Sagitec implemented a new pension administration system for FWERF with comprehensive functionality to administer pension benefits.
ST. PAUL, Minn., May 22, 2023 /PRNewswire-PRWeb/ -- The Fort Worth Employees' Retirement Fund (FWERF) selected Sagitec in late 2020 after a procurement process to solve the various issues they faced with their legacy pension administration solution.
Sagitec had proposed a 24-month implementation with a 6-month ancillary phase. The core implementation moved into production in December 2022, with the Member Self-Service (MSS) portal launching in January 2023.
The core implementation included the complete line of business application for the pension system and the replacement of FWERF's member self-service portal. In May 2023, Sagitec deployed additional functionality for estimates for active members to the member self-service portal.
In June 2023, the ancillary phase will move to production and will include the following features: 1099-R for taxes; actuarial and financial reports; and administering contact management/activity planning, meetings, and case management.
Eleza Bennett, FWERF's interim executive director, said she is pleased to see so many of their members taking advantage of the new portal. "We are happy to announce that we've already had more than 1,900 members register in the new portal," she said. "That's a better response than we had projected."
Neospin, Sagitec's pension administration system, provides standard and wizard-based member portal software. Sagitec has a flexible ECM integration methodology, allowing pension systems to efficiently capture, archive, and access documents.
"I am proud of our 45-plus-strong team of Sagitecians that helped us achieve this milestone. We followed our proven delivery model, innovated our processes further to accommodate the various challenges the pandemic threw at us, and delivered this project virtually, "said Joanne Cullen, Project Manager, Sagitec. "I also want to thank the FWERF project team for the seamless collaboration and communication that helped us provide a solution that will evolve with the FWERF fund."
Sagitec met all the milestones agreed upon with FWERF and is ready for the ancillary phase. Sagitec has hosted the solution on the Amazon Web Services cloud, helping FWERF scale as per requirements and focus on their members rather than maintaining infrastructure.
About Fort Worth Employee's Retirement Fund (FWERF)
The Fort Worth Employees' Retirement Fund was established by ordinance on Sept. 12, 1945. The Fund is a defined benefit plan, created for the exclusive purpose of providing retirement benefits to full-time City of Fort Worth employees, including general employees, police officers and firefighters. Serving approximately 6,700 active members and more than 4,900 retirees and beneficiaries, the Fort Worth Employees' Retirement Fund is the only municipal retirement fund in Texas that covers general city employees as well as police and fire.
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. Sagitec's leading platform powers the fully integrated, web-based pension administration Neospin™ solution 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. Sagitec is a partner clients can trust to drive their vision into action. For more information, visit: http://www.sagitec.com
Sukanya Samy, Sagitec, 6122847130, [email protected]