?
Sagitec Senior Partner Rod Sheppard adds, ?The OASIS project marks our second major implementation in the state of Missouri and we are proud of the successful relationship that has been built between PSRS/PEERS and our team. Over the past few years we?ve familiarized ourselves with the Missouri public pension arena, and that has been critical in allowing us to quickly and accurately identify and satisfy the business needs of PSRS/PEERS.?
?We serve 220,000 educators,? said Mr. Snider, ?so the solution needed to be flexible enough to meet our requirements today while allowing us to make adjustments in the future. Thus far the project has been a complete success, and we are thrilled with the quality and expertise of the Sagitec consultants, and how they have blended with our organization to form a first-rate project team.?
Outlasting competitors over the course of several rigorous evaluations, Sagitec won the contract thanks in large part to their component-based Neospin? framework, a pension administration solution which can evolve and scale easily to fit a client?s needs. The company?s successful track record in the state of Missouri was also critical in securing the winning bid. Sagitec is also currently engaged in a separate implementation for the Missouri Local Government Employees Retirement System (LAGERS) in Jefferson City.
About MO PSRS/PEERS
PSRS/PEERS provides service retirement, disability, and survivor benefits for more than 220,000 active and retired Missouri public school teachers, school employees, and their families. PSRS/PEERS generated an investment return of 21.5% for the current fiscal year holds assets of approximately $ 30.7 billion, making the combined entity larger than all other public retirement plans in Missouri combined, and the 42nd largest defined benefit plan in the United States.
About Sagitec
Sagitec Solutions, LLC 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 innovative IT administration solutions successfully across the United States since 2004. Other states running Sagitec?s Neospin? framework include Kansas, Colorado, North Dakota, Virginia, and Massachusetts. Further information can be found at http://www.sagitec.com or by contacting Rick Deshler at (651) 335-3406 or at service(at)sagitec(dot)com.
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Categories: Public Employee Retirement System Tags: Industry, Missouri, Pension, Progress., PSRS/PEERS, Reports, Sagitec, State, System
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