Case StudiesPension ProfilesLearn how specific retirement systems made the decision to implement a PensionGold solution and the impact our software has had. Claiming Ownership and ROI Computer software is never permanent. Applications and operating systems are released, are maintained regularly with updates, and eventually reach their end of life. Companies that depend on software understand that, periodically, they have to migrate to a new version of software or, at times, change to new software. Automation for 21st Century Needs At the dawn of the 21st century, the City of Miami Fire Fighter and Police Officers Retirement Fund (Miami FIPO) went live with an automated pension administration computer system designed to meet the new century's increasing demands. Doing More with Less Public employee retirement systems today find themselves in between a rock and a very hard place. Their members expect and demand the type of enhanced services they see offered by private-sector investment firms, banks, and insurance companies, but legislatures and voters expect and demand that retirement systems control their cost of operation. Partnering with Expertise Beginning in September 2005, active employees of Shelby County, Tennessee, had the option of switching to a new pension plan. All employees who changed to the new plan, called Plan C, would contribute to their pension and see a match from the county. Anyone hired after Plan C's effective date would be enrolled in the new plan. Retiring a Legacy, Gaining Efficiency As retirement systems prepare for the impact of the baby boom generation reaching retirement age, which will increase workload as well as demands for expanded customer service, they often find that their aging computer systems are simply not up to the challenge. |
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