2023 marks the 30th anniversary of the initial April 1993 release of PensionPlus® pension administration software and the official launch of LRS® Retirement Solutions as a formal division within Levi, Ray & Shoup, Inc. (LRS). This milestone evokes the history of the software now known as PensionGold.
More than 80 public safety pension funds in Illinois licensed the original PensionPlus software. PensionPlus gained popularity because it simplified the process of creating the annual report required by the Illinois Department of Insurance. Equally important, the software provided the capability to calculate benefits at any time.
In 1995, LRS updated PensionPlus for nationwide release. Although the name PensionPlus was trademarked in Illinois, LRS couldn’t protect the name nationally because of another product known by the same name. Therefore, LRS changed the name to PensionGold Version 1, introducing the Windows-based pension administration software to funds outside of Illinois.
In 1996 to keep up with ever-changing technology, LRS developed a client-server version of the software that was renamed PensionGold Version 2. Over 120 customers licensed these earlier versions of the software.
In 2004, the LRS Retirement Solutions staff began a concentrated effort to re-engineer PensionGold® software for faster implementation, easier modifications to meet changing needs, and a browser-based user interface. This initiative launched PensionGold Version 3, and currently 33 customers utilize this version.
January 2018 ushered another major developmental push, initially code named vNext. The PensionGold user interface was due for a refresh with new modern technology allowing for more advanced features not available in its current form. Fortunately, the LRS team took advantage of the Version 3 underlying technology stack and built the new user interface without the need to rewrite all the business logic, database, and interfaces. The project started with a year of research followed by a year developing the UI technology platform, with content development beginning August 2020.
On July 21, 2022, LRS Retirement Solutions hosted an Executive Summit for existing customers and officially announced PensionGold Version 4. Five customer implementations of Version 4 are in process as PensionGold software marks its 30th anniversary.
LRS Retirement Solutions is a leading provider of pension administration software in the United States. Combined, PensionGold and PensionPlus products have been licensed by over 150 pension funds in 21 states and one U.S. Territory, American Samoa.
Beyond the base PensionGold product and several Extension products offering additional state-of-the-art features, LRS Retirement Solutions also provides software implementation services including data conversion, ongoing software maintenance and support, business continuity planning, electronic document management solutions (using PageCenterX), and hosting.
Over the last three decades, PensionPlus pension administration software has evolved into PensionGold Version 4. Looking to the future, LRS Retirement Solutions will continue to embrace the demands of the pension administration industry and adapt PensionGold to the technological innovations on the horizon.